Kenneth Boyd's Blog, page 60

Beware: Fatal Entrepreneur Mistakes You Can Avoid

Some mistakes are difficult to overcome.

We’d like to think if we can work hard, solve a customer problem- and have an ounce of luck- then our business will succeed. Alas, this might not be the case. Despite all of our efforts, there are some issues that slow down our journey towards success- or stop it all altogether.

In many cases, these mistakes might be entirely innocent; you may think that you’re doing the right thing, only to discover later that it was the wrong thing after all. Here are some common entrepreneur mistakes that can cause big problems for your business.

Is Growth Good?

You started a business, in part, to grow sales and increase earnings. Growing your company validates your business idea, and generates excitement for everyone in the organization.

Not all growth is good, because growing too quickly can lead to problems.

While rapid growth might sound appealing, it means needing more resources, more logistical planning, and more cash. If you’re not in a position to handle these aspects – and if you’ve grown quickly then you won’t be – then you might end up in difficulties you never saw coming.

Many companies produce a profit, but can’t generate cash inflows fast enough to operate and manage growth. If, for example, you manage a retail shop and increase sales by $200,000, you’ll need to buy inventory to fill an additional $200,000 in customer orders.

Growth requires more cash. If you can’t generate cash quickly enough, you may have to borrow money, or bring in an investor’s cash.

Not all growth is good.

Too Slowly

On the other hand, there’s also the issue of not growing quickly enough. You have to take chances when you’re in business. If you’re not willing to do so, then you’re probably in the wrong game! Some entrepreneurs try to have every aspect of their operations watertight and running smoothly before they think about expanding.

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By the time they’re ready to make the jump, it’s too late. While you should always ensure that your core operations are performing well, don’t be afraid to test new waters.

Growth will require you to do things that are new and different.

Big Mistakes

Most entrepreneurs start their business life with nothing but an idea and a bundle of energy. Alas, there’s much more to business than those two important things!

There’s a lot of logistical hoops and legal procedures that you must follow. If you don’t follow these rules, then you may be accused of various white-collar crimes, even if your mistakes were accidental rather than malicious. If that happens, contact a law firm like Martin & Kent, LLC, and fight your corner. While it won’t be a pleasant experience having to focus on the law rather than your business, at least you can minimize the threat to your company.

Culture

Entrepreneurs rightly focus a lot of their energy on their company culture when they’re just starting out. But then, as the ball gets rolling and picks up speed, other priorities present themselves, and maintaining the company culture takes a back seat.

Once it’s gone, a great culture is hard to get back! So don’t let the standards slip, because you may lose valuable staff, and that will be a setback for your growth plans.

Controversy

Finally, the big one: controversy! In this digital age, a controversial promotion or social media gaffe can lead to serious problems that don’t go away. Stay careful, don’t rock the boat, and work to minimize any scandal as soon as it arrives.

Keep these ideas in mind, and you can grow your business and avoid bid mistakes.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

Image: Bullseye, Jeff Turner CC by 2.0

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3 Tips To Help You Avoid Financial Peril After A Car Accident

Experiencing a car accident can be physically and emotionally draining.

Your response after an accident can have a big impact on your personal finances. Unfortunately, most people end up in at least one car accident during their lifetime, hopefully a minor one. Car crashes can be very costly, but there are a few things you can do to avoid losing a lot of money.

Legal Liability

When a car accident happens, it’s easy for your brain to be all over the place. You lose track of what happens, and you enter panic mode. Especially if you were arguably the cause of the crash, then a natural reaction kicks into play; say you’re sorry.

It’s normal to apologize when you think you’ve done something wrong, as you want to show that you’re sorry and didn’t mean to harm them. In actuality, you’ve just admitted fault for the accident, which puts the ball firmly in the other person’s court. They can now make claims against you, based on the fact that you admitted fault.

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To avoid this, and possibly avoid spending loads of money, speak with an attorney before admitting fault in an accident. It may be that your view of the accident isn’t accurate, and the event was actually caused by the other driver.

Seek Help

Most people think they can just go through their insurance provider to file a claim for repairs and personal injuries after a crash. The harsh reality is that a lot of insurance companies don’t cover everything for you. What’s more, when you make a claim, your insurance premiums may skyrocket.

Instead, you may want to hire an attorney to help you during this difficult time. They can help look at the situation, figure out if you have a case, and then assist you as you proceed with legal action. Sometimes, just the threat of legal action is enough to negotiate a reasonable amount of compensation. The money you win can go towards covering any medical bills or car repairs.

Take Pictures

There’s a possibility someone can fake damages to their vehicle after a crash with you, or they might exaggerate the damages and claim that you caused more harm than you actually did. They could inflict more damages to their car when they get home, and claim that’s what it looked like immediately after the accident.

To prevent this from ever happening, make sure you take pictures of both cars at the scene. This can be used as evidence to prove you didn’t cause any damages,  and to show that they damaged your car. As a result, you’ll never end up in a situation where someone tries to get you to pay for repairs that weren’t your fault.

Take a Breath

Being involved in a car accident can be traumatic, so take a deep breath before you take any action. Ask friends and family members for help and guidance, and you can get through it successfully.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

Image: Bullseye, Jeff Turner CC by 2.0

 

 

 

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4 Proven Ways To Become a Well Respected Business Owner

Tough, but worth it.

That’s the opinion many people have about becoming a business owner. The journey can be challenging, but you can see a big payoff.

You have aspired to be a successful entrepreneur since you can remember; as a current slave to the 9-5 world, you can’t think of anything more liberating than starting your own business. You have had unlucky moments in your life so far, making common mistakes that most people do.

Get free sample chapters from my book: Not Another Personal Finance Book.

Now, you’re ready to shake things up and become the business owner you have always wanted to be. In order to become a respected person in your industry, there are a handful of things you need to consider. It’s finally time to forget your past and move onto a brighter future.

Reputation

If you read or listen to podcasts, you’ve probably learned about more than one entrepreneur who had a legal problem in the past. In spite of that setback, these people move forward and achieve success in business.

Everybody has made mistakes in their past, some of which might come back to haunt you in the future; you might even have been completely innocent and accused of a crime you haven’t committed.

If this sounds like a similar situation to your current one, you might need the assistance of Brian Zeiger Criminal Defense Attorney. They will be able to fight your corner and might convince the authorities to drop all charges and clear your name. Having a clean record will bring you one step closer to earning the respect you truly deserve.

And remember: Even if you have a conviction, many entrepreneurs overcome that setback.

An Expert

We’ve all dealt with a business owner who markets himself as an expert, but really isn’t.

They don’t know their industry well enough, and they try to convince everybody they are experts in their field. Don’t be one of those people, because it can lead to a bad reputation. Make the effort to become an expert in your field. Becoming well rounded and knowledgeable about every aspect will earn you respect in the future- and the ability to grow your business.

How Do You Treat People?

You might think that you are simply being confident, but don’t come across as cocky, because that approach will turn off customers. Treat your employees, friends, and competitors with kindness and respect. Grow your business with dignity, and you’ll be able to grow long-term relationships.

Innovation

The most successful entrepreneurs are people who think outside the box.

People who are willing to take risks can produce huge results. Show courage, passion, and creativity for your craft and you should never have a problem earning respect from your target market and fellow colleagues.

A Mindset

If you can take these ideas to heart, you can get your business off the ground successfully.

Just remember that people will only want to invest their hard earned money into your products and services if they trust and respect you as an individual. Successful business owners have to build a following before they can make it big.

Don’t be disheartened about negative events that have happened in your past. You can quickly overcome them, as long as you follow these tried and tested methods. Have the right mindset.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

Image: Bullseye, Jeff Turner CC by 2.0

 

 

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Is A Motorbike Financially Worth It?

A motorcycle: pretty cool, huh?

For most people, the whole point of buying a motorcycle is to look as cool as possible. They think that the bike can help them increase their street cred and add some swagger to their life in the process. Sure, you may look really cool, but is it worth it?

If you ask most people, they will tell you that riding a motorcycle is a lot cheaper than driving a car. After all, they are smaller machines so don’t cost as much in the first place, right? Well, that isn’t always the case, and once you’ve bought your bike, there is still a lot more to consider.

Are you sure a motorbike is financially worth it? These following points will help you decide.

Comparing Costs

Purchasing a bike can set you back by quite a bit.

Sure, the majority of motorcycles will be a lot cheaper than buying a car, but it’s still a lot of money to part with. Plus, if you’ve got your eye set on a prestigious make of motorbike, then you might even have to pay slightly more than what you would for a car. For instance, if you want a vintage Harley Davidson, you will have to spend quite a bit of time saving your pennies!

What About Gas?

It’s true that motorbikes don’t take as much gas to fill up the engine, so you will save some money when you’re at the pump, compared with filling up a car. However, not all bikes are as fuel efficient as cars, so you might fill your bike’s tank more frequently than you expect.

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All of those repeat trips to the gas station might cost quite a bit more than when you were only driving a car!

Insurance Issues

Next, you need to factor in the cost of insurance. Insurance is absolutely necessary, and it will be a big help after a crash to help you recover both physically and financially.

If the crash wasn’t your fault, then your insurance policy can pay out to cover any maintenance and repairs on the bike. As bikes are seen as riskier than cars, the insurance premiums are more expensive. Keep this in mind when you’re weighing the financial pros and cons of buying a bike.

Gearing Up

Don’t forget that you will need to invest in a lot more accessories and gear when you own a bike. For example, it is essential that you wear leathers while riding the bike, because they will keep you safe in the event of a fall. These are extra expenses that can add up, and could make owning a motorcycle a lot more expensive than you expect.

How To Decide

Take a sheet of paper or an excel document on your PC, and lists the cost of using a motorcycle, vs. a car. Now, there are other factors to consider that are not purely financial.

Riding a bike means that you’re exposed to weather conditions, and you can’t easily take passengers. Also, riding a bike is physically demanding, and it may take you longer to travel, when compared to a car. Finally, you may see your bike as a hobby than you enjoy- and that fact is part of your decision.

Make a well-planned decision, and enjoy your bike!

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

Image: Bullseye, Jeff Turner CC by 2.0

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Four Top Tips For Running Your Business While You’re On The Mend

As a business owner, you have to manage the added burden of keeping your business operating when you’re away.

If you operate your own business, you care about reaching all the targets that you’ve set, and hitting goals that you’ve mapped out is important, in order to grow your sales and profits.

However, life does tend to elbow in and get in the way occasionally, and it’s important to know how to keep your business running when this happens.

An Incident

Being sick or injured is an inconvenience, and the severity of your illness or injury determines how long you need help managing your business while you recover. You can learn more from Tengelaw.com to figure out how you can manage financially while you recover. In the meantime, you have to consider how to run your business from your sickbed. There’s no shame in wanting to keep your mind active, even if your body can’t be.

Your Assessment

There are going to be things that you can do and things you can’t. Client and customer meetings, for example, may be out, but you can still do the books and write reports. In addition, you can still debrief your second in command on events they will need to attend in your place.

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Be honest with how far you can really go, because you shouldn’t push yourself beyond your capabilities.

Open Up

Let everyone know via a video conference how you are. You can guarantee that your staff will be asking questions, and they will notice if you’re not around. Ask for help from friends and family, and explain to staff your condition and what it means for the future of the business.

Sources of Help

If you’re not available, you’ll need to pass the torch to others inside – and outside – the business to manage for you. You need a support team that’s reliable, and that you can count on when you have questions about how things are going. Social media platforms are perfect for staying in touch with people.

If you’re physically able, hire an assistant to work with you at home. Your recovery is so important, and you need to get work done to ensure that your business is running properly. There’s no need to push yourself when you can have others help you out.

Your recovery is vital for your own health and wellbeing, but your business will still matter for you. Allow yourself the time to heal and you won’t push yourself beyond your means.

Your business needs to keep running to its regular schedule with you at the helm, but that doesn’t mean that you can’t get better first before allowing it to carry on. Don’t be ashamed to ask for help.

Succession Plan

If you’re out of your business due to an illness or injury, it might be the perfect time to consider a business successful plan. Work with your accountant and an attorney to create a plan that allows someone to buy your business, or empowers some key managers to operate the business on your family’s behalf.

If you have business partners, one critical part of this plan is to come up with a formula to calculate a purchase price, if one partner wants to sell his or her ownership interest. The formula is typically based on a multiple of annual sales or company earnings.

Putting a formula in writing makes it much easier to sell your interest, and it reduces the likelihood of a dispute over the sale price. Put a succession plan in place to give you peace of mind.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

Image: Bullseye, Jeff Turner CC by 2.0

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Can’t Show Up For Work? Here’s Why Your Business Should Have Your Back!

Entrepreneurship is in some ways like any other job.

You show up, you work, you go home. You pay yourself at the end of the month and enjoy witty banter with your colleagues… But that’s pretty much where the similarity ends.

Unlike your employees, you must carry the weight of your company’s fortunes (or indeed misfortunes) upon your shoulders. When something goes awry, no matter whose fault it is, the buck stops with you. But that doesn’t mean that the weight of your responsibilities should turn you into a relentless micromanager.

If you rule over your business domain with an iron fist, and involve yourself within every single facet of your operation it begs the question… What happens to your business if you can’t show up tomorrow?

The Unexpected

Let’s say you get food poisoning, or catch a virus that renders you bedridden for a week. Let’s say you’re involved in a road accident and need time to recover while also dealing with this accident attorney to a legal case. What will happen to your organization? If you’re running your business properly, your business should have your back. Here’s why…

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How’s Your Staff?

Some entrepreneurs like to feel a sense of superiority over their employees and thus (consciously or not) hire people they feel that they can feel superior to. Not you. You invest in the best, because you recognize that the needs of your business eclipse the needs of your ego.

You invested a great deal of time, effort, and expense in your recruitment process, ensuring that you hire top-tier candidates. As a result, if you’re unable to show up at your place of business for a while, your employees have the skills, attitude, and work ethic to ensure that your customers and clients don’t even notice the difference.

Critical Training Issues

As a savvy entrepreneur, you know that hiring the best candidates is only half the battle. Even the hardest working and most skilled employees won’t develop without proper training. You recognize that your employees need training, in order to keep them at the top of their game and maintain the standards that made your business a market leader.

Where some entrepreneurs may look at training as a one-and-done exercise at the start of an employee’s journey, you recognize it as an ongoing process that’s integral to their ongoing development. That’s why your business is in the best possible hands when you’re not available.

Personal Commitment

You selected the cream of the crop when it comes to choosing your candidates, and you’ve dedicated your time and resources to giving them the very best training. You’ve also engendered a workplace culture that values teamwork, collaboration, creative problem solving, and mutual support.

You might not be there to give your employees the support and guidance that you need, but they can provide it for each other.

Everyone Wins

Do your job right, and you’ll be able to relax and recuperate while your employees do theirs! Your workers can take on more responsibility and advance in their careers, and you business keeps on operating. Everyone wins.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

Image: Bullseye, Jeff Turner CC by 2.0

 

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The Common Tax Mistakes You Should Never Make

 

It’s easy to make mistakes on your tax return, and they can cost you dearly.

The tax code becomes more complicated every year in most countries, and the US tax code now extends past 72,000 pages. Given all of that complexity, mistakes can happen.

Use these tips to minimize tax mistakes on your tax return.

The Math

Math errors are a common mistake, and using tax software can help reduce the risk of making a calculation error. Even if you use tax software, you should always double-check your figures. The best thing to do is to go away and check them again later, as you may spot something wrong when you are looking at it afresh.

Get free sample chapters from my book: Not Another Personal Finance Book.

Lots of numbers can be mind-boggling, but these errors are the main reason individuals pay the wrong amount of tax on a return

What About Dates?

Once you have set your business year-end for tax purposes, you cannot change it without approval from the IRS. You must be able to calculate your profits and taxable income based on the same tax year-end on each tax return. To keep things simple, most companies choose a 12/31 year end.

Using the incorrect accounting period can be a costly mistake, so keep your tax year the same.

Your Signature

An unsigned tax return is not a valid document and the IRS cannot accept it. You may be surprised by how many people forget this very important step, and if you are near the filing deadline this could cause you a problem. If you forget, you will have to resubmit your tax returns, and you may incur penalty and/or interest costs.

Business Expenses

Take steps to keep your business expenses separate from your personal expenses, and do that from the day you start your company. When you start your business, open a separate checking account, and don’t use personal credit cards to pay business expenses.

Are You Tax-Efficient?

There are several different structures your business may have, and using the wrong one could cost you a lot of money from a tax standpoint. It is worth getting expert advice as to whether you should operate as a sole proprietor, a partnership or an LLC, among other options.

Starting with one structure does not mean it cannot be changed at a later date if the circumstances of the business warrant it.

State Taxes

Don’t forget file all necessary state taxes returns. State taxes may include income taxes, state workers’ compensation insurance, or unemployment insurance taxes. You can find out what taxes apply to your state The U.S. Small Business Association website.

Tax Law- Changes?

When it comes to doing your own taxes the easy way, it’s important to know the rules. Unfortunately, the tax laws are constantly changing, and unless you’re an accountant or tax advisor, you won’t not need to know about them. Rather than trying to keep up with the changes, find a tax expert who can help you.

Starting Out

 

Not all start-up costs are immediately deductible in the year that you incur the expense.

Some startup costs, such as depreciation on computers and other equipment, can take up to 5-10 years to fully recognize on your business tax return. Make sure that you keep receipts for every start-up expense, and ask a tax expert to complete your tax return.

Filing Dates

Do not miss the filing date for your tax return, or you could have to face fines and penalties. There is an option to submit your tax liability estimate and pay your taxes quarterly, and many small businesses prefer this to having to face a larger bill once a year.

Talk To Them

Workers at the IRS are just like the rest of us, they are humans and have a job to do. If you find you are not going to be able to file your tax return on time, talk to them and ask for an extension- but have a CPA or a tax preparer on the call to work on your behalf.

In this scenario, you have to estimate how much tax you will owe and pay that amount to them or any extension becomes invalid. The same applies if you cannot pay your tax bill. Talk to the IRS and arrange a payment plan. They do charge a flat fee for allowing you to do this, but that is lower than the amount they would charge you for ignoring them and just not paying.

Get It Right First Time

Getting your tax return right first time could save you hassle and money. Not everyone feels competent enough to master the forms though, and if you are unsure you should approach the professionals in these matters to help you. A good accountant will save you more than they cost you, and it is an option many people choose.

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

Image: Bullseye, Jeff Turner CC by 2.0

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How to Save Money Every Single Day

Saving money takes consistent focus- it’s something that you need to think about every week. So, how do you save money on a regular basis?

If you want to save money because you don’t feel as though you can afford the bills- or if you know that you are not happy with the lifestyle that you have at the moment- here are some helpful hints to get you started.

How To Budget

 

Commit to sitting down with the money that you have, once every week.

Create a budget and stick to it, and take the time to really understand if your budget is realistic. If you don’t take into account the money that you have now, you can’t hope to make a better life for yourself. Go through your bank account and make sure that you’re not paying any unnecessary fees.

Meals- A Big Expense

 

To really generate some savings, plan out your meals for the week. Take a few hours out of the week to try and go grocery shopping and to even plan out your meals as well.

Get free sample chapters from my book: Not Another Personal Finance Book.

Dining is the biggest expense for a lot of households, so if you are able to cut down on this spending category, you can really save a lot of money over time. You can also cut down on the calories that you have every week, so there are several benefits to planning your meals.

What About Cable?

You may be thinking that cutting out TV is just not an option, but you really do have tons of subscription options available that can save money in the long-run. You can use Netflix or even Amazon Prime, for example. You can use these apps when you travel, to keep yourself entertained on trips.

Pot Luck!

 

Entertain by throwing a potluck. Instead of having a fancy dinner with everyone, have people bring over their favorite dish. You can save money, because you won’t have to worry about restaurant extras or tips, and you get everyone around the table at one home. Your friends can save money as well.

Rental Sites

If you like to travel, try using travel websites to find cheaper places to stay.

If you find a hotel with a kitchen, for example, you can cook your own meals. To save even more money, consider renting out your home to someone else while you are away. You can do this through a legitimate website, and it’s a fantastic way for you to make sure that your vacations are not all about spending money. Everyone wins here, so it’s worth looking into.

Your Bills

Utilities (gas, heat, cooling, water) are a big home expense.

If you want to save on utilities, consider a tankless water heater versus regular water heater. Switch to making coffee at home, rather than stopping at a coffee shop on the way to work. If you happen to get a coffee out every single day, buy some good coffee for home and enjoy it before you head out the door.

Try DIY

There are blogs that can teach you how to do anything around the house.

There are even DIY beauty treatments, so you don’t have to spend a ton of money on makeup. Instead of a spa treatment, try and set a few hours to one side on a Saturday to have a long bath, or give yourself an extra half an hour in the morning to get ready so you can go out feeling confident.

Little things like this can surprisingly have an impact on your budget, because when you feel great, you don’t need to go out and make yourself feel better by spending even more money.

Outsource

Do you have some jobs that need to be done but you just don’t have time to do them? Consider outsourcing! This is especially the case if you operate your own business or if you are self-employed.

You can save valuable time by doing this, and you can boost your income and you ability to save. There are so many reputable freelancers out there that are waiting to help you out.

You Can Do It

Give these ideas a try, and you can save money every single day- you can do it!

This post is for educational purposes only.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

Image: Bullseye, Jeff Turner CC by 2.0

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Self-Taught: Learning Without A School

How do your educate yourself for your career?

It is an unfortunate thing that a lot of people don’t get much from their time in school. For those who don’t find traditional learning methods to be useful, spending years in school can be very frustrating.

You may want to go out and start working, or your desire could simply involve a different style of teaching, but it will be hard to achieve your goals while learning at a traditional school. Thankfully, learning doesn’t have to stop when you grow up, and you can improve your education on your own time.

Your Niche

Everyone learns in different ways. Some will find it easier to soak up knowledge by reading books, while others won’t be able to achieve the same goal without doing something hands-on. Establishing the method that works for you is essential when you’re working on educating yourself.

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To help you out, there are loads of quizzes on the web which are designed to figure out how you will work best for you, leaving you to enjoy the results.

How To Start

It can be easy to waste time when you’re trying to teach yourself a new skill or subject, and a lot of people will wait for the right moment before they get started. In reality, though, this is a bad approach to take, as it will often make your aspirations feel very far out of reach.

To overcome this, you simply need to take some action. For example, if you wanted to get into the field of law, using a resource like the Robert Dodell Attorney Blog can give you a great insight into the field. This should inspire you to start taking things a little bit further.

Going Further 

Once you have a little bit of knowledge under your belt, it will be time to make it into something more usable. Online courses are the best option for this, giving you the chance to work from home, while also keeping your learning independent.

Not only will this give you the chance to soak up more information, but it will also make your new skills more useful, and this will be worth it for your brand.

Can You Apply Knowledge?

Finally, using the skills you’ve gained can be a real challenge. A lot of employers prefer to take people on who have gone through school to get their qualifications, and won’t want to risk a bad egg.

To overcome with sort of issue, a lot of people who teach themselves decide to go into business. When you’re running your own company, you won’t have to follow other people’s rules, and this makes it much easier to follow your own path.

Be Inspired

With all of this in mind, you should be feeling inspired to get started on your own personal journey of education, without the help of a traditional school. A lot of people find that this way of studying is much better for them, even if it takes longer than it would through a traditional route.

This post is for educational purposes only.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

Image: Bullseye, Jeff Turner CC by 2.0

 

 

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Business Crime Never Pays

Every week, you’ll find a story about a crime committed by a business owner in any big-city newspaper.

Being a business owner is a role that a lot of people aspire to. The idea of running your own company seems like a lot of fun, and having the freedom to do the work you enjoy can be really attractive.

Of course, when considering a business venture, it can be easy to ignore the legal side of your work. To avoid legal problems, get the help of an expert, and implement business systems to minimize legal liability.

What Could Go Wrong?

 

To start, it’s a good idea to consider the legal issues that may arise in your particular business industry.

Get free sample chapters from my book: Not Another Personal Finance Book.

When you’re selling goods, for example, the way that you market products and provide customer service is critically important. Mistakes in delivering a product not only making people unhappy, but also may create legal liability for the business owner.

In addition, you need system in place to address treating employees incorrectly, to comply with privacy laws, and to prevent the theft of intellectual property. Consult with other business owners who work in your field, and ask them about their procedures to limit legal liability.

 

The Impact

 

The impact of making mistakes like this can be massive. When your business breaks the law, it will often be made public knowledge, and it could even get into the news.

While you may not be personally liable, the negative information could make it impossible to gain customers going into the future, with your reputation taking a big hit. This can go a lot further, though, with large fines being some of the most common punishments being given to companies. This can force you to declare bankruptcy, ultimately destroying what you’ve worked to achieve. Take proactive steps to avoid these problems.

Getting Help

Thankfully, in the world of business, protecting yourself against legal threats is most certainly possible. This can start with the learning you do, with training courses and seminar attendance being good proof that you’ve working to address legal risks.

As time goes on, though, it will be worth looking into options like Gary L. Rohwling Attorney At Law to protect your business when the going gets really tough. Having to go through court will always be much easier when you have an expert to take you through it.

With all of this in mind, you should be feeling ready to build your business into a legal fortress. Keeping your head above water in this field can be a real challenge, especially when you’re busy working on the rest of your business. To help you with this, it could be worth doing some additional learning, using blogs and other resources to give yourself an idea of what can be done to make sure that you’re always following the law.

Prepare For Uncertainty

In spite of the legal risks involved in running a business, many owners succeed and grow their companies for years. Use these tips to prepare for uncertainty, and grow your business.

This post is for educational purposes only.

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

(you tube channel) kenboydstl

 

Image: Bullseye, Jeff Turner CC by 2.0

The post Business Crime Never Pays appeared first on Accounting Accidentally.