Mohit Tater's Blog, page 648

How to Find Big Profits in Your Income Statements

I have often said that the text of your business plan is more important than the numbers.  By this I meant that without a great and distinctive strategy, no attention to your budgets is going to turn your company into a great business.  However, the numbers are important too!  Very important.

I believe that you can manage your numbers to radically increase your profitability.  How?  Well you can start by setting a profit percentage goal.  Some people say small increases are achievable.  Well that might be true.

But to get me excited and motivated, I need a big ramp up.  A nice juicy target.  For example, if my profits were currently 12.3% of sales, I might set my profit target for 25%!  Sounds crazy, but suppose you could achieve it!   Wouldn’t that be awesome!  Wouldn’t it also be worth a lot of effort to do so?

After I set my big fat profit goal, then I break down targets.  I pull out recent budgets and actual income statements and from there decide what my cost goal is for each major category.  If I want to move my overall profit goal from 12.3% to 25%, then I would need to cut 12.2% (of sales) in expenses.

Then I would assign a certain percentage to cut in each major expense category.  In my initial pass, I would come up with a percentage that seemed achievable and that added up to that 12.2% reduction that I targeted.

Then I would go into each expense category, and with as detailed an income statement as possible, examine every single line to help determine which items could be cut and by how much.

To be fair, if you are really trying to radically increase your profitability, you need to spend some time and energy at this.  You will also need to make some sacrifices and make some trade offs and take some risks.  Maybe you decide you have to cut out free gourmet coffee for your staff?  Maybe you decide you need to move to a smaller or less prestigious office?

One thing I would not do is target the cuts evenly across the board.  I also would be careful of cutting costs such as cost of goods sold, that would directly lower product or service quality significantly.   However, I would at least think about cutting the cost of goods sold.

For example, in my book publishing business we were hit with an across the industry hike in the cost of paper, a very large cost item for us.  Rather than just “eat” the price increase, we instead decided to go with a much lighter and much cheaper paper.  We saved a ton of money and yet our customers didn’t seem to mind-our sales remained strong.

Now when I say I would go into each expense category I am not kidding about each and every one.  In business school, one of my friends had a saying “There is no such thing as a fixed cost.”  I agree.  Every cost can be brought down.  For example, take electricity.  Might seem like an unavoidable expense.  But is it really?  Is every single light turned out at night?  Could you use more efficient light bulbs?  Can you buy electricity through an alternative vendor?

Once you really get into this process, you will be surprised to see how much you can lower your cost structure by truly managing the numbers!

By Bob Adams, serial entrepreneur and founder of BusinessTown.com.

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Best Countries for Business as of 2017

Business is affected by the policies of a country. Forbes has been conducting a survey from the past eleven years on business friendliness of countries across the globe. It has several parameters including property rights, innovation, red tape, freedom, corruption, technology, taxes, investor protection, stock market performance etc. This year Sweden tops the list followed by New Zealand. The top 10 countries are:

Sweden
New Zealand
Hong Kong
Ireland
United kingdom
Denmark
Netherlands
Finland
Norway
Canada

A step by step analysis of each country reveals what makes them one of the best countries to set up a business.

Sweden has undergone a transformation over the past two decades. It has self-restrained on the budget whose cuts go to the state’s welfare. To encourage employment the government of Sweden shrank the jobless and disability benefits. This allowed for tax credits. The economy grew by 4.2%.

New Zealand, the second country in line has transformed itself over the past thirty years into a dynamic free market from former highly regulated economy. It is the smallest economy in the top ten countries but its changes are tremendous. It has a GDP of $174 billion which grew by 3.6% in the second quarter of 2016. It is one of the top growth rates in the developed world. All the government controlled in sectors like airlines, insurance, banking and telecommunication are privatized there.

In case of UK, the data was collected before the brexit, hence the scenario of business at this point of time cannot be determined from this survey. Now the atmosphere is completely different and the effect of brexit will take years to realize.

Hong Kong comes in the top 5 countries because of its good investor protection, trade freedom, tax burden and red tape. Even though it’s GDP did not grow much, just 1.4%.

Ireland makes it to the top 5 because of its troubled situation these days. Foreign direct investment has been high. Unemployment has been on a steady rise due to which there is a vast pool of employers. Wages too have fell which kept the labor costs in check. But despite all the problems Ireland has grown because of low tax burden, personal freedom and investor protection. It is the only country to score well in 15% of the 11 metrics considered. It has also benefitted from the fiery stock market boom. It has pro-business environment.

US has fallen down the list because of its stringent policy change. Federal Reserve’s easy money program has hindered in the growth of its business sector. Tax burden is also excessive in US. It has the highest statutory corporate tax rates in the world. To add to it, US have also revised its business policies which are not investor friendly anymore.

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SysAid: The IT Help Desk Software With Everything And Then Some

When purchasing IT help desk software, you should consider what it is you’ll actually need. Some of the most common requirements are the ability to track problems, to set up a troubleshooting and resolution flow and to collect and analyze data about issues that come up. Additionally, you’ll probably want a software suite with a ticketing system, remote monitoring capabilities, and a built-in communication system.

With IT help desk software by SysAid, you get all of these things and more. Essentially, just about anything that you could think of to make it easier to track, resolve and prevent IT-related issues, SysAid provides.

Flexibility

SysAid can be implemented in-house or in the cloud, and it’s both scalable and customizable. As your organization grows, your IT help desk software grows with you without any need for major overhauls. Along with basic and full versions of the software, you can also choose to go a la carte, which allows you to pick and choose which options you want to be included in your software package.

The IT help desk software is also very customizable. Whether you need to create workflows, forms or make adjustments to existing modules, you’re able to do so. Using SysAid, you don’t have to work around your help desk software to get what you want to be done.

Automation

Another major selling point of SysAid is the automation that their IT help desk software offers. While you clearly want to have control over how problems are routed, addressed and tracked, you don’t necessarily need your employees to deal with issues manually. SysAid allows you to set up custom flows for how each type of problem that you may have is addressed and who or what department is notified of an issue.

This ensures that different people and groups aren’t working at cross-purposes on the same issue. Additionally, it means that the individuals or department that will be best able to resolve an issue will be the ones notified of it thanks to automatic escalation rules. When it’s determined that an individual or group cannot fix a problem, automatic escalation ensures that problems can be immediately addressed.

Analytics and Remote Tracking

Analytics is an essential part of a useful and efficient help desk software suite, and SysAid offers robust data tracking tools. In addition to the fact that analytics can help you track how problems are handled and ensure that they’re resolved appropriately, data can also enable you to forecast your staffing needs and identify ongoing trends. Without tracking data, it can be difficult to nail down when particular software or hardware is failing and why, and this is especially true if you have a large number of employees or groups handling technical issues.

Another feature of SysAid is the ability to keep track of what’s going on even when you’re not on-site. Mobile apps and remote desktop capabilities allow management and authorized individuals to track trouble tickets, keep an eye on service levels and see how system resources are being used.

Management Tools

Asset and patch management tools are also included in SysAid’s helpdesk software. Along with keeping tabs on your software and hardware, the system is also able to detect changes made to your existing infrastructure. Another benefit of the software is that it includes patch management. This can help to ensure that patches go through smoothly and without causing major headaches when systems fail to communicate with each other or when settings are changed as a result of a patch.

One way that the software helps to ensure that patches go smoothly is to identify potential results of a patch, including problems or unexpected changes. Being aware of potential problems can allow you to make adjustments that prevent issues from cropping up.

Additional Features

Using SysAid also means you have the ability to take advantage of third-party plug-ins and integrations. The software suite works with Google Apps, Dell Web Services and Slack, just to name a few. SysAid will also work with your existing user interfaces and can collect data from a variety of sources, including email, databases, SMS messages and data from CSV files.

There are also a number of other helpful tools that are integrated into the software. You have access to built-in chat, the ability to easily create a knowledge management system and hardware and network monitoring. Instead of having to cobble together a variety of tools that can handle these tasks for you, everything is built-in and integrated.

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How to Terminate Your Status as a Shareholder with Minimum Loss?

It seems redundant to think of exit strategies and shutting down a business well before it starts, yet every business agreement has a section that holds information about exit strategies in case the business does not flourish. The last bits of words of the previous sentence should act as a reality check for any investor/present shareholder because every investment is not rewarded with the kind of profits you imagined when you made the transaction.

Exit strategies are important to minimize the loss that occurs when a business unfortunately starts performing poorly or does not live up to the promise of the profits it showed the potential of earning. Terminating your shareholder’s agreement may not be something you want to spend your thinking capacity on, but the following few ways often help shareholders exit out without irrecoverable losses.

Initial Public Offer (IPO)

IPO has been a preferred way of avoiding loss for shareholders but since 2000, with the increase in internet policies, IPO has decreased drastically and is not recommended at times because liability concerns are high.

IPO refers to the involvement of the public by selling parts of your business in the forms of shares to it. The real benefit of this method is that it grants access to liquidity in the event that investors are seeking returns or refunds. With more investors you have a chance to buy out more businesses which suffer a roadblock and are finding a way out. Going public in the beginning seems tempting but there is always the risk of the business not turning out well enough to provide dividends to these shareholders which can include their payments as sunk costs and result in the business shutting down.

Merger

There is no harm in starting off a company with a friendly intention of staying in good terms with rival firms with whom you can integrate vertically or horizontally later on. Investors need some sort of surety that they will get their monetary investment back, and a merger can help your business stay afloat even in the worst case scenario of you not being able to cover your operating expenses.

A merger can be one that allows the owner to operate business in unequal partnership with the dealer or the owner sells it entirely. In any case, the performance of your company at some point in time should be trustworthy enough for the competitor firm to see potential in the deal. This also involves the element of goodwill where the company finds incentives to make a partnership with you.

Private Dealings

It can be handy if you offer shares to trustworthy people you know in your personal life or through some links, because these people will buy shares with aims other than just for receiving dividends and profits. These dealings can also be to attract investors in the company by sharing similar interests through exhibitions or online displays where the new business can reach out to tycoons who already exist in the market.

Online dealings have allowed investors to take up a considerable amount of money using the concept of similar interests. Instead of starting off with personal investors you know of this deal can also extend out to reliable public investors, which certainly increases the prospects of earning. The propagation of business through channels of proper communication is the most important aspect in this strategy. This in turn will help the business rely on dependable heads in the case of the business going downhill.

Cash Cow

This feature may not be very simple to understand, but it basically puts you out of the limelight of the business without you losing any sort of share or ownership.

If your business has a continuous and reliable stream of cash flows which can help you pay off investors and manage your operating expenses, you can make your business your cash cow! You can retire from the front face and start thinking of your next great ideas to make sure your business stays up and running. However, it is important to realize that using your business as a Cash Cow business exit strategy needs a very stable source of income to feed your next ideas while continuing bearing your expenses, so using this as a way out has considerable amount of risk involved.

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The Benefits of a Warrior Trading Education

When you decide to make a day trading career, you need to find the most effective education on the web. Which means you have to find your want to over to Warrior Trading. Warrior offers the most comprehensive and impressive day trading education online. Finding good and reputable interactive brokers isn’t an easy task to do.

Classes

When you take classes on Warrior Trading’s site you need to put in the work to get the best results. But the combination of terminology education, techniques and strategies, with excellent instructors means that the results are attainable. You can learn how to identify the best stocks on a day to day basis, which free stock scanning software to start off with and how to use that software.

The key to starting off with free software tools is that you keep your overhead down, which allows you to make a profit earlier in your day trading venture. Start small and you will win big.

Chat Room

Warrior offers access to a daily chat room filled with veteran traders that will call out trades as they make them. And the community of traders is a great place to learn all the nuances and little things that go along with being a day trader. You are in a community of like minded people.

The chat room also offers a daily watch list of stocks that are ready to pop, courtesy of Warrior’s best traders.

Risk Management

The most important part of being a day trader is managing your risk. There is nothing worse than being on the short end of a trade, but holding onto that stock as it continues to dip, in the hopes of a rally that will make you whole. You need to cut your losses quickly.

And the core tenet of risk management is knowing exactly what your stop-loss is as you go into each trade. Each trade needs a loss figure that will automatically trigger you to pull out. You need to set that limit at the start of every trade. And you need to stick to it.

Day trading is about adding up 20-30% winners each week so you have a profit-loss ratio in the black. You will take losses, You just need to make sure that they are controlled.

Paper Trading

One way to learn your risk management skills is to go out there in the market and make a whole bunch of mistakes. But that could cost you your life savings. You would be wise, but poor.

The best option is to get yourself into a paper trading simulator, where you get to trade with virtual currency in a simulator that mimics the real market. Warrior offers a simulator that has Level II quotes and executes trades just like a real brokerage account.

Follow Warrior Trading on Twitter to find the most impressive day trading instructors on the Internet.

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Why is Ergonomic Furniture So Important

Crossford Furniture Co. Discuss Ergonomic Furniture’s Role in Creating a Healthier Workplace

For office workers, good seating is crucial. Anyone with experience in a desk-bound role understands the sheer dread that uncomfortable chair can inspire – and how much it affects your entire job.

With a stiff, uncomfortable seat, you’ll spend eight hours each day, five days a week, 48 weeks of the year wishing you were somewhere – anywhere – else. Not only is this bad for your mood, it also has the power to disrupt your productivity, and leave you under-performing in the eyes of employers.

In the USA, neck and back problems (some caused by poor seating) requiring medical aid can also prove expensive, and sadly common. For example, back-related issues will affect around 80% of the American population at one point or another in their lives.

For every business, ergonomic furniture can be revolutionary. Crossford Furniture Co., a brand specializing in high-end seating for the modern workplace, shared their views on why ergonomic chairs play such a pivotal role in office-workers’ lives.

Encouraging Proper Posture

“Standard office chairs are often mass-produced,” “While businesses can obviously save money by cutting corners, they’re putting their workers’ health and well-being at risk if they buy poor-quality chairs – which does nothing but cause problems. For everyone.”

Traditional chairs often encourage you to slump or lean over your desk, leading to poor posture.

With ergonomic furniture, though, this is minimized: you can adjust the height so your feet sit completely flat on the floor, while you can move the rear forward or back. These small options enable you to personalize your chair and put it into the perfect position for your body.

The Crossford Furniture Co. Ergonomic Synchro-Tilt Office Chair, for example, features adjustable armrests and back, as well as a mechanism to modify the seat’s depth. Workers are able to customize the seat for their own body and comfort, locking it in place to maintain a high standard of comfort.

Combating the Danger of Neck Problems

“Ergonomic chairs often include a headrest, which helps you keep your head supported, reducing the strain on your neck,” Crossford Furniture Co.’s spokesperson continued. “When sitting at a desk, staring at a computer screen for hours, it’s easy for your neck to become stiff and uncomfortable – which may last for days on end.”

Over time, a lack of support for your head and neck can cause long-term problems. As you can adjust ergonomic chairs’ heights, you should make sure your eyes are totally level with your screen, enabling you to keep your head straight.

Providing a team of office-workers with high-end seating ensures they can personalize their chair, until they find their ideal posture: In a modern, productive, collaborative business environment, employees must be as focused as possible – and nothing guarantees this like unparalleled comfort.

Minimizing Pressure on Hips

Traditional chairs feature a tough seat, often without any cushioning; sitting on this for long periods places undue pressure on your hips, potentially contributing to medical complaints in later years. Suffering with bad hips at any age may have a massively debilitating effect on your mobility, ability to perform everyday tasks as you wish, and lead to expensive medical-treatment

With ergonomic chairs, cushions are usually somewhat plush, with a few inches’ depth to support your weight properly. This eases the pressure on your hips, and enables you to focus on your work without being distracted by discomfort.

“The physical benefits of ergonomic chairs can ultimately enhance productivity across the entire business: with employees enjoying greater comfort, they can relax and concentrate more easily.”

Cultivating Greater Aesthetic Appeal

Designer ergonomic furniture is indisputably far more attractive than cheaper, more basic alternatives. Sleek materials, elegant curves, and a more inviting design all combine to make ergonomic chairs a powerful addition to your office.

“Making a good first impression is, as we all know, critical when bringing prospective clients into your office,” added Crossford Furniture Co.’s spokesperson. “Inviting them to sit in a rickety, uncomfortable chair which looks outdated will do you no favors at all. Aim for that irresistible ‘wow’ factor, and make walking out of your office with a negative mindset impossible.”

With all of these factors in mind, there’s no reason for any business to avoid ergonomic furniture: employees will thank you for it, and their improved productivity may increase your bottom line. Reducing employees’ need to take time away from the office with musculo skeletal problems is equally profitable.

Ergonomic furniture can make a significant difference to America’s workers – and the quality of work they produce.

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How to Bring Colour in the Office and Make it Great Again

In 2016, the Australian Government ordered the use of the world’s ugliest colour in cigar packaging in order to discourage smoking.

This is just one of the millions of business and political strategies which utilise the colour theory. Colour helps us understand our environment and it greatly affects our thoughts and the choices we make.

That is the reason why businesses greatly consider the use of colour in their offices. In this era when we give so much effort in office design, colour is not just a decorative element but a strategy to improve the workplace. Companies use it to connect people with different values in their organisation. The colours will help these individuals understand who they work for and why they do it. At the same time, these colours can keep the employees happy, productive, and healthy. If they feel highly satisfied, it’s good for the business.

So, how do you incorporate colours in your office design?

Businesses don’t just choose their colours for their office design — they use colour psychology. They want the colours they use to appeal to people’s emotions and influence the perceptions towards work.

Right now, our understanding of how colours affect our cognition is deeper compared to before. For example, the colour yellow doesn’t always promote optimism, warmth and creativity. We recognise more than a hundred kinds of yellow and each shade and hue has a different effect on our minds.

At the same time, other design elements such as lustre, translucency, lighting, and pattern also affect the how we see colour. All of these contribute to a person’s overall perception of the work environment.

This is why collaboration between architects, interior designers, and the company is important.  Paint isn’t enough to help you achieve your company’s desired goals. As architects, our job is to balance all the elements in the office to create a comfortable and enjoyable place where people work efficiently together.

Designers follow several rules when using and combining different colours in a space, as well as multiple strategies to tailor the colour’s purpose in the design. Here’s how:

Avoid the predictable

Designers follow a colour palette when they create your office space. It contains all the colours that you’re going to see on your floor, wall, and on pieces of furniture or decor in your office.

According to our Brisbane architects, using a single spectrum of colour will give your office a harmonious yet predictable look. People will find it bland and uninteresting one day. In choosing a family of colours, it is more effective to eliminate one to two colours and replace them with neutrals.

If you want, you can pair your main colour with another that complements it well. Use the color wheel as your guide to different colour combinations. The opposing colours are complementary to each other.  Then, refer back to the colour sheets of your designer to get the desired hue or shade.

Finally, give it character. Use pattern and texture (the right ones) to add interest to the space.

Give it a purpose

Colours are also essential to create an accessible workspace. For example, all your signages and tools for wayfinding must have a higher contrast from the rest so each one stands out from its background. Do this to accommodate your employees and visitors who have sensory disorders particularly those who have impaired vision. Good thing this is mandatory in all commercial spaces. It helps make the built environment inclusive for all.

Use it to highlight the things that matter.

The workplace is a diverse community. You have different people who uphold different values coming together to help you achieve the company’s goal.

Colours have the ability to connect these people. A person can associate a colour with an idea or a goal. Combine it with experiential graphic design or graphics in your office interior and this should reflect your brand and uphold your company’s culture.

This is the reason why we encourage using the colours of your brand in your office design. Think about it. If the workspace reflects the essence of the institution, your employees might find something unique and engaging about their jobs which inspires them to do better. It can also serve as a reminder that all the effort they give to the company is appreciated.

Also, making your office your brand ambassador helps people who visit your office see your company as an authority in the business that you do.

Harness the power of colours in the workplace

For the longest time, we used colours in marketing and branding. Companies and organisations can spend a huge amount of money in properly designed advertisements to attract more customers and increase their income.

It’s the same logic when it comes to using colours in your office design. Colours can help businesses flourish through connecting the employees to the brand and improving their work experience. But before you can achieve it, you have to ensure that the colours you use pairs well with other design elements in the office such as lighting, building materials, textiles, and patterns. These are technical stuff about office design that you will need help with. It costs to get help from a design professional, but it’s worth it once you see the positively affect of colour in the workplace and its everyday users.

 

Charlene Ara Gonzales is a design writer in Superdraft Australia. She features the most useful and stunning home design and office interiors they create on Facebook, LinkedIn, and Instagram.

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4 Tips for Paying Off Business Loans

Businesses, especially startups, occasionally have to borrow money to keep up with daily expenses. This is particularly true of businesses that are just launching and have yet to create a strong brand presence. Most companies borrow money all the time. However, smaller businesses with inexperienced owners are at higher risk of running into serious debt. Typically, businesses pay off debt with profits. However, not all products become successful sellers. When that happens, a business could find itself struggling to repay debt. Here is a list of tips that will help struggling businesses pay off debt before the creditors come knocking:

1. Negotiate with Creditors

If your company is unable to meet a loan deadline, don’t panic and ignore the creditors. That will only result in heftier late fees. A simple but highly effective solution is to talk to the creditor about it. Tell the lender why your company is unable to pay back on time. You can try to renegotiate the terms of the deal and perhaps try to lower the interest rate. There’s a benefit in this for both creditors and debtors. Neither party wants the company to go bankrupt. There’s no profit for creditors when a debtor goes bankrupt. So, a sensible creditor will be very willing to negotiate. Of course, don’t expect one phone call to solve the issues. You may want to involve experienced company lawyers in the talks as well. Don’t rush the creditor. Patiently explain your situation so the creditor understands the direness of it.

2. Consider a Short Term Loan

If there’s a rather pesky and expensive debt that needs to be paid off right away, businesses can pay down debt. However, if the the business is teetering on the edge of defaulting on a loan, which can be financially devastating, then this is an emergency measure to consider. Short-term loans, like payday loans Lexington, can be borrowed for small amounts with a post-dated check. Be careful, however, not to have these loans rolled over. Short-term loans have high-interest rates, which can rise well above 100 percent annually. Therefore, only take out a short-term loan if you can surely pay it off on time. Short-term loans are unsecured loans and can be obtained in a relatively short amount of time. But be aware of all the risks involved before you do so.

3. Use the Stack Method

The Stack method is a financially sensible idea that will benefit small companies with multiple loans. Paying off multiple loans can be particularly tough, especially when there are different interest rates involved. This method makes the streamlines the process of juggling multiple loans. The method calls for companies to rate debt based on the interest rate. Rank, or “stack,” the debts from the highest interest rate to the lowest. It’s common knowledge that debtors should first pay off the loan with the smallest balance. Financiers, however, advise against this fact. Instead, pay off the debt with the highest interest first. Debt can snowball in size mainly because of the interest rate. The higher the APR is, the sooner the business should pay off the debt. Debts with smaller APRs don’t balloon in size as rapidly, and are thus more manageable. The Stack method is highly recommended for companies that are struggling to pay off multiple loans.

4. Offer Other Incentives to Creditors

If your company really cannot afford to pay off debt at the moment, you may be able to keep creditors at bay with other incentives. For example, you can offer creditors shares or stocks of the business for the moment instead of cash payments. You can allow them to directly profit from a lucrative product. Don’t expect all creditors to put off immediate payments for profits in the future. If your business is currently cash strapped, but is still in good shape, creditors will be willing to exchange cash payments for shares or stocks. If your business does not have a line of promising products, then this option might not work.

Paying off debt is difficult for both people and companies. The above methods should be able to assist your company in its endeavors to be debt free. If all else fails, bankruptcy may be the only option. Most business owners and managers do not want to get to that point. Therefore, do your best to try the above suggestions.

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A Sneak Peak into Content Writing

Writing is like musical notes on a blank sheet of paper. Like music which can be either spontaneous or pre-meditated, writing needs to emerge in a stream from the mind, body and soul of the writer. The role of music doesn’t always pertain to the task of providing a buoyant and sedative effect. It also strives to create noise, to provoke, to evoke and erupt dormant volcanic emotions. Hence, if your tryst with a specific write-up smears the paint of discomfort, then don’t curse the writer but congratulate that she is successful in hitting the bull’s eye.

Content writing has emerged to be a lucrative option for individuals who want to give wings to their dream of writing or for the plain-Jane reason of earning extra bucks. Due to the lack of glamour and prestige concomitant to the job, there is a dominant notion in place that anybody with flair for a language (especially English) can drop into the job and be successful. But to disappoint the critics, it is a highly demanding job, which is based on the foundational principles of creativity, impeccability, desire to learn something new, tenacity and punctuality. I would like to elaborate on each of these attributes distinctly, to shed light on the many facets of the process of becoming adept at content writing.

Creativity-If you choose to play safe, then your progress as a content writer remains bleak. You can make even the most blah topic into a page-turner by weaving magic with the magic wand of your creative impulse. Make each topic your own and then give it a makeover like never before.
Impeccability-Writing is a lot like making a bouquet. Each flower needs to be precisely selected. There should be the right amount of foliage or else, the entire bouquet will end up being bland. Be devoted to the topic of your write-up, and choose words which concord with the nature, texture and temperament of the theme. Let perfectionism befriend you when you are writing.
Desire to learn something new-The hunger to succeed also emanates from the greed to learn something new. So be greedy to tread the unknown path as many a time, you have to write about topics where you are totally clueless!
Tenacity– An often underrated trait in every profession, tenacity should tower the priority list of an aspiring content writer. The steadfast resolute to take up responsibility and accomplish the work within the deadline is imperative for a successful content writer. It might happen that you have to attend an important event or appear for an exam. Will you quell under the pressure and take recourse to sad music or will you embrace the challenge like a true-blue fighter? Your choice will determine your potential and prowess as a content writer.
Punctuality– Don’t let your boss run after you about your progress with the articles! Hand in your write-up at the stipulated deadline. If you cannot commit to the specified number of articles, then be honest. Your honesty will earn you brownie points, but if you adopt unpunctuality, then don’t complain later when the letter of recommendation doesn’t live upto your expectations!

Make these attributes your motto, and witness your rise as a sought-after content writer!

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What Is the Difference Between a Federal Tax ID vs an EIN?

“Federal Tax ID,” a/k/a “Federal Tax ID Number,” is a generic term used to encompass the three types of nine-digit numbers the IRS requires for purposes of reporting and paying taxes:

1. Social Security Number (SSN)

2. Employer ID Number (EIN)

3. Individual Taxpayer ID Number (ITIN)

Which number an individual or business needs to put on a tax return depends on several things.

Social Security Number (SSN)

Nearly all U.S. residents have a Social Security Number, a unique number issued to them by the IRS for the primary purpose of tracking their earnings so as to determine the amount of their Social Security benefits. That’s the number they put on their Federal and State income tax returns. A sole proprietorship uses its owner’s SSN for tax purposes, as does a single-member LLC Form (Limited Liability Company).

Employer ID Number (EIN)

All other businesses use an Employer ID Number (EIN), whether or not they have employees. Banks often require businesses to have EINs before opening a business account. An EIN is a unique number issued by the IRS to legal entities such as corporations, partnerships, estates, non-profits, etc. so they can report the employment taxes they withhold and/or pay. However, to make matters more confusing, when s business uses its EIN for other business identification purposes, it’s often called a Taxpayer Identification Number (TIN) or a Federal Employer Identification Number (FEIN). You can apply for an EIN from online with the IRS or use a third-party provider like Gov Doc Filing.

Individual Taxpayer ID Number (ITIN)

The IRS issues an Individual Taxpayer ID Number (ITIN) to individuals who are not eligible for Social Security Numbers or Employer ID Numbers, but need an identification number for filing a U.S. tax return. ITINs are used by non-resident aliens, resident aliens not eligible for an SSN, and dependents or spouses of U.S. citizens, resident aliens, and non-resident alien visa holders. An ITIN cannot be used as proof of eligibility to obtain U.S. employment or apply for and receive Social Security or other benefits.

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