Month: November 2012

Research Your Business Plan – Part II

Business Plan

There is a process to determine the where of your plan. Sometimes it is obvious, if retail, then a retail location is ideal. If service and the customer travels to you such as a professional, then an appropriate office location is important. Focus on the type of office environment, medical should try to locate in or around other medical facilities.

Service Equals Timeliness and Accuracy

Timeliness and Accuracy

In the world of accounting, we stand on two principles; timely and accurate information for the client.  Without either, the client can’t make good decisions.  As accountants our job is to record economic transactions and report this information in a financial format.  For the client it is imperative that the information is provided in a reasonable period of time after the activity.

Self-Employment Tax: You Can Stop Staring At Me Now!

Self-Employment Tax

Simply put, this is a tax on your net earnings from your small business operation.  If you are unincorporated, you have to pay this tax.  This includes those in partnership arrangements, and in any form of Limited Liability Company status.  So why don’t corporations pay the tax?  Actually they do, it’s just called a different name. 

Marketing – A License to Steal

I had the privilege of meeting a potential client in one of those business gatherings.  I asked him the usual questions and he started to explain his business operation.  Well, he was basically a landlord to a gaming function.   When I become fascinated by the enterprise, I reoriented my questions to some specifics.  Sure enough he charges some high end prices for the facilities.  Man, I needed to figure out how he was able to do this.  So with some prodding, he finally explained that his marketing approach pretty much gave him “A license to steal”.

How to Find a Good Business Attorney

In my 17 years of practice as an accountant I have met around 30 or so attorneys.  All the interactions were in reference to business issues for my clients.  Out of the 30 I have dealt with, I would hire two of them.

Accounting Principles

Accounting Principles

Simply stated, accounting is the measurement of economic activity.  Its primary principle is to report information to the user so that (s)he can make informed decisions.  The primary reporting format is in the form of dollars.  There are two important reports used by pretty much 99% of all business operations to determine the status of the business operation.  These are the income statement and the balance sheet.

Research Your Business Plan – Part I

Business Plan

If you read my section on ‘Do I Need a Business Plan’ and followed those steps, you are now ready for the next step in this process.  Hopefully two important barriers have been breached in your quest to be the next new business.  First, you have answered the most important questions of who am I and is this what I truly want to do.

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