Small-business owners must track the daily tasks that eat up their workday, because while there are core-functions to any business, entrepreneurs often become distracted, and sometimes consumed by, necessary tasks that could be done just as easily, and probably more economically, through outsourcing. The question is, how does one determine which functions should remain in-house and which should be outsourced?
In a recent Small Business Trends article entitled “How I Outsourced My Non-Core Sales Tasks,” author Chris Hamilton details the process in determining whether or not a core task should be handed off to someone who can perform the task for you, freeing up your time for revenue-generating projects. Here are the five steps Hamilton describes:
1. Keep Track of What You Do During the Day. List the tasks that you spend time on.
2. Determine if it Helps You Generate Revenue or Not. Of each task, ask yourself, “If someone else did this, would it allow me to focus on those activities that will make me money?” If the answer is “yes,” you should outsource the task.
3. Map Out the Process. After you determine which tasks need to be outsourced, document the steps necessary in properly completing the task—that way, if you hire someone else to do it for you, they can duplicate your process. Before handing that task off to someone else, however, Hamilton suggests having a friend run through your steps to see if they understand your instructors.
4. Find Someone to Take on This Chore. Depending on the task, you may need to ask colleagues for references, put an ad in the classifieds or search the yellow pages for contract workers who specialize in the task.
5. Monitor the Work Being Done. Outsourcing does you no good if the task isn’t being completed properly. You should monitor the person you’ve outsourced the task to until you feel comfortable enough with their performance to allow them to work more independently.
Hamilton was driven to reevaluate his core-tasks when he realized that,”…in a typical day, I was spending about 50% to 60% of my time on sales tasks that didn’t generate revenue. Once I figured this out, I realized that I could be way more efficient and generate more sales.”
To ensure that your work day is comprised of revenue-generating tasks, it’s important that you test Hamilton’s process. You may find that outsourcing more than pays for itself.
Become the Professional to which Small Businesses Outsource Their Accounting
Certain functions are necessary in order for a business to be successful, and accounting is one of them. Unfortunately over 50% of small businesses fail, and much of that failure can be attributed to poor financial management. If you were to become a small-business accountant, you would be the person to which these small businesses outsource their accounting tasks.
Most of your competitors don’t offer specialized small-business accounting services. But after completing the Professional Bookkeeper (PB) program, you can! Consider a training program that is catered to your needs and busy schedule—one that will enable you to earn a professional designation after just 60 hours of your valuable time.
When you enroll in the Professional Bookkeeper Program you receive to the following:
- Flexible training you complete on your own schedule
- Rich and engaging training DVDs you can view again and again
- Hands-on instruction and practice sets through which you gain much-needed experience
- Training in building and marketing your new practice
- 6 months of valuable follow-up support
- The opportunity to earn professional certification
- Our iron-clad risk-free guarantee
Expand your service offerings by enrolling in UAC’s valuable training programs. Call 1-877-833-7909 to enroll today!
Resource
Hamilton, Chris. “How I Outsourced My Non-Core Sales Tasks.” 16 May 2013 SmallBizTrends.com
Small business owners are continually getting advice on how to select financial professionals who will help them succeed. In a recent Entrepreneur.com article, readers are told “How to Choose an Accountant Who Is Also an Advisor.” As a tax professional who may have considered expanding your practice to include accounting services, these tips could prove invaluable in ensuring that your business satisfies all your clients’ needs.
The article explains the important association that can be fostered between business owner and accountant: “…no other business relationship has such potential to pay off. Nowadays, accountants are more than just bean counters. A good accountant can be your company’s financial partner for life…”
In searching for a good match the article asks readers to consider the following three things:
- Services. The article claims a good accounting service includes four areas of expertise: business advisory services, accounting and record-keeping, tax advice, and auditing. Business owners must evaluate their current financial standing and consider which services they need most. They are advised to ask prospective accountants how they would handle specific situations. A good accountant should be ready to speak for their business and articulate their worth.
- Personality. Prospective clients will be looking for an individual they feel comfortable with—someone they can easily approach with all their questions and concerns. They may be worried that their account will be passed to some low level worker they haven’t yet met. Ensure they can talk with the person with whom they will work directly.
- Fees. Anyone looking to secure a service will want to know how much they can expect to pay for it. The article suggests, “Ask about fees upfront. Most accounting firms charge by the hour; fees can range from $100 to $275 per hour. However, they are some accountants who work on a monthly retainer.” A seasoned professional can readily respond to such requests, and if they’re really good, they can explain how the nature of their services will ensure that clients see a greater financial return that more than covers those fees.
As you consider expanding your practice, ensure that you’re aware of prospective clients’ needs and are able to articulate your value in a way that appeals to them.
UAC’s Training Programs Will Help You Gain That Competitive Edge
Universal Accounting Center offers the best accounting, bookkeeping and tax training available. Consider growing your tax preparation business by offering additional services to potential clients, like accounting.
Most of your competitors don’t offer specialized small-business accounting services. But after completing the Professional Bookkeeper (PB) program, you can! Consider a training program that is catered to your needs and busy schedule—one that will enable you to earn a professional designation after just 60 hours of your valuable time.
When you enroll in the Professional Bookkeeper Program you receive to the following:
- Flexible training you complete on your own schedule
- Rich and engaging training DVDs you can view again and again
- Hands-on instruction and practice sets through which you gain much-needed experience
- Training in building and marketing your new practice
- 6 months of valuable follow-up support
- The opportunity to earn professional certification
- Our iron-clad risk-free guarantee
Expand your service offerings by enrolling in UAC’s valuable training programs. Call 1-877-833-7909 to enroll today!
Resource
–. “How to Choose an Accountant Who Is Also an Advisor.” 19 March 2013 Entrepreneur.com
Come 2014, the Patient Protection and Affordable Care Act, also known as Obamacare, will require all Americans to obtain health insurance. Small businesses with 50 or more employees will be required to provide full-time workers with affordable health insurance that complies with Obamacare’s standards. Small businesses with less than 50 employees will not have that same requirement, although any health care plan they offer must comply with Obamacare. All companies, big or small, must notify their employers, in writing, of the law and the ability to take advantage of state-based health insurance exchanges.
These requirements, along with the prohibition against barring any individual from health insurance due to preexisting conditions, may cause significant problems for small business owners. Entrepreneur.com writer, Dinah Wisenberg Brin reports that while some argue that Obamacare may save businesses money in the long run, many argue that the converse is true.
The National Federation of Independent Business (NFIB) contends that the law will make it “extremely difficult” for any small business to cross the 50-employee threshold. Also, businesses that go from 49 to 50 employees without extending health care insurance to the same could face a $40,000 penalty. The NFIB argues, “A business can avoid the penalties by firing employees, by not hiring new ones, by replacing full-timers with part-timers, or by outsourcing. Estimating the costs of hiring and expanding will be complex and confusing.”
Unfortunately many small business owners currently find themselves in the same position as their employees—uninsured. A Businessweek article by Karen E. Klein states a Kaiser Family Foundation study of insurance coverage found that “…small business owners are in similar straits as their employees: One-quarter are uninsured and half rely on a family member for coverage or buy private health insurance, if they can afford and qualify for it. Only 19 percent get insurance through their companies.”
Perhaps the insurance exchanges will eliminate some of these problems, as these marketplaces should be available in 2014 and allow individuals and small businesses to “shop” for plans among a variety of competitive options that must comply with Obamacare standards. Brin states that information on these plans should be available later this year.
Regardless, Obamacare has a fair number of small business owners concerned. The House Small Business Committee plans to hold a hearing on health-care reform which will address many of these issues. The committee has enabled small business owners to post their comments on Obamacare and how they think it will impact them and their small businesses:
Marsha Newberry, owner of a Texas small business posted, “The Affordable Care Act is certainly not affordable for us as a small business in America. …This has caused our company to examine our projects and reduce our employee numbers by eliminating the labor intense projects. All this to avoid mandated healthcare by the federal government. So we slow and/or reduce our company growth to avoid complete closure of the company. ”
A Nevada business owner posted, “We eliminated six jobs within the company, and we will continue downsizing. We will outsource the functions previously done in-house in order to stay afloat. We have no budget for this damage. If that doesn’t keep us afloat, we will close our business down by September 30 this year…”
The key here is in staying informed on Obamacare and how the issues will evolve and, eventually, impact your business. The ability to anticipate that impact will enable small business owners to make adjustments to their plans and projections in order to manage what is sure to be a significant learning curve.
Increase Your Business’s Profitability NOW!
Allen Bostrom, President and CEO of Universal Accounting Center, has a lot of experience helping small businesses become more lucrative, and he’s written a book about it called In the Black: Nine Principles to Make Your Business Profitable. Practical and easy-to-apply, you can finish this book in one day and begin implementing those principles the next. To learn more about this book and some of the principles he shares, visit his website today!
Resources
Brin, Dinah Wisenberg. “Obamacare 101: How Business Owners Can Prepare in 2013.” 22 January 2013 Entrepreneur.com
Brin, Dinah Wisenberg. “Small Businesses Continue to Air – and Vent – Obamacare Opinions.” 7 March 2013 Entrepreneur.com
Klein, Karen E. “What Obamacare Means for Small Employers.” 4 October 2012 BusinessWeek.com
Tax season is upon us and for many tax preparers that means a hectic work schedule with long days and countless client consults. Regardless of your practice’s size, tax season can overwhelm even the most time efficient and well prepared.
In order to ensure a smoother tax season, Edward Mendlowitz, Journal of Accountancy contributor and author of Managing Your Tax Season , suggests 12 procedures that will help you rise above the chaos. Here we share 5 of Mendlowitz’s suggestions:
1. Schedule workflow. It’s important that you anticipate the number and complexity of returns you will be getting and schedule your staff and work days accordingly. You should also anticipate return reviews—who will be performing them and how long will they take? Mendlowitze suggests, “For corporate clients, schedule and prepare returns on a first-in, first-out basis. Call clients and work out times for them to submit information. …A two-week return policy can reduce the number of client calls, work in process, and scheduling problems, and can help speed up cash flow.”
2. Resolve bottlenecks and don’t let returns sit unattended. One of the best ways to improve tax-season efficiency is to examine your current procedures and resolve bottlenecks in order to streamline your process. Now is a good time to consider where returns get “stuck” and what you can do to ensure they don’t sit unattended. Often returns get side-tracked when clients must be contacted for information or verification. Don’t put off resolving these issues in order to move forward.
3. Bill client when return is ready. Mendlowitz explains, “Unbilled tax returns are considered inventory in process. The longer you have them, the less they are worth.”
4. Prepare estimated taxes for the current year when preparing an extension for a client. While the amounts are likely to change, completing this step will save you time in the long run, eliminating the need to remind yourself about the client’s position when estimated taxes are due. And as Mendlowitze says, “It also helps the client plan cash flow.”
5. Ensure effective use of technology. Sometimes purchasing new equipment can help you better manage tax data. Do you need scanning software to help reduce paperwork and improve workflow? Also, tax and accounting software can ensure a more efficient use of time, as long as you and your staff have been properly trained.
Sometimes a little foresight is all you need to ensure a smoother tax season. Try implementing these tips to see if that helps you better manage what might otherwise be a chaotic time of year.
Universal Accounting Center’s QuickBooks Training Can Help
In learning to optimize QuickBooks software, you’ll not only be able to ensure accurate tax returns in a more timely manner, but you can add an additional income stream to your tax practice. You’ll find clients in need of QuickBooks training and help services. You can charge $65 to $95 for your QuickBooks set-up and consultation services. And once your help people get started, who do you think they’ll come to for help? That’s right – YOU! That means you’ll develop a QuickBooks client base that will be more likely to also retain your tax services.
UAC’s Guide to QuickBooks Pro will teach you how to do the basic transactions, how to reconcile accounts, what the program does with its data, and a basic understanding of fundamental accounting principles. We have also included about 18 hours of bookkeeping instruction and a complete detailed presentation of QuickBooks fundamentals. Call Universal at 1-877-833-7909 to begin streamlining your work flow this season!
Resource
Mendlowitz, Edward. “Maximizing Tax Season Efficiency.” January 2011 Journal of Accountancy Online
Often the biggest things holding us back have nothing to do with our products or services. If you find yourself drowning in paperwork and a filing system that means nothing to you, it’s time to organize the chaos by creating a method that works. And there’s no better time than the beginning of a new year and before the onslaught of tax season!
In a recent Entrepreneur.com article, author Stephanie Vozza details “How to Solve Your Biggest Organizing Dilemma” with advice from several professional organizers. She quotes Sande Nelson, a New York organizer who specializes in small business, as saying, “A good filing system is a valuable tool to help you get things done and grow your business.”
Of the four tips Vozza suggests in creating a filing system that works, we share three here:
- Set it up yourself. Angela Wallace, president of the National Association of Professional Organizers, says, “The biggest problem I see is letting employees design your system. They will create what works for them, not what works for the business.” There are different filing systems and you should pick the one that will work best for you: alphabetical, numerical, or subject-oriented. If you’re natural tendency is to file information by client, this might indicate a tendency to access information alphabetically. However, others still may choose to file numerically by assigning reference numbers to each client.
- Use easy-to-remember names for files. Nelson says, “One bad habit entrepreneurs make is saying, ‘I can’t remember what I called that file so I’ll just make another with the name I think of now.’ That heralds the death of a filing system.” As a tax preparer you must standardize your files and ensure that all the information on one topic is kept in the same place. So it’s important to keep those file names simple to prevent you from forgetting them later.
- Maintain your system weekly. This may sound obvious, but once you create your filing system you’ve got to use it, and ensure it’s regularly maintained. Too often we let paperwork build up when putting it away as soon as we’ve stopped using it would save time and energy.
The most important thing about your filing system is that it be catered to your needs. If it’s dazzling and impressive but takes more time to navigate than necessary, then you haven’t created the filing system for you. Take the time to do it right the first time, and you’ll have a system that eliminates chaos and makes room for order. Phew. Now you can get some work done!
Universal’s Training Programs are All Online
If you’re looking to launch or expand a business, we suggest you consider obtaining training designed to help you offer accounting, tax preparation and QuickBooks services. And Universal’s online training make that more convenient than ever, enabling you to enroll today and begin changing your career tomorrow. We offer 5 programs designed to make your business more profitable. To sample our online courses for free, visit Universal today!
Resource
Vozza, Stephanie. “How to Solve Your Biggest Organizing Dilemma.” 23 January 2013 Entrepreneur.com
Taxpayers have reason to be weary. When they trust their financials to tax preparers, they are often left feeling completely vulnerable, agreeing to take full responsibility for the numbers someone else is crunching. So it’s no wonder they ask a lot of questions. And not only that, but the larger business world is encouraging them to be more scrupulous.
In a recent Entrepreneur.com article, author Jane Porter suggests “10 Questions to Ask before Hiring a Tax Accountant.” Here we share five:
1. What kinds of clients do you work with? Porter advises business owners to ensure their tax preparer is familiar with their business type. Having experience with multiple industries, businesses and clients is key.
2. How do you bill your services? Every client will want an idea of how much this is going to cost them. Do you bill at a flat rate or do you charge by the hour? Regardless of your approach, a good business owner will ask for an estimate before retaining your services.
3. What tax program do you use? As Porter explains, “You shouldn’t choose accountants based on the tax program they use, but it’s a good detail to ask about.” While she doesn’t suggest one program over any other, she does point out that QuickBooks is the most commonly used small-business software, and selecting a tax preparer who uses that software will make it easier to transfer information between accountants and/or tax preparers, should the need arise
4. How often will we communicate about tax issues? Some clients will want more contact while others will desire less. It’s important that you establish clear expectations about the frequency and method of communication you assume with individual prospects.
5. Are you available year-round? ‘Yes, yes, and yes’ is the best possible answer. Most tax preparers are looking for a way to ensure year-round income, and becoming a business’s tax professional is a great way to accomplish that. Many businesses are also interested in finding a tax preparer who can perform double-duty by managing their accounting as well.
One of the best ways to secure a client is to ensure that you’ve answered all their questions satisfactorily. Being able to anticipate those questions and answer them honestly is crucial in developing a trusting relationship with a new prospect.
Small Business Accounting
Small business accounting is a valuable niche market. In fact, over 90% of accounting opportunities can be found in the small business arena. Universal Accounting Center (UAC) has been training professionals like you in small business accounting for over 30 years because they recognize what many do not; most universities and trade programs are teaching students corporate accounting which isn’t preparing them for the typical, real-world accounting experiences they will encounter.
Becoming a small business accountant doesn’t require years of your valuable time. UAC’s Professional Bookkeeper (PB) Program is not only reputable, but it’s self-paced, enabling a busy professional like you to take your time or complete the program quickly, in less than 60 hours.
Through this program, you will gain the confidence and skill necessary to start and manage nearly every client’s books, and when you have a question, our follow-up program enables you to call and ask one of our seasoned professionals.
Call 1-877-833-7909 to become the premier financial service provider your area!
Resource
Porter, Jane. “10 Questions to Ask Before Hiring a Tax Accountant.” 14 January 2013 Entrepreneur.com
Five Tips for Giving Them “Sticking Power” This Year
I’ve made some; you’ve made some. Chances are we’ve made several over the course of our lifetimes. What am I talking about? New Year’s Resolutions. In fact, if you’re like most people, you collected a few already for 2013.
Our ability to keep resolutions can change the course of our lives. Social scientists have been studying this for years, and many more want to know the trick for making the right resolutions and, more importantly, keeping them. Here are a few tips on making those resolutions stick this year:
1. Write Them Down. Writing down your resolutions gives them a voice and helps you envision the actualization of those resolutions. When it comes to your profession, you must write down those professional benchmarks; it becomes the standard by which you can measure your progress and then celebrate your success.
2. Reverse Engineer It. Pretend that you have already achieved your resolution. What does that feel like, sound like, look like? When you visualize the achievement of your resolution, you can often see the steps necessary to get there. As that image becomes ingrained in your mind, it feels more natural to follow the path necessary to achieve that resolution.
3. Search out Examples. This step requires you to find others who have achieved what you hope to accomplish yourself. Some call this “modeling.” Individuals in the business world find Lee Iacocca or Jack Welch to be good examples. But it doesn’t have to be a larger-than-life character; it could be a former employer or a family friend that you admire.
4. Find a Mentor. When you have a mentor who has achieved what you hope to achieve, you have access to someone who can give you direction and help you avoid some of the mistakes they may have made. They can also advice you on how to most effectively move forward and achieve the success of which you dream.
5. Positive Reinforcement. When you reach a milestone you have set, reward yourself. The reward should be something special, something you don’t experience everyday; it should be a true acknowledgement that you have achieved something significant and deserve to celebrate it.
The best resolutions are those with built-in rewards. When you enroll in Universal Accounting Center’s programs, you increase your earning potential, impress current and potential clients, or, if interested, can earn extra money on the side – all on your own time and from the comfort of your own home. Here’s one resolution you should consider:
Master Proven Marketing Techniques
Universal Accounting Center is in the business of helping build stronger, more profitable practices, and we can help you better market your services and secure new clients. Our Universal Practice Builder (UPB) program will enable you attract and retain more clients so that you can build a more lucrative practice. Here’s just a sampling of what you will gain from enrolling in this phenomenal program:
- A guarantee of $30,000 in new annualized billings in only 12 months
- The skills to become a Profit Expert for each of your clients
- 12 marketing strategies that you can implement immediately
- A process which can produce 15 to 25 qualified leads per month
- 3 months of coaching via telephone and Internet
- Training to use QuickBooks to attract more clients
- Access to a plan proven to help retain clients
- 5 business assessments
- A customized business website
- An iron-clad guarantee
Master proven marketing techniques is the best resolution for your business! Allow us to show you how. Call 1-877-833-7909 today to enroll in the Universal Practice Builder Program.
8 Tips in Making the Holidays Truly Worth Celebrating
As much as some may look forward to the holiday season, November through December can be more stressful than all the other months combined. Not only must you set aside time for all the celebrations and preparations, but you must earn the money that will pay for it all. So how do you manage all that stress without the holidays consuming your peace of mind? Here are 8 tips that should help:
1. Sort out the ‘have-to’s’ from the ‘want-to’s.’ A lot of the stress we experience during the holidays is self-induced. Sometimes personal expectations cause us to become overwhelmed. We feel obligated to write and distribute that Christmas newsletter, deliver home-baked goods to all our family and friends, organize that school party for our kids, and play Santa at the church Christmas festival. Take a step back and determine what’s truly important to you, then make the necessary adjustments to your schedule.
2. Plan your day. Sometimes we let ourselves get caught up in the chaos of the day without really planning for it. Take some time before you start working to order your priorities and make lists of what needs to be done.
3. Get enough sleep. Often we become so overwhelmed with stress that we neglect our health, and sickness only causes more stress in the end. One way to prevent illness is by getting enough sleep. This also enables you to be mentally prepared for all the work that awaits you in the morning; lack of sleep only makes you less efficient.
4. Practice relaxation techniques. Practice deep breathing, meditation, listening to soothing music, or using imaging techniques to visualize a more relaxed response to stressful situations.
5. Avoid over-scheduling. Professionals have the tendencies to over-schedule. This can be especially stress-inducing during the holidays. Be realistic about your schedule and only plan for those things you have designated as priorities.
6. Establish a budget. Much of the holiday stress can come from the price-tag that’s often attached to the festivities. In order to alleviate some of that burden, establish a budget that determines how much money will get spent on certain things.
7. Don’t sweat the small stuff. Once you’ve prioritized your activities, you can determine what you can and should let go. When dealing with stress overload, you need to be able to focus on what matters and put the rest on hold, especially during the holidays.
8. Schedule down-time. This is, after all, a time to enjoy your family and friends. While it may not seem like you have any time to spare, it can be extremely rejuvenating to take an hour or two and do something relaxing with your family. It also can give you the perspective necessary to balance your personal and professional lives over the holidays.
QuickBooks Made Profitable
Knowing how to make the most of your accounting software could save you hours of working on the computer. Consider purchasing Universal Accounting Center’s QuickBooks Made Profitable (QBMP). For next to nothing you can use your QuickBooks expertise to attract more clients and increase your bottom line!
80% of small businesses use Intuit’s QuickBooks software. Once you complete QuickBooks Made Profitable, you will be able to use our proven system to attract more clients with your QuickBooks expertise. Not only that, but when you add QuickBooks setup, help and consultation services to your menu, you enhance your financial service offerings and widen your customer appeal.
Take advantage of this marvelous opportunity to eliminate some stress and increase your bottom line. Call Universal at 1-877-833-7909 to order now!
Do you need a little holiday reading to carry you through Christmas break? If so, we have a list for you. In his recent post to Inc.com, author Jeff Haden shares “6 Books for the Well-Rounded Entrepreneur,” of which we list four here:
Heart, Smarts, Guts, and Luck: What It Takes to Be an Entrepreneur and Build a Great Business by Anthony Tjan, Richard Harrington, and Tsun-Yan Hsieh. Tjan, Harrington and Hsieh are prominent business leaders, who, after interviewing and researching successful entrepreneurs around the world, have discovered that all share a combination of four attributes, one of which is generally dominant. Which are you? Heart, smarts, guts or luck dominant? Read to find out!
Getting Things Done: The Art of Stress-Free Productivity by David Allen. In addition to being a best-selling author, David Allen is also a coach and management consultant, an experience through which he has developed a process for increasing productivity, something he claims is directly proportional to our ability to relax. Who wouldn’t like to discover how to increase productivity by relaxing more?
Practice Perfect: 42 Rules for Getting Better at Getting Better by Doug Lemov, Erica Woolway, and Katie Yezzi. As Haden explains, “Instead of describing how to improve one specific skill, Practice Perfect provides practical tools for practicing, modeling, using feedback, and making those new skills stick.” In sharing the “how-to” rules of practice, this book covers topics such as rethinking practice, modeling excellent practice, using feedback, creating a culture of practice, making new skills stick, and hiring for practice.
The Hidden Agenda: A Proven Way to Win Business and Create a Following by Kevin Allen. This book enables readers to determine what motivates those making key decisions. If you can determine what motivates your prospective clients, you are closer to seling your products and services in such a way that they resonate with them. As reviewed by Andy Janowski, COO of Burberry, “Kevin Allen has a powerful ability to turn insight into winning results. In The Hidden Agenda, he turns his approach into a discipline we can all use to drive results and win more consistently.”
In the Black: Nine Principles to Make Your Business Profitable by Allen Bostrom. And finally, this list wouldn’t be complete without endorsing one of our own, written by Universal’s President and CEO Allen Bostrom. This book demonstrates how to increase your business’s profitability using improved accounting and business metrics – a must-have for organizations of any size. This book also discusses the importance of increasing communication among the three major business functions: marketing, production and accounting. Designed to help any small business owner, especially those who specialize in financial services, In the Black can bring greater success to your businesses as well as those of your clients. Order now and you can begin applying tried and true principles of business profitability.
Resource
Haden, Jeff. “6 Books for the Well-Rounded Entrepreneur.” 17 October 2012 Inc.com
Wanted: Successful professionals interested in launching and sustaining lucrative practices.
Does this sound like a want ad you might respond to? If you have ever considered launching your own financial practice, it’s important that you acquire the skills and experience necessary to succeed. While those hard skills are key, it’s also important that you possess certain soft skills that ensure a greater likelihood of entrepreneurial achievement. Ask yourself, do you possess the following?
1. Confidence. There’s no use going into business for yourself if you don’t believe you can be successful. Much of what you achieve begins in the dusty corners of your mind. As William Arthur Ward once famously said, “If you can imagine it, you can achieve it; if you can dream it, you can become it.” You demonstrate that with a healthy dose of confidence, which often requires you to forge ahead with little more than that to go on.
2. Ambition. Webster defines ambition as the “desire to achieve a particular end.” Ambitious desire implies that action is required in order to accomplish that end. Ambitious people are proactive and determined. They hold a vision of what they would like to accomplish and are anxious to move through all the steps necessary to get there.
3. Willingness to learn. The majority of successful entrepreneurs are open-minded and not afraid of constructive criticism. When you’re anxious to learn and grow, you’re continually on the path of improvement which is parallel to success. Not only that, but when you look to acquire greater knowledge and skills, you gain a competitive advantage that will lead you to greater profitability and accomplishment.
4. Cost conscious. Most entrepreneurial rookies don’t climb the ladder of success by exceeding their credit limits; they are thoughtful of and conservative with their expenditures. You can only put your money to good use when you direct the outflow and inflow with a budget aimed at achieving specific objectives. Those who are cost conscious, in good times and bad, will best achieve that.
5. Team oriented. A team player is one that can see the big picture while appreciating all the required tasks and those players responsible for them. He or she can sit back and let others take the lead when necessary while knowing when intervention is required. Team players are also observant and empathetic, being able to recognize and appreciate what may motivate and inspire others on the team.
While you may not currently possess all these traits, it’s possible to start now to acquire them. Thoughtfully consider how you might develop those entrepreneurial characteristics that would help you achieve greater success.
Universal’s Training Programs are All Online!
If you’re looking to launch your own business, we suggest you consider obtaining training designed to help you offer accounting, tax preparation and QuickBooks services. And Universal’s online training make that more convenient than ever, enabling you to enroll today and begin changing your career tomorrow. We offer 5 programs designed to make your business more profitable. To sample our online courses for free, visit Universal today!
Small-business owners must track the daily tasks that eat up their workday, because while there are core-functions to any business, entrepreneurs often become distracted, and sometimes consumed by, necessary tasks that could be done just as easily, and probably more economically, through outsourcing. The question is, how does one determine which functions should remain in-house and which should be outsourced?
