There was a time when applicants to our program had to complete an Entrepreneurial Assessment tool so they would “self-evaluate” their preparedness.
The tool was actually pretty good. It posed about 250 questions that surprised most people who completed the assessment.
In a few cases, people completing the assessment decided NOT to pursue self employment and went on to find a job. Perhaps that wasn’t such a bad thing.
In the end, this assessment only weeded out 5% of the applicants. Approximately 35% of the remainder would start our program but never realized their goal of being self employed.
This article deals with that 35%.
After working with small businesses for over 30 years, I’ve seen quite the transformation in the types of businesses out there. For the most part, technology has driven much of this change.
I mean, 30 years ago in the late ‘80s, the internet as we know it didn’t exist.
Cell phones were a rarity. They were HUGE boxy things...
When I think about cash register tips, I'm reminded of an employee theft I once witnessed. On that day, not that long ago, I was purchasing a $3.00 package of paper towels in a convenience store that was owned by a client.
It was late in the day, about 5 minutes before closing. As I was standing in the lineup waiting for my turn to pay, I observed the cashier, “Marcie” (not her real name) interacting with her customers.
I noticed that she was mentally calculating their change instead of having the cash register do it for her.
That seemed to impress a lot of customers, but not me!
As I approached the counter when it was my turn to pay, I noticed that “Marcie” had not closed the cash drawer from the previous transaction.
I watched as she took my 5 dollar bill, mentally calculated 45 cents in tax, and gave me $1.55 in change. The numbers added up, but her behavior did not.
She was stealing money right in front of...
There’s more to a business name than just the words!
Join us as we discuss the top 11 mistakes Entrepreneurs make when naming their business. Learn about business name registration and how to “own” your business name through Trademark.
You can also download our guide, “Business Naming Best-Practices.”
First of all, when the invoice or receipt has been journalized, we suggest you draw a line through the invoice or receipt to signify that it has been “entered.” That way you can avoid duplicate entries.
Once the invoice or receipt has been entered, it should be filed according to the company’s filing system, and believe me, there are MANY variations! We highly suggest using either of following two most basic and simple systems:
For a business with less than 10 financial transactions per month, we recommend filing all source documents by month. If you need to locate the telephone bill for the month of December, you will find it in the “December” file folder.
For a business with more than 10 financial transactions per month, we recommend filing all source document by category. If you need to locate the telephone bill for the month of December, you will find it in the “Telephone Expense” file folder.
For the purposes of the case study however,...
"Hot Business Ideas For 2018”
“Business Ideas That Guarantee Success”
“The Top 25 Business Ideas Of All Time”
“50 Business Ideas That Have Generated Millions”
“7-Figure Business Ideas”
We’ve all seen these headlines, or ones like them. Juicy, enticing headlines designed to pull you in.
They all essentially offer the same promise, which is to help you find THE perfect business idea by showcasing ones that have worked wonders for others.
The problem with this approach is that what works for one Entrepreneur is unlikely to work for the masses.
In fact, the elements that must line up to make a successful business are staggering! Mindset, education, experience, stamina, finances, market, potential customers, attitude, competition, economy . . . the list is endless!
I once worked with a client who told me that he started his business during the recession of the early ’80's. That was a *bad* time! Record HIGH...
Want to learn bookkeeping easy?
Check out these 5 Pro tips that are guaranteed to get you there quickly and painlessly.
Accounting and Bookkeeping are big subjects with lots of material. It doesn’t have to take years to master however.
For the rookie who has finally decided to take a formal course, we’ve assembled some savory advice to help keep things in perspective.
Bookkeeping is the language of business. As with learning any new language muscle memory is very important. Take some time to review and study the key definitions – specifically, the 5 accounting classifications. It’s not that hard . . . there are only 5 of them!
By reviewing the definitions regularly and keeping them top-of-mind when working through the subject, you’ll soon understand them, usually within a few days.
In our course, FastTrack Bookkeeping, we include a desktop reference card bearing...
It's one thing for staff in a retail store to pocket merchandise, but another thing entirely when trusted office workers rip you off. Office theft is an unfortunate reality.
Several years ago I was hired by a local non-profit organization to convert their manual paper-based accounting system to a computerized platform. Their bookkeeping systems were antiquated and lacked internal controls which was criticized in a recent audit. They needed to make big changes in how they managed their books.
After I met with each staff member to learn about their job functions related to record-keeping, I could see exactly where the lack of internal controls lay.
help prevent office theft"
Internal controls in any organization, are measures put in place to prevent problems before they occur. In this respect, we say they are “preventative.” For instance, numbering all sales invoices ensures that the sales are properly accounted for.
When I think of the Balance Sheet, I'm reminded of a meeting I had with a client in 2003. He operated a monument business (you know . . . tombstones, memorials, markers). His name was Terry and he had been in business for a little over 1 year (15 months to be exact).
On average, Terry was working 60 hours per week, but he had no idea if he was making money or losing his shirt. He was considering closing his business and getting a job. He called me up to get my advice.
I agreed to meet only if his books were up-to-date and he was able to present his financial statements. This was no problem for Terry because from day one, he had been purchasing the services of a local bookkeeper to keep his books in order. He HAD been listening in my classes!! :)
When we met, I spent about an hour reviewing his operation, trying to understand all the variables of his business. Afterwards I delved into his numbers.
When he presented his monthly financial statements, I noticed right away that the...
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