The importance of branding should not be overlooked, and circulating your brand has tons of advantages that can lead to clear advantages in a crowded marketplace. Without a doubt, boosting your brand can lead to greater popularity and massive sales revenue. Consider some of the ways that small businesses can showcase a superior brand and rise to the next level. (more…)Read more »
Long gone are the days when people looked forward to being employed forever. As the years pass by, more and more people are starting becoming entrepreneurs everywhere you look at. The entrepreneurship course has even been integrated in education curriculum around the world. Starting a small business is however not as easy as it sounds. There are some common tips and characteristics that one must possess so as to run successful small businesses.
1. Prepare to make sacrifices and be consistent
Many people have the notion that working for someone else requires more commitment and time compared to your own business. This makes them think that opting for an own business is the perfect way to run away from the tedious 9-5 hours. However, once you start your own business and it picks up the work has already begun and you’ll be required to make some serious sacrifices that you might have not anticipated. The business will take all your time, resources, sweat and many other sacrifices before it picks. This means less time with friends, family and colleagues. Once you start reaping fruits you have to be consistent which is a key ingredient to the success of your business. You must do all that is required to remain successful everyday and these long-term positive habits will ensure the success and longevity of your business.
2. Analyzing Competition
In most cases you will not be the only one in the line of business that you decide to venture into. You will face stiff competition from the major players who have been there before and built a reputable brand. To be as successful as them, study and analyze from the competitors and learn from their past mistakes and strengths. Capitalize on this and create more opportunities to make more money.
3. Be organized and keep detailed records
A successful business must be organized. Organization helps one to complete tasks and always stay on top of the goals set. A to-do-list is very important. Another thing is keeping detailed records so that you can be on top of things such as where the business is standing as well as the possible challenges and wins. This will help you to strategize before challenges strike. To learn more, the Thinking Capital website may be able to provide additional insights.
4. Understanding Risks and Rewards
The main tool of a successful business is to take calculated risks. This will allow you to generate amazing skills and rewards when you’re well aware of the involved risks chances are you’ll avoid them. However, sometimes risks face a business unawares and it fails miserably. Picking yourself up and dusting is the way to go. Always keep on keeping on and never stay down even in the face of challenges. Challenges will always pass and you will always rise eventually.
5. Creativity and offering great services
To stay ahead of the competition being creative and offering great customer service is the secret. This is because this will increase your customers loyalty and they’ll even refer more clients to your business. Creativity means that you’re always looking for new and better ways to improve your products and services so as to propel the business.Read more »
Edison Wen CPA’s are internationally recognised professionals who work in all areas of personal and business finance, including audit, taxation, financial and general management. The CA, or chartered accountant, designation means that the individual is certified and qualified to file a business’s tax return, audit financial statements and business practices, and offer advisory services to clients. Around the world, CAS may fall under different titles. For instance, in the United States, a CA is generally known as a Certified Professional Accountant (CPA).
While accounting firms may offer a number of basic accounting functions such as tax services, only a chartered accountant is licensed and held to the stringent standards to allow them to perform more advanced functions. CAs may specialize in audit and assurance, financial accounting and reporting, management accounting and applied finance, or taxation. Depending on their area of focus, CAs may handle one aspect of a company’s business or all of the company’s financial needs.
Most businesses already contract with an accounting firm to provide at least tax preparation services. Knowledgeable professionals are able to save money and mitigate risk by using their vast tax expertise to prepare the documents. However, CAs can provide many invaluable financial services to businesses of all sizes that go well beyond simple tax preparation.
For example, a CA may offer unique expertise and advisory services in financial planning, auditing for stakeholder or board interests, and providing financial path charts. They may give investment advice including portfolio diversification ideas or advise on the profitability expectations of new or proposed product lines.
Choosing a Chartered Accountant
Your accounting professional should meet or exceed all of the rigorous qualification and licensing requirements of your country, region, and industry. At a minimum, the CA should prominently advertise and be able to produce an active license and proof of credentials such as degree and examination results. Further, your choice should closely align in experience and specialization with your business needs.
Other important factors to consider are such items as communication and trust. Ideally, your relationship with your CA will be long-term and productive. If you prefer casual communication on a constant basis, a freelance chartered accountant may be best. If a formal business communication style better suits you, established accounting firms may suit your needs. Consulting with other trusted business partners such as bankers and legal advisors may be useful for recommendations for hiring a CA.
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