/Tag:running a business

So You Want To Start An Accounting Firm? Here’s What You Need To Know.

If you’re a CPA, making the transition from working for someone else to being your own boss has probably crossed your mind. Self-employment offers an opportunity to have more control over your own schedule, allowing you to better balance your professional endeavors and personal life. It also enables you to manage your firm the way you want to manage it. Indeed, there are some attractive perks to starting your own accounting firm. There are also a lot of things to consider and accomplish in the process.

Think It Through

Before you move forward with launching your own business, make sure self-employment is the right choice for you. It doesn’t suit everyone, and it’s best to discover that before you devote time and money to the cause. Ask yourself:

  • What is motivating you to be a business owner? 

Think carefully about what’s driving your decision. If your motivation comes from the inability to deal with your boss or your coworkers, you might want to reconsider. When you have your own business, you’ll need to find ways to work harmoniously with many different people. Not all of them will be easy to get along with. Realize that starting a business won’t enable you to avoid interpersonal challenges.

  • Are you OK with assuming some risk? 

Starting a business comes with initially forfeiting a steady paycheck and paid vacation time. And with no employer-paid health insurance, you need to seek and pay for that necessity on your own. If your business doesn’t succeed or doesn’t grow as quickly as you anticipate, you might face some financial hardships. Are you willing and able to accept that?

  • Do you have enough capital to get started?

Many new businesses fail in their first few years of operation because they don’t have enough initial capital. Be realistic about your financing. Generally, it’s best to have enough money available to support yourself for at least six months to a year as your business becomes established.

  • Are you self-disciplined and driven? 

One of the biggest changes you’ll experience in going from employee to self-employed is holding yourself accountable for your work. With no boss to give you assignments and check in about their status, you need to keep yourself on track. You’ll need to be self-motivated and organized—your business success will depend on that.

  • Are you prepared to handle all the aspects of running a business? 

As a business owner, you’ll do more than just accounting work for your clients. You’ll wear many hats as you manage your business. Marketing your company, qualifying leads, negotiating contracts, dealing with IT issues…it all falls on you—at least in the beginning stages of your business.

If after that exercise you decide you want to pursue starting your own accounting firm, I expect you’re wondering, “Where do I go from here?”

To legitimately launch your business, here’s an overview of the seven legal steps to get there:

1. Select a business name

Think about whether you want to market your business using your own name (e.g., “Jane Smith, Accountant”) or create a business name (e.g., “Accounting You Can Count On”). As a solopreneur accountant, you might opt to use your own name because you and your brand are one in the same. On the other hand, choosing a business name might help you be perceived as well-established and experienced.

If you go with a business name, make sure it is available to use before you start printing it on business cards and other marketing materials. Check to see if the name is available in the state where you’re planning to operate your business by checking with your state’s secretary of state office. We have a free business name search tool here at CorpNet that can help, as well.

Also check to see if the domain name for your business is available (e.g., accountingyoucancounton.com). Sites like GoDaddy.com will let you instantly find out if there’s a suitable domain, and they will offer suggestions for alternate names if the one you want is already taken.

No one in your state is using the name you want? Excellent! Next, you’ll want to search the U.S. Patent and Trademark Office to see if anyone has a pending request for or has successfully registered a trademark for the name. Don’t skip this step because you’ll land in legal hot water if you infringe on another company’s trademark.

2. Choose a legal structure and register your business.

The business structure you choose will affect your business from both legal and tax standpoints. Solo accountants and small firms often choose to register as an LLC (Limited Liability Company), PLLC (Professional Limited Liability Company), or PC (Professional Corporation). As state constructs, these business entities are subject to different rules in different states. You can find the specific rules for accountants in your state via the CorpNet website or you can call the Secretary of State’s office in your state to get the details you need.

3. Obtain the licenses and permits you’ll need.

Regardless of which state you’re operating your business in, you’ll need some form of licensing to provide public accounting services. You will need to hold a CPA license and your firm may need a public accountancy license. To determine the requirements in your state, check with your State Board of Accountancy.

Besides CPA accreditation you may also need other state and local municipality permits, as well. They might include a general business operation license, a signage permit, and possibly a home occupation permit (if you’re operating your business from home. CorpNet can help you determine the license and permit requirements applicable to you, or you can check with your local government office.

4. Apply for a Tax ID Number

Also called a Federal EIN (Employer Identification Number), this allows the IRS to track your business’s transactions. LLCs and corporations are required to have an EIN and many banks will require that you have one before they’ll allow you to open a business bank account.

5. Open a bank account exclusively for your business.

It’s important to keep your personal and business finances separate—for both legal and tax purposes. In fact, that separation is mandatory for LLCs and corporations. After you’ve registered your business with the state and have your Tax ID number, you will have the information you need to open a business bank account.

6. Get insurance to protect your business.

Even though officially forming an LLC or incorporating your business will help to lower your personal liability related to business debt and lawsuits against associates, it will not protect your personal assets if action is brought against you due to your own actions. That’s why it’s a good idea to consider getting an insurance policy for peace of mind. Talk with a knowledgeable and trustworthy insurance agent who understands the needs of accountants and other businesses in the financial services industry. A reliable agent can guide you to the type of coverage that will best protect you, such as a Business Owner’s Policy (BOP), Professional Liability, Insurance, Data Breach Coverage, or others.

7. Know your business compliance responsibilities.

Registering your business is just the beginning. LLCs and corporations have ongoing requirements to keep their businesses in good standing. For example, most states require LLCs and PLLCs to file an annual report each year and show proof of a valid certification. Corporations have more corporate compliance responsibilities. Besides annual reports, they must conduct annual meetings, prepare meeting minutes, and meet other compliance requirements.

I know it can be tough to keep up with everything that’s required and when it’s due, so I recommend using the CorpNet B.I.Z. (Business Information Zone) compliance tool. It’s a free monitoring tool that can help you stay on top of your state filings and fees due throughout the year.

The steps to starting an accounting business aren’t overly complex. To make sure you launch your business on solid legal ground, you’ll want to make sure you do it right. Consider talking with a legal professional who can guide you and look to CorpNet to ensure your business forms and filings are done accurately and on time.

If you want more detail about launching your accounting business, join me on Thursday, May 4, 2017 at 11 a.m. Pacific Time for CPAacademy.org’s upcoming webinar, “Steps to Start Your Accounting Firm.” Registration is required, so sign up today!

Best Practices For Interviewing Job Candidates

Hiring the right people requires a sure-fire interviewing process. To effectively interview prospective employees, you need more than a little dedicated time and a list of questions; you need an understanding of how you can draw out the information you need about an individual’s knowledge and capabilities. You also need to tune into character nuances that might indicate how well a candidate will work with your team. And, of course, you need to do all of that without breaking any anti-discrimination laws.

Interviewing can be intimidating for not only prospective employees, but also for employers! By following some best practices for interviewing applicants, you can better ensure your interview process does the job well, allowing you to home in on that one individual who will be an exceptional fit for the position.

Get The Job Done Right: 6 Best Practices For Interviewing Job Candidates

  • Prepare.

Whether you alone will interview the job candidate or you decide to have multiple interviewers, everyone involved should prepare in advance.

Interviewers should know what experience, capabilities, and professional characteristics are critical to the job (it helps to rank them in order of most important to least important), so everyone is on the same page when assessing job candidates. Also, each interviewer needs to understand her role in the interview and have questions prepared that will draw out relevant information about the job candidate’s knowledge, skills, and experience. To do this, you all need to be intimately familiar with the job position’s requirements and the information a job candidate provided thus far (job application, resume, phone interview, etc.) that has awarded her an in-person interview.

  • Make It As Less Stressful As Possible.

To get things off to the best start, be on time. Making an on-time candidate wait around for you and other interviewers to finish up phone calls or run for coffee at the last minute will send the wrong impression and add to any nervousness she’s already feeling. Begin the interview on a friendly note with some casual small talk to make the job candidate feel comfortable and at ease. When excessively nervous, even an individual who is fully capable and competent will lose the ability to put her best foot forward in an interview. I would never want to count anyone out simply because of interview jitters. I’ve always found that breaking the ice with some light-hearted, easy-going conversation helps everyone relax and sets the stage for a productive exchange of information.

Also, set aside enough time for the interview so you aren’t rushing through it. If you’re constantly checking the clock, you won’t be concentrating as fully as you should be on the interview. Your applicant will sense that and may not answer questions in adequate detail because she doesn’t want to impose on your time.

  • Comply With The Law 

Federal and state anti-discrimination laws exist to protect applicants from biases of age, sex, race, color, national origin, religion, genetics, or disabilities. Everyone involved in the interviewing and hiring process should understand which job interview questions are acceptable to ask and the job interview questions that are illegal. Use questions that are focused on drawing out information about your interviewee’s skills, knowledge, and experience relevant to the job. That will help you avoid inquiring about personal situations and lifestyle preferences, which could raise suspicions of discrimination if a candidate isn’t hired.

  • Ask Questions That Allow The Job Candidate To Do The Talking.

The best way to learn more about a prospective employee’s capabilities, attitude, and professional style is to let her have the floor. Consider asking open-ended questions that solicit a more detailed answer than just “yes” or “no.” Also consider including questions that ask applicants to share about some past on-the-job experiences and hypothetical situations. These can help shed light on how well a candidate might deal with certain circumstances and challenges on the job.

Some examples of questions that might draw out meaningful responses include:

  • What interests you most about working for our company?
  • What did you like most about your most recent position with your former employer?
  • Describe a time when you had to share unwelcome but necessary news with a customer.
  • Tell us about when your presentation skills helped change someone’s preconceived ideas about something. How did you prepare for the challenge?
  • Suppose you were recently hired as a manager at a local restaurant. Every week, a certain customer comes in for lunch. And every week, that customer asks to talk to you to complain about the wait time, the server, or the food. How would you deal with this customer?

These types of open questions can help you gauge a job candidate’s communication abilities, problem solving skills, and professionalism. They will also help you get a sense for how an applicant may react under certain circumstances and how well she might adapt to your company’s culture.

  • Listen Well And Take Good Notes.

Minimize distractions so your attention doesn’t wander to other things while you’re conducting an interview. As your applicant is answering your questions, be fully present mentally when listening. And take notes. You may think your memory is good, but it’s probably not going to live up to your expectations! You’ll want to capture what you liked and didn’t like about how the job candidate responded to you. After interviewing multiple candidates, you’ll have your notes to refer back to as you assess each individual and decide whom you want to ask back to attend subsequent interviews.

  • Give The Job Candidate An Opportunity To Ask Questions

Remember, the interview process is also to help qualified candidates learn whether a position might be right for them. Be sure to provide ample opportunity for them to ask questions about the job responsibilities, your company’s policies, and the working environment at your company.

Interviewing, when done effectively, will reveal a lot about an applicant’s skills, experience, knowledge, and interpersonal skills. With proper planning and attention to the best practices I’ve shared here, your interviews can help ensure you hire the most suitable person for the job. For further guidance and to make sure you comply with all the legal requirements (thus avoiding a job discrimination lawsuit), consider enlisting the help of a human resources expert and/or attorney.  Doing it right from the start can save you time, headaches, and employee turnover and training costs.

Six Tips To Help Business Leaders Gracefully Handle Adversity In The Office

In an ideal business world, everyone working at a company would always get along famously and harmoniously collaborate day in and day out toward shared objectives they all believe in passionately.

Sounds nice, right? Unfortunately, it’s not very realistic—neither for the entrepreneur starting a business nor the business owner running an existing business for years.

In all companies, leaders face adversity within their ranks at times. Adversity isn’t usually fun, but it doesn’t have to be debilitating either.

How can you manage adversity gracefully so it doesn’t hurt your business?

Below are some ways I’ve found to effectively work through it.

  • Leverage Relationships

By focusing on your shared goals rather than what you’re butting heads about, you can neutralize an at-odds situation and discuss issues openly. Realize you’ll have had to lay the groundwork first by building relationships with your employees. I’ve found having mutual respect is of the utmost importance when talking things out with employees.

  • Give Them A Chance To Vent 

Sometimes people just need to get dissatisfaction off their chests. The mere act of listening without judgment can diffuse irritability. I try to give my team the confidence and capacity to vent (with proper boundaries in place, of course) when something is bothering them. It gives me an opportunity to listen and learn about what’s upsetting them, to acknowledge and validate I understand their feelings, and to collaborate on a resolution.

  • Never Make Assumptions

You know what they say about assuming! It’s true. If you jump to conclusions and try to figure out what your employees are thinking without asking them directly, you will shatter their confidence in you. Only they can accurately express what’s bothering them and why it’s causing them to act they way they are.

  • Show Integrity—ALWAYS!

Even when you find it difficult to reason with someone, you need to keep a cool head and act professionally. It’s never OK to talk behind an employee’s back or otherwise discredit their feelings and concerns. Always take the higher road—and always follow through on what you say you will do when resolving an issue.

  • Do A Post-Mortem

Aim to figure out what series of events or conditions caused the adversity to occur. If it was something within your control, make an effort to avoid that perfect storm again in the future. And if justified, apologize! A simple “I’m sorry” can go a long way toward healing hurt and restoring trust.

  • Don’t Let It Ruin Your Day

Sometimes adversity happens despite your best efforts. As imperfect humans, we will sometimes have misunderstandings, be less patient than we should be, and point fingers at one another. Don’t take incidents of adversity personally. Often, they arise because every person’s frame of reference and degree of adaptability is different. Realize adversity happens in every business—and it’s something we can use to become better leaders. Each time we handle difficult situations, we learn more about our employees and ourselves. The key is to harness that knowledge and use it to more effectively communicate and resolve issues in the future.

Unfortunately the ideal world I described at the start of this article doesn’t exist. But by handling adversity more adeptly, we can get closer to creating it.

Why deal with the adversity and headaches that come with trying to file the paperwork required to form an LLC or incorporate your business? At CorpNet, we’re here to complete your business filings accurately and on time. Contact us today

Should Your Company Use a PEO?

Small business owners may be new to the world of PEOs, or professional employer organizations, but these companies have been around now for several years and changing the face of human resources management.

A PEO provides comprehensive outsourcing for all tasks and functions typically performed by an in-house human resources department. This may include employee job descriptions, benefits, payroll, insurance, and regulatory requirements.

PEOs act as a ‘co-employer’ with your company so that they share contractual obligations with your employees. Management decisions, however, remain with your company. You continue to guide the daily job duties and responsibilities of your employees while the PEO manages their benefits administration and related tasks.

According to the National Association of Professional Employer Organizations (NAPEO), small businesses that work with a PEO grow 70 to 9 percent faster, experience 10 to 14 percent less employee turnover, and are 50 percent less likely to go out of business. Although these sounds like terrific benefits for any small business owner, there are also some drawbacks to working with a PEO. Here, we discuss both the pros and cons of working with a PEO so that as a small business owner, you can make an informed choice before taking the next step and contacting PEOs.

The Benefits of Working with a PEO

There are many benefits of working with a PEO for a small business.

  • Saving Time:  Working with a PEO can save you considerable time. SCORE reports that 25 to 35% of a small business owner’s time is spent handling HR-related tasks, with 7 to 25% of that time alone spent on paperwork.  A business owner’s time is precious and the more time that can be spent on tasks to grow a business and increase revenues, the better. Every minute spent on paperwork decreases the amount of time you can spend growing and running your business.
  • Avoid penalties and fines: Tax laws continue to evolve into complex tangles that can be difficult for the average business owner to unravel. Missing deadlines or paperwork can lead to penalties and fines from the IRS, state or federal agencies. A PEO is skilled at handling all types of HR paperwork and takes the responsibility from your shoulders of managing deadlines, filing periods, and paperwork. It becomes their responsibility so you will not incur fines if problems arise.
  • Improved employee retention: Because the PEO handles questions regarding benefits, there’s always someone available to help your team understand their benefits and work through any questions or problems. Additionally, a PEO can find better employee benefits and draw upon their industry contacts and resources to improve the benefits package you can offer to your employees. This tends to increase job satisfaction and makes your company more appealing to work with, leading to better employee retention rates.

Drawbacks of Working with a PEO

There are also some drawbacks to working with a PEO that you should be aware of before embarking on a co-employment relationship. These drawbacks include:

  • Lack of control: The PEO manages all aspects of the HR department include health insurance coverage and other important benefits. They can, at their discretion, offer new policies or coverage to your employees. Sometimes this works out for the best since they can tap into their resources and can often gain better coverage than you can on your own. But this lack of control can be disturbing to a business owner used to retaining total control over all aspects of his business.
  • Impersonal service: All questions about HR and benefits are now handled by the PEO. Employees must call a hotline or 800-number instead of stopping by the HR department in your company. This may feel distant and unfriendly to some used to the former method of getting help for their questions. It does add a layer to your organization that may not be comfortable working through at first
  • Monetary risk:  Most PEO contracts require that their fees are paid in advance before work begins. If the PEO goes out of business or is sold to another company and you are unhappy about the new company, you may be out of luck and unable to break the contract. Choosing a stable, well-known PEO with a history of successful work helps mitigate this risk.

Is a PEO Right for Your Company?

A PEO arrangement can offer significant benefits to a small business, but they aren’t for everyone. Companies with less than five employees may not be able to find a PEO willing to work with them; the average contract size with a PEO is for five or more employees.  

Working with a PEO will cost your organization anywhere from $500 to $1,500 per employee. You may be able to handle your employee benefits administration and other HR tasks at a more cost-effective rate internally than by working with a PEO.

As the world of HR and benefits grows increasingly complex, small business owners may continue to turn to PEOs for help. But if you’re just looking for help with payroll or taxes, there are self-service options such as payroll software that may be a better option.

If you’d like to start looking for a PEO, consider this comparison of several services that offers insight into costs and features. And you may also want to file the link away for future reference, since as your business grows, so too will the number of employees needing benefits and other HR support. If a PEO isn’t right for you now, we hope you grow so big that you’ll need one someday!

By | March 22nd, 2017|Business Operations, Business Tools, Other|0 Comments

How to Scale Your Business in 2017

There is so much 2017 can offer to your business. We are a couple of months in, and if you are still doing business as you did previous years – you may be missing out on some major growth opportunity!

Businesses are updating their processes faster than ever these days. From adding new ways of automating or discovering new apps that will make their lives easier, it all adds up to having every first quarter of the year different than before.

In order to avoid falling behind and to keep up with customers fast-forward demands, here are some ways your business can catch up with the times and blossom this year.

Go for customer success, rather than customer satisfaction

Whether you have just acquired a new customer, or have an almost year-long partner relationship with a client, bear in mind what is important – your customers’ success.

Their success dictates your success.

Every year thousands of new software apps, startups and services emerge and seek out to improve your client’s success ratio – so you cannot still be left paddling behind.

Your customers are getting technologically more enhanced than ever, which means it is vital for you to keep up.

To be able to follow through with all your customers’ demands, it is crucial you implement a CRM system, such as Infusionsoft. This one will help you also automate many of your sales and marketing processes, so the investment will definitely be worth it.

Build a high-performance team

It will be very hard to find a small business vasting away their valuable HR (and financial!) resources on a team that is falling short. A team that doesn’t pursue its employer’s best interests the best they can.

You need A-players, adventure seekers that will go out of their ways growing your company and building your competitive advantage.

If you’ re worried you can’t afford them, then you may consider remote hiring for your small business. This is your ticket to finding well-educated and business oriented workforce at fair rates from other parts of the world. There are tons of options for remote employees , even hiring in Eastern Europe. Explore your options to find what’s best for you!

Ask for Help

As a business owner, you may think you already know everything. But that’s just not the case! Yes you have built your business from the ground up so you know it best – but when you hit a speed bump, it’s vital you ask for help!

 

To prevent getting too far off track, reach out and find group meetings or mastermind sessions around you. Other business owners may have been in your situation and can be your greatest learning source.

Although we are almost at the end of Q1 in 2017 already, there is no better time than now to start making these changes! Remember that you want to scale your business forward and keeping up with the latest technology and resources will help you reach your goals!

 

By | March 15th, 2017|Business Operations, Running A Small Business|4 Comments

Annual Reports – FAQs

Happy March! This month, we’re discussing Annual Reports and why they are pertinent to your business.

Q: What is an Annual Report?
A: Also known as a Statement of Information, the Annual Report essentially keeps the state up to date with your company’s vital information. For example, you may be asked to submit information about directors and officers, and the registered agent and office address of the company, especially if any of this has changed in the last year. In most states, there’s also a small filing fee associated with the report.

Q: Do I need to file an annual report for an LLC?
A: While an LLC involves significantly less formal administration than a corporation, LLCs are still required to file an Annual Report in most states. Not every state requires an Annual Report – and each state has its own rules on how often and when the report must be paid. The first thing to do is to understand the requirements for your state; you can either contact your secretary of state office or sign up for CorpNet’s free B.I.Z. service. B.I.Z. is free to any small business (whether you incorporated through CorpNet or not) and sends you alerts for any upcoming deadlines.

Q: What are the consequences for failing to file an annual report when required?
A: Missing an Annual Report deadline can result in late penalties and fees, and who wants to pay money unnecessarily? In the worst case scenario, your company can be suspended or dissolved.

Do you need help filing an annual report or have questions regarding the process? Call the CorpNet.com team today for a free business consultation at: 888.449.2638

Partners and W3 – Choose Your Partners Wisely

I’ve written about partnering a lot in my life. I have not felt great about all the partners I’ve chosen. I’ve made some bad choices in personal relationships and in business. But today, I have the greatest partner I’ve ever had. I asked her to marry me last week. She said yes.

Ok, so this post isn’t about me and it’s not about falling in love. It’s about finding great partners. But if you can’t find a great life or love partner, how will you know the right business partner? I have learned so much by my mistakes. I now use my W3 concept. It’s really simple. The partnership must benefit you, your partner and your customers. If all 3, then it has a chance for success. Missing one of the 3, forget it and move on.

Every relationship requires benefits for all involved. In love, you both must feel loved and be truly happy. In business, it’s about money and delivering value. If you and your partner solve each other’s problems and make money, that’s good. But if the customers also see the value, that makes it great.

Don’t get me wrong, liking or even loving your partner isn’t always a bad idea. But it’s not the goal. It’s not what keeps the relationship together. There must be gain on both sides, and for the customers.

Let’s have a look at Costco and American Express. They had a long standing partnership because:

Costco wanted to provide its members with something special;
Costco wanted to ride on the AMEX brand;
Costco wanted a deal with AMEX and more than likely, information too;
AMEX wanted Costco’s customers;
AMEX also wanted information, buying habits;
Members wanted a deal;
Members wanted status;
Members wanted another way to pay beyond debit cards or cash.

So W3 works perfectly here. But why has this relationship ended after 16 years? Well, nothing lasts forever and quite frankly it came down to money, but more specifically it came down to money related to one of the 3 Ws – Costco wanted a better deal. So they found a new partner in Citigroup and VISA. AMEX either made a terrible error in judgment or they didn’t see one or more of the 3 Ws anymore, so they let it go.

I wrote this post for those that are considering partnering with companies like CorpNet. W3 works here, well. CorpNet gets sales without massive marketing spend. Partners get paid commissions, big ones. Customers of the partners now have an easy and awesome way to form their business structures and handle compliance through their trusted advisors. Get it now?

BTW, W stands for win. Look for win, win, win situations in partnering with CorpNet, and you’ll end up ahead of your competition and a little richer and happier. Good luck!

Four Ways Busy Entrepreneurs Can Show Their Loved Ones They Care

Although Valentine’s Day has passed, it doesn’t mean the time has expired for us busy business owners to show our family and friends we love them. Building and nurturing relationships never goes out of season. And now more than ever, with the divide among people getting wider as the political and social climate becomes ever more heated, I believe we all need to step up our efforts to show we care.

But when you’re an entrepreneur bogged down with countless tasks and multiple concerns on your mind, how can you mange all that AND show your people some love?

That’s challenging for all business owners—whether you’re starting a business or have been running one for years.

I’ve found the key is to plan ahead and make a conscious effort every day.

Some ideas for ways you can show your loved ones you care despite your hectic schedule include:

  • Break bread with them. Although it may be tempting to work through lunches and dinners, set time aside to dine with your significant other and/or family and reconnect. You will likely find you’re more productive and mentally alert after breaking away and spending time with them.
  • Listen to their concerns and challenges—even when you’re inundated with your own. They need you! And I always find it’s therapeutic to lend an ear and know you’ve made someone’s day better by just being there to hear what’s weighing them down.
  • Schedule one-on-one time. Whether a romantic rendezvous with your spouse, a shopping trip to the mall with your teen, or an hour at the local café with your best friend, schedule time to communicate one on one. When you’re dealing with daunting deadlines and a never-ending list of to-dos at the office, it may be the only way to ensure you and your loved ones have alone time together.
  • Embrace the power of “it’s the little things that matter.” Whether it’s stopping at the local convenience store on your way home to buy them their favorite ice cream or giving them a big hug “just because,” realize even the smallest gestures of caring can demonstrate your love in a big way. Best of all, this can literally require only seconds or minutes out of your jam-packed day.

The Difference It Makes

When you make the time and effort to give your loved ones the attention they deserve, everyone wins. They will feel needed and cared for, and you will feel better about yourself and less personally stressed because you’re not neglecting the people who matter. I find it also helps me maintain a positive attitude in my work. When your personal life has harmony, your mind has greater peace and can more fully focus on doing what it takes to make your business succeed.

Want more time to show your loved ones you care? Free up more time by using CorpNet.com to prepare and submit your business filings. Contact us today to save you time—and money!

There’s no shame in being just a great entrepreneur or just a great player

I coach kids sports. I started when my oldest son was playing basketball at the YMCA. I didn’t know much about the game as a coach, but luckily I had another dad to help me and we figured it out. It was so new to me and I wanted to do a great job. They were only 6 years old, so we got by. As my son grew, more and more coaching opportunities arose. I always got involved, one way or another. Sometimes my company would sponsor, other times I would help coach. He loved basketball and I never really understood it enough to help him. So I did what I could. He became the top scorer for his club team and eventually a star in high school. I knew I wasn’t the right coach for him, so I let others do the job. It worked.

Later in life, I had another son. This time, it was very different. I coach baseball, soccer and I’m about to start coaching his flag football team. I think I can help him become a great soccer player, as that is my expertise and more importantly, my passion. But he’s a star in hockey, not my expertise, and he loves it more than any other sport. So I coach the sports I know and love, and let the dads that actually know the game handle hockey. Knowing your limitations in life, at least the ones that lead to your happiness, is important.

Coaching is a lot like being a business owner and an entrepreneur. I’ve learned many things at each, but the one thing I remember is a coach is respected most when they put as much into the game as the team. Same holds true in business. When the CEO gives it their all and works closely with their team, supporting them each step of the way, but also being the “boss” when necessary, teams have the best chance of success. Coach Lombardi said, “Leaders are made, they are not born…” and I believe this to be true. So if your desire exists, you can do anything. If your desire exists…

As a player, we learn the game. As an employee, we learn the business. Both grow. One might become coach. The other, the boss. Is it important to have played on the field before becoming a great coach? Can a business owner with no experience become a great CEO? Maybe, but that’s not the company I would want to work for. Remember what happened when Apple brought in the Pepsi guy. Then, when Jobs returned, the company exploded. Passion and on field experience returned.

Mark Zuckerberg and Bill Gates have been in the trenches, on the field and have proven that they are great entrepreneurs and amazing CEOs. Like a player on the field, these guys started at the bottom and worked their way up. Their passion and dedication to doing something transformative, not always about money, was their driving force. Not all entrepreneurs can do this and not all should.

To sum this all up, some of us are entrepreneurs and maybe become a great CEO some day. Some of us are players and perhaps we can become a great coach. Desire, passion and commitment is what leads to these stages. If you are a great player, but have no passion to be a coach, stay off the field after retirement. Same goes for you entrepreneurs and CEOs. In the end, you will win the race you choose to run and more will likely benefit. There’s no shame in being just a great entrepreneur or just a great player.

By | February 16th, 2017|Business Operations, Entrepreneuring, Other|0 Comments