Working on your business vs working in your business

In Australia over 97% businesses are small to medium businesses. Roughly half go out of business in the first five years!

There is little reason to expect the world wide trends to be any different.

Its easy to start a business. All it takes is an idea, something to annoy you in your existing job, a market downturn, a moment of entrepreneurial valour, a touch of envy when you see someone making a killing at something.

Why dont most businesses make it?

One reason is that business owners lose sight of the importance of working ON your business and not in it.

Working on your business, means just that, spending time working on developing your staff, systems, business plan, budget, products, doing your own accounts, sorting out legal issues, vision casting, developing a marketing plan, and so on. It is strengthening the foundation upon which your business will sit.

Working in your business means doing work for your clients that generates income. It means attending to short term and urgent matters.

Its easy to talk about working on your business rather than in it. A lot easier than actually doing it!

Imagine you start a business as a lawyer, and you have experience. Since you know what you are doing, you can service clients and provide excellent services without much thought. Now imagine you are so busy you need to hire your first employee – a junior since that’s all you can afford. How do you ensure that the work they provide to your clients is up to your standard? What systems and procedures for work have you implemented? What about review procedures? It is at this point that many business owners, have an entrepreneurial seizure. They decide that every employee is an idiot, that they are the only person who knows how to do anything, and many decide to get small again, to have no more staff than required, and to do it all themselves.

That my friends, is what you call a job, and is very different from what I would call a business. After all, the risk of starting your own business is that you might find yourself working for an even bigger idiot than the one you thought you were working for before! and this time your stuck together!

When starting a business you should be honest with yourself about whether you are starting a business or simply starting a job where you are self employed but have no intention of building an organisation that will service customers and generate income primarily through employees and a system of doing business that you oversee.

The fact is that the fruits of business for people who have a self employed job are small. You will most likely find someone out there who also wants to buy a job if you want to sell, but the second you stop working you stop earning, and rather than increasing your freedom, you will probably end up increasing your working hours.

The …

How To Be A Business Success

Through observing business people who have been successful, and how they achieved their success, I have concluded that there are a number of factors that must be present for business success to occur. As I like to keep things simple, these success factors can be condensed into a formula. It is:

Success = Startup Business Person + Product/Service + Market

Let us look at this formula in a little more detail. Firstly, what is success? The definition of success depends on what you want to get out of the venture, that is, what your goals are. Business success usually means creating a viable entity (business) that returns its investment and earns a profit.

Appropriate and realistic goals include to be challenged, to achieve, and to build something good. For example, your definition of success could be to earn $100,000 a year from your home business so that you can replace your full time job income.

The most crucial element of the above formula is the “Startup Business Person”. This element decides all the others.

Ultimately, a successful startup business person is someone who opens, manages and runs a successful startup business and can repeat the process. This is someone who has accepted the responsibility and learned how the job is done.

Successful startup business people usually always start small and grow the business. They do not have too many irons in the fire at once so that their efforts are not diffused. They give it everything they have and believe that hard work counts. They try repeatedly until they achieve the success they are looking for. Moreover, most of all, they possess a positive mental attitude.

They have learned to emulate success. Do you know what emulate means? To emulate means to attempt to equal or surpass. In other words, if you were to attempt to emulate someone else’s success, you would imitate them and as you gained further knowledge and skill, you would attempt to do better than them. Remember that emulation takes things one step further than imitate.

The next part of the formula is “Product/Service”. Without something to sell, there can be no business. Generally, the product or service needs to be of a high quality. It also needs to be something that people are prepared to pay for.

The last component of the formula is “Market”. A successful business person knows who their market is and how to reach it in the most cost effective manner. The market is defined as the people who want and are prepared to pay for the product or service.

I would now like to run through with you what I consider are the basic principles of home, small or online business success.

Believe in Your Product or Service

First, you need to believe in your product or service. If you do not believe in it, you will have a great deal of difficulty selling your product or service to other people. You also need to have confidence in your ability …

For Corporate Tax Planning, Los Angeles Businesses Turn To A Professional Long Beach Cpa

In the early spring is when many California businesses start to look for a corporate tax planner.  Los Angeles companies will want to find an expert Long Beach CPA who is knowledgeable about all of the local, state and federal tax laws, and who is up-to-date with recent legislation concerning corporate taxes, in order to be able to take advantage of every applicable tax credit to which your corporation may be entitled this tax season.

Corporate Tax Planning—Los Angeles Enterprise Zones  

A Long Beach CPA can advise you about your location in an enterprise zone and how this can affect your corporate tax planning.  Los Angeles is home to some of the state’s forty-two enterprise zones, and if your company resides in one of these zones, it can have an impact on corporation tax planning.  Los Angeles enterprise zones have been developed in order to bring businesses to areas that are economically challenged, and thus to bring jobs to people living in these areas.  If your company hires employees who live in the enterprise zone and who qualify as one of several different people groups including qualifying disabled veterans and those on public assistance, then your company will earn a hiring tax credit, which will have a definite impact on your corporation tax planning.  Los Angeles businesses may earn up to $13,000 per employee annually who qualify  for this incentive, and a Long Beach CPA who is knowledgeable about these credits can advise you.

Corporation Tax Planning—Los Angeles Energy Tax Credits And Your Company

With the help of a top corporate tax planner, Los Angeles companies can take full advantage of energy tax credits that are available in the state of California.  If your corporation has made an investment in renewable energy technology, which could include the addition of wind generators, photovoltaic systems, solar water heaters or geothermal heat pumps, these would be eligible for energy tax credits, which will have a definite impact on your corporation tax planning.  Los Angeles businesses can also reap tax credits when their business vehicles are hybrids, running on electric and gasoline engines and using renewable fuel sources such as ethanol.  If you are located in an enterprise zone, your business may also be eligible for a sales and use credit of up to ten percent of the cost of water and air pollution equipment or manufacturing and processing equipment that is installed at your company, which you will want to add to your corporate tax planning.  Los Angeles corporations can save a great deal of money in these ways, while doing their part to preserve the environment.

For a great corporate tax planner, Los Angeles companies will want to turn to a Long Beach CPA with experience dealing with these types of tax credits, in order to receive the most help with your taxes this year.…

Southern California Small Businesses Thriving

The economy is tanking and everyone is worried about whether they’ll be able to continue to make ends meet. Houses are being foreclosed upon and every day it seems like the country reaches a “record low” in stock points or “record high” in job losses. But small business owners in Southern California are not scared of the crazy economy or downturn in spending. The Examiner.Com website had an article today on how small business owners in Los Angeles are staying afloat.

To be fair, some of these businesses are having to resort to laying off employees or cutting in business spending. Unfortunately sometimes there just isn’t any other way in which to keep the doors open and clients happy. Many small business owners find that if they reduce the number of hours employees are required to work that they can cut enough spending to stay open. Other small business owners cut back in other ways in order to save jobs.

As the economy starts to spiral many of the small business owners in Los Angeles are looking at expanding their services or trying new things. Thinking outside of their bubbles, many say, is one of the best way to keep their profits up and providing a new service helps them compete with other businesses and markets. Clients like that they are able to get more services for the same amount of money and business owners love that they are building brand loyalty.

In addition to expanding their services many Los Angeles business owners have found that cutting back on their expenses is another way to stay open and not have to lose any employees. These Los Angeles business owners have discovered that making their offices more energy efficient not only saves them money on their utility bills, it helps them out at tax time as well! Cutting back on office expenses is another way that business owners are saving money. Online faxing saves on toner and phone bills. E-mail cuts down on the need for memos and having a central computerized network eliminates the need for photocopies and printouts. Business owners insist that all it takes is a little creativity to find phenomenal savings opportunities.

Networking has never been more important insist Los Angeles business owners. Networking can help build a client base and strengthen your business relationships. Clients appreciate it when you can refer them to someone trustworthy and a business that receives referrals from you is more likely to refer their clients to you in the future.

The point is that there are plenty of ways to keep a small business alive in Los Angeles without having to resort to laying people off or closing up shop. The recession and crazy economy do not have to spell disaster. In fact, for many Los Angeles business owners, these dire circumstances simply inspire them to think outside their collective boxes and push the envelope of regular business practices.

For more information on California businesses, visit and

How to write a business plan for startup business:

Once you are ready to open a business, the very first thing you need is a business plan. A good and professionally written business plan helps entrepreneur to make their wild dream successful. A startup business plan, act as a blue print for the future of a new business. A business plan is written for two purposes, it helps the entrepreneur to set the direction for their business and second, it is used to convince potential investors and lenders for attaining loan.

Key elements of a business plan:

  • Executive summary
  • Company description
  • Products and services
  • Industry overview
  • Marketing plan
  • Operational plan
  • Financial projection

Executive summary:

An executive summary is the first and the most important section of a business plan. It is one or two page overview written after completing a business plan. This section is used to capture the interest and support of the reader. From the executive summary a reader decides, whether, to read the remainder of the plan or not.

Company description:

It is a snapshot of a business, which contains the:

  • Mission statement
  • Vision statement
  • Company goals and objectives
  • Company strengths and core competencies
  • Legal form of ownership

Products and services:

What products and services you are offering and how it will benefit your customers. How unique your product is and their pricing? You can refined and redefined your product and service at different stages of planning process. Your business is totally depends on the products and services that you’re offering to the market. Describe all the features you think makes your product distinct from your competitors.

Industry overview:

The analysis of the industry in, which you are going to open your business, comes under industry overview section of your startup business plan. It demonstrates the industrial statistics and trends of the industry, which helps you to determine your longevity in the market and strategic information that help you to be competitive.

Marketing plan:

No matter, how good your product or service is, without effective marketing, you cannot take your business towards success. Marketing analysis requires well-thought and systemic research. Marketing analysis is important because it helps you to determine the people who want to buy your product, the competitors of your business, the growth of your market and making critical marketing mix decisions.

Operational plan:

Explains how you will set up the business, who will manage it, location, and surrounding environment.

Financial projection:

Financial projection shows the financial picture of a business. This is the most important section of a startup business plan, which tells the investors and lenders that, whether, you are capable of running a business or not.…

Los Angeles, Ca – Food and Drink

Los Angeles’ noted Brown Derby restaurant played host to many stars during Hollywood’s ‘Golden Age.’ The eatery was an example of novelty architecture, as it was built to look like a brown derby hat. The Brown Derby was the first restaurant to serve chiffon cake, a recipe invented by an insurance salesman and later given wide distribution by Betty Crocker.

It is said that the greatest food legacy of the Brown Derby is Cobb Salad. The dish was invented by and named after Bob Cobb, one of the restaurant’s owners. Bob’s wife asserts that he raided the refrigerator late one night and just chopped up some leftovers for a meal. Later that night, some of his Hollywood friends visited the restaurant and joined Bob in partaking of his concoction. When they began to ask for it on later visits, the rest was history.

The Brown Derby was named after a restaurant of the same name located in Malverne, New York that was a trendy vaudeville hangout. The first Brown Derby in Los Angeles, also called the Little Hat, opened its doors in February 1926, directly across from the Ambassador Hotel. It was often the site of after-parties following shindigs at the Coconut Grove nightclub. This was the only Derby that was actually constructed like a hat.

A second LA Brown Derby restaurant was opened on Vine Street, near the famous Hollywood and Vine intersection, on Valentine’s Day in 1929. Other Derbies were then constructed in Beverly Hills and in East Hollywood. The latter had a car cafe that followed the then-new drive-in trend.

The Brown Derby in Hollywood closed down in 1985. The building shell was restored and placed atop a strip mall on Wilshire. It is now colored orange and known as the Cafe SheeRi.

In June 2004, the Derby and adjacent lots were purchased by a realty company and the plan was to demolish it to clear space for a condominium complex. A group of interested parties, called ‘Save The Derby’ sought to prevent the shell from being demolished by getting it designated as an official historical landmark. Due to their efforts, in May 2006 the LA City Council voted unanimously to recognize the entire edifice as an official Historic Cultural Monument of the City of Los Angeles.

In an ‘I Love Lucy’ show episode Lucy, Ethel and Fred take in lunch at the Brown Derby. During the show, Lucy inadvertently causes a server to dump a plate of food on famed actor William Holden. Presently, there is a replica of the Hollywood Brown Derby at the Disney-MGM Studios in Florida’s Walt Disney World Resort.…

The Purpose of Business Valuations

If you are the owner of a business and you think it’s about time you retired or simply if you want to sell your business for personal or professional reasons, you are definitely going to need a business valuation and a good accountant. Selling a business, be it a small or a large one, is a big step and it should be done with the assistance of professionals.

For those of you who are not familiar with the terms, Business valuations represent the process by means of which we determine how much a business is worth. Usually, valuation is used to estimate the selling price of the business and to resolve business or legal disputes. Although this sounds quite simple, if you want concise, clear and fair Business valuations we suggest resorting to experts in this field since they know their business.

The most frequent issue when it comes to Business valuations is setting a value on all the assets of the business, including the intangibles such as good will, the trade mark, the client list, etc. For a fair and exact valuation of your business you will need to resort to the services of an appraiser, but be careful because there are several types of appraisers and you must choose the one you need.

A professional business appraiser will tell you that there are several types of Business valuations methods and that these methods will help you determine a fair price of the business that is to be sold. If you are selling your business we don’t recommend doing the valuation by yourself since you won’t be able to give a fair price and to make an honest estimation. The business valuator will determine the value of your business by means of the asset-based approach, earning value approach and market value approach.

The first approach that was mentioned above helps the business valuator to determine the net cash the owner would receive if all his assets were sold and his liabilities paid. By means of the earning value approach, the appraiser determines an expected level of cash flow for the company, basing his estimation on the company’s record of earnings. Finally, the market value approach establishes the value of your business by comparing your business with other similar ones that have already been sold.

Another aspect that should be dealt with the proper importance when selling your business is Accounting. If you have decided to sell your business, you need to know that your Accounting will be verified by the possible buyers and that it is in your best interest to offer them accurate reports. If you are having a hard time keeping track of your expenses and gains, it is better to hire an accountant. Thus, he will be the one doing the Accounting and making sure that everything is in order.

It is essential to budget your business in order to attain your goals. An efficient Accounting record will help you plan, control and evaluate your business. …

About The Hollywood Film Industry

The Hollywood film industry is an amalgamation of technological and commercial institutions of filmmaking. It generally consists of film production companies, film studios, cinematography, film production, screenwriting, pre-production, post production, film festivals, actors, directors, and film personnel.

Today the Hollywood film industry is positioned across the world. In this 21st century, the major business centers of filmmaking are concentrated in United States, India and China. Hollywood is a district in Los Angeles, California that is situated in west- northwest of Downtown Los Angeles. Due to its fame and cultural individuality of movie studios and movie stars, the word Hollywood is often used as a connotation for the cinema of United States which is popularly known as the Hollywood film Industry.

The history of the Hollywood Film Industry probably started in the hands of D.W. Griffith when the Biograph Company sent him and his crew. They started filming on a vacant lot in downtown Los Angeles in early 1910. Soon the company decided to explore new territories to find that the region was quite friendly and enjoyable for shooting.

Therefore, Griffith filmed the first ever movie shot in Hollywood. The title of the film was “In Old California”. The movie company then stayed there for months to shoot several of their films and returned to New York.

Starting in 1913, this wonderful place came into the limelight when moviemakers started heading to the west. The first feature film made in Hollywood was called ‘The Squaw Man” This resulted in the birth of Hollywood Film Industry.

Nestor Studio, founded in 1911 was the first movie studio in Hollywood. Fifteen other small studios also settled in Hollywood. Gradually, Hollywood came to be so powerfully associated with the film industry that this term began to be used as a synonym for the entire industry.

During the time period of the first World War, Hollywood become the movie capital of the world. Previously mentioned, Nester studio became the Hollywood Digital Laboratory. By the year 1950, music recording studios and offices began moving to Hollywood, though much of the movie industry remained there.

The world famous Hollywood Walk of Fame was constructed in the year 1958 and the first star was placed in 1960. The Walk of Fame was placed as a tribute to the artists working in the entertainment industry. It is embedded with more than 2,000 five pointed stars featuring the names of celebrities, as well as fictional characters.

Self-financing Hollywood Historic Trust maintains this Walk of Fame. The first star to receive this honor was Joanne Woodward. The artist received a star based on career and lifetime achievements in motion pictures, live theatres, radio, television, and music.

The famous Hollywood symbol, originally read Hollywoodland, was constructed in the year 1923 as an advertisement of a new housing development. The sign was left to worsen until in 1949 the Hollywood Chamber of Commerce repaired and removed the last four letters.

The sign located at Mount Lee, is now a registered trademark hence cannot be …

Decision Making In Business

Decision Making

Decisions are a part of our every day life, and it is no different in the business sector.

“A decision is the choice between alternatives that individuals must make to get from where they are, to where they want to be.”

Business’ have to make decisions on the following:
What to produce?
What method of production?
What price to charge customers?
What suppliers to use?
Where to locate?
How many people to employ?
What wages to pay staff?
What method of advertising?

Although all decisions are important, some decisions are more vital than others, as they can effect the survival of the business.
Other decisions will be of a more routine nature.
Eg – Do we take over a competitor?
Do we need to order more stationary?

3 Man Types of Decisions:

-Strategic Decisions-
Long-term decisions that effect the profitability and survival of a business.
Closely related to the aims of the business.
These decisions involve the most risk.
Strategic decisions are made by the top people in an organisation; CEs, Boards of Directors and Senior Managers.
Decisions that form the business’ long-term strategy, 10-15 years.
Example; Increase market share by 12% over the next 5 years.

-Tactical Decisions-
Short to medium decisions that are based upon the strategic decisions of the business.
Closely related to the objectives of the business (how will the strategic aims be met)
Tactical decisions are constantly reviewed and updated.
Example; Setting sales targets for the next 12 months.

-Operational Decisions-
Routine day to day decisions made by a business.
Helps organizations to achieve their objectives.
Involve solving short-term practical problems.
Sales managers assigning jobs to sale staff.…