The Common Accounting Pitfalls of Business Owners

Business owners have more responsibilities than the ordinary employee. They’re lucky if they have spare time to relax. With all the things they have to think about and take care of, mistakes are unavoidable. It’s okay to make small mistakes in a business, but you can’t afford to make big ones. Here’s a list of a few accounting mistakes that business owners need to be aware of.

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Book entries

Sales taxes, checking statements, credit card statements, income and expenses—- all these should be put in the books on time. The more current the information, the less risk of making the wrong business decisions.

Accounting technology

Business owners need to learn how to use the latest accounting software out there to save themselves hours of work. Overlooking technology only shows a failure to adapt to changing times, and that is fatal to a business.

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Personal finances

Business owners should always keep personal transactions separate from business dealings. Mixing both could ruin accounting, and worse, catch the eye of the IRS. Vacation receipts, and other luxury expenses charged to the company are usually questioned.

Receipts

Receipts are powerful. They can clarify expenses and be used as justifications for accounting items. They should never be discarded.

Dougherty Marketing was founded by Brian and Jenny Dougherty to help business owners with their own businesses. For more about Dougherty Marketing visit the official website.

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Service: A Prerequisite To Good Leadership And Success

People tend to form glamorous visions of success in their heads. The power suits, corner offices, corporate luxuries, the fame. While it’s not wrong to aspire for such, they shouldn’t form an obsession. Stereotypes of success distract from the actual legwork in getting there.

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Part of that legwork is getting a feel of the ground. The most compelling success stories are truly bottom-up. Think of a startup founder toiling away in his or her garage, building an online platform for a target market with minimal resources at his or her disposal. Or a CEO who started as a sales professional then progressed up the ladder through sheer hard work and loyalty. There are countless examples out there, and people must not be cynical about hard work when they hear stories of nepotism in the office or when they are bogged down by workplace politics.

Success is really just a benchmark for having created or done something for the benefit of others, whether a target market, a community, or simply the general public. Its key component is service, whether in the form of time, knowledge, or resources. And while recognition from others should not be the primary goal, service gets a person in touch with others, hence setting off a culture and base of cooperation and assistance in the achievement of personal goals.

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The character-forming training that is service should not be calculated. Ergo, service must not be used as a way to the top. It should be practiced for what it really is — an opportunity for skills development and socialization.

Dougherty Marketing excels in helping people create other opportunities for success through mentorship and coaching. Get more insights about success through the company’s official website.

How To Build Your Network To Grow The Business

In starting a business, you will soon learn about the value of having a vast network. During the initial stages, you are bound to meet difficult challenges, and you could use all the support you can get from people. Some new entrepreneurs launch a business with only a very small circle of professionals who could give advice or offer help with the launch. While it is not ideal, do not be discouraged. As you begin to grow your business, you should also start expanding your network.

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Some communities have groups or workshops for newbie entrepreneurs. These social gatherings are great opportunities for networking. In attending these meetings, try not to sell yourself or your business hard. Instead, show a genuine interest in people. In fact, the better way to network is to offer how you can help others. By developing genuine relationships, others would naturally want to contribute to your success in the way they can.

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Take advantage of social media not only to promote your business but also to get to know people. Facebook has several groups for like-minded individuals and these often provide a space for people to ask questions and to seek advice, working just like a forum.

Dougherty Marketing offers mentorship and training to those looking to improve their entrepreneurial and leadership skills. To know more, visit this website.

What Makes a Great Business Leader?

The greatest business leaders are made, not born. Their triumph is a product of years of sweat, blood, hard work—and of course—some traits that made them who they are today. Below are certain characteristics that great business leaders possess that earned them success.

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Courage

Successful business leaders are not cowards. They take calculated risks, and they know the repercussions of their actions. Leaders need the courage to face competition, challenges, and failures. They do not stop after one failed attempt—they use their failure as motivation to improve their craft. Without courage, one can never lead a business.

Strong will

Great leaders stand by their beliefs and are not easily swayed by negative comments and adversaries. Take Walt Disney for example. Others told him he lacked imagination and his ideas weren’t that great. But he did not let these comments stop him from doing what he did best. After a few years of hard work, he became a household name for his animations, which landed him 22 Academy Awards and cemented his legacy.

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Creativity

It’s hard to resist competition, but innovation will make one distinct from the other. Effective leaders understand the need for something new and they make it work.

Team oriented

A good leader encourages teamwork. While they may be great on their own, they have an eye for great talent. They bring wise, talented, and trainable people on board who can help them make the best out of their business. They do not get all the credit for every success. They know how to delegate tasks, and they acknowledge the hard work their team members put into the success of their brand. They may have started the vision, but their team members help in the execution of that vision.

Dougherty Marketing has been helping individuals achieve business success through mentorship and training services since 2001. Learn more about the company’s programs by visiting their website.

Understanding The Risks Involved In Starting a Business

Starting a business can be a rewarding journey with the startup economy experiencing an abundance of opportunity, innovation, and potential. However, it is not without challenges, as risks come along with creating, growing, and seeing a business succeed. It is, therefore, essential to have the right game plan to overcome obstacles – and this includes understanding the risks involved.

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Market risk

Any product or service offering is dependent on the market. Competition, oversaturation, economic uncertainties, customer preference – these are just some of the risks that are inevitable and uncontrollable for most businesses. Creating an extensive market analysis, forecast, and plan can help manage or even avoid risks altogether.

Financial risk

Managing company finances requires the correct knowledge, skills, and experiences. And the ability to sustain the financial standing of the business can make or break its success.

Various financial risks accompany startups, such as insufficient capital, miscalculation of startup and operation funds needed, the wrong projection of cash flows, and unforeseen calamities.

Management risk

Human capital remains to be one of the riskiest resources a business manages. This is more evident in businesses that are in their initial stages. Hiring the wrong or misfit people and mismanaging employees can hurt business functions as well as the company’s overall performance.

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Dougherty Marketing offers mentorship and training services to those who aspire to level up their entrepreneurial and leadership skills. Through these program, the company’s clients develop and grow the successful business they are striving for. For more information, visit this website.

Ambiverts: The New Breed Of Leaders

Image source: Huffingtonpost.com
Image source: Huffingtonpost.com

The world of business and marketing welcomes all personality types. Whether a person is outgoing, shy, or somewhat in the middle, it’s his or her business ideas that will determine profit.

Celebrated psychoanalyst Carl Jung introduced the idea that no individual is a pure introvert or a pure extrovert. Coincidently, recent studies on personality show that most people are ambiverts. To the unfamiliar, ambiverts are people who are uniquely equipped to move comfortably in buzzing social gatherings and in situations where calm is called for.

This personality can explore many opportunities in the business world. In most cases, introverts are branded as the type who does well with logistics and analysis while extroverts make good salesmen and communicators. An ambivert could be someone who is intuitive and yet assertive. As they are good with strategizing, some of them also prove to be charismatic salesmen.

Image source: Urbanpro.com
Image source: Urbanpro.com

The business world is not just about products and services. It is also about building networks and creating opportunities. Those who aspire to make their mark must learn that balance is key. Getting to know the different aspects of the business world will make a person efficient and discerning, which will lead them sooner to success.

Since 2001, Brian and Jenny Dougherty have been helping clients become the best in their respective careers through the training services offered by their company, Dougherty Marketing, in North Carolina. To know more business insights, visit the company’s official website.

The Major Pitfalls Of First-Time Business Ownership

For businesses to succeed, owners need to be on their game. They need to know (and do) several things at once. They need to get the job done and done right. Business owners also need to avoid making mistakes that could potentially cost them their businesses, or a whole lot of money. Here are a few major pitfalls that first-time entrepreneurs should avoid:

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  • It takes time for most businesses to take off. Many businesses fail within the first six months because their capital only allows them to survive in deficit for four. Ideally, business capital should take care of operational expenses for a year, or at the very least six months. This is a safety net that business owners should have.
  • Some business owners become overconfident that they ignore the competition. This is a huge mistake, since all the competition needs to do is offer a similar product or service and slash their prices. That alone could prove devastating to smaller businesses.
  • Some businesses fail because the owners put all (or a majority) of their eggs in one basket. Business owners should always have a back-up plan for when their biggest clients decide to terminate their contracts.
  • For businesses with more than one owner, if partners aren’t flexible enough to meet halfway especially on issues that could potentially affect the future of the entire company, that could mean the end. When the decision-makers of the company are at odds with one another, time, effort, and money could be lost. And before anyone knows it, the company could be going under.

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Dougherty Marketing is a company that has helped hundreds of groups and individuals start their business and achieve success through leadership skills training. Find out more about Dougherty Marketing by visiting its official website.