How much is my time worth?

Photo motorbikesA few years ago, one of my first business coaching sessions was with an entrepreneur who had spent a year and a half in development. He’d given up a well-paid job and spent about $25,000 on developing an App. He had no real business plan. When I pointed out that he had notionally invested about a quarter of million dollars on the App, he drew a deep breath of entrepreneurial fatigue, and said disheartenly, “Well, I suppose so.”

This back of the envelope calculation was done as follows: see calculations and read more here.

A CEO start-up guide to personal taxes

Communities

People depend on the CEO to get things right. A failure to manage your personal taxes may see you damage your reputation, send your startup belly up and let down all those people looking at you as an inspirational start-up CEO.

A chance to be the Chief Executive Officer (CEO) of a startup company can be one of the most exciting, challenging, inspiring, risky and adrenalin-filled periods of your life. Particularly for young innovators and entrepreneurs, the dynamic and fast paced environment can leave little time to reflect on your own tax position or obligations to any new employees.

A lot of great startups come undone by neglecting the mundane — but essential — regulatory or compliance functions. So while I would love to write an inspiring story of innovation and success, Why? Because you are the CEO and it is your job to get it right.

Read my full blog here.

Will your business expenses trigger a personal audit?

phone deer horns

Are you worried your business tax deductions will make you stand out? New techniques and ever evolving technology, may make you more obvious than you think. Photo © Andrew McIntosh CPA

Some of us went crazy with the Game of Thrones grand finale, with the show becoming the most pirated program in history. Australians were the worst offenders. Digital piracy is illegal; so too is tax evasion.

If you have cheated the tax system, it may not impact you now as a struggling entrepreneur or business owner, but perhaps years later when you are held to account for your actions. Long after the moment of greed, or seeming need, you may have a partner, child and a thriving business by then.

Do you participate in the cash or hidden economy? Read the full article here.

How do you get business inspiration (and keep it)?

Go!

Go!

Think

Stop. Think. Get inspired.

The gardening crew has arrived outside my office. I hear a clunk and a bump as their truck and trailer bounces into the lot. I watch for a few minutes, and I’m inspired by the efficiency. They quickly rev up the ride-on mower and begin trimming the edges. It’s like a well-oiled pit stop team — every worker knows his place. Someone hands me the bill and everybody leaves as smoothly as they came in. In business, it’s important to be creative. Here are five sources of inspiration. See full article: Here

Entrepreneurs: are you running a one person show?

TVF

Many entrepreneurs start out as a one-man (or woman) show. While this can be challenging, exhausting and incredibly rewarding, ultimate success may not be determined by your business idea, but by how organised you are.

Experienced freelancers and small businesses that are single person operations need to be ultra-organised. Whether you are flying solo for the first time or well established, technology can improve your efficiency and performance. Here are some pointers based on my own experience running a one-man show.

See full article here: The Pulse

 

Optometrists, war, hot cross buns and death

WW1medals&cardsBusiness owners often ask me about how to create content that is interesting and relevant for social media and blogging: “but I don’t have anything to write about” they say.

Firstly, we have all probably have heard a hundred times that it is about creating valuable “content” and “story telling.” Social media (which includes blogs like this one you are reading now), can just talk about what you care about or what you are doing as a business or passion. No-one has your life, it’s unique and your business is also unique.

Here are some tips to draw out some relevant:

  • Have an annual calendar of events is a great starter – plan in advance
  • How does your business relate to the local, state or national event?
  • Link social media to real life. Easter? Maybe have hot cross buns for customers over lunch. (e.g.Photograph the buns in advance and let people know its coming);
  • Use social media to share the event when it is happening (e.g. photo and text of staff and customer eating piping hot cross buns right now, hurry in);
  • Send out a thanks for coming post. A picture tells a thousand words so: I am alway big on using images.

Last week was ANZAC Day in Australia and New Zealand and I have been helping a local optometrist network in content creation and story telling. For those unaware, ANZAC Day is national day of military remembrance held on the 25th of April each year.

So what can an optometrist do for a day like remembrance day, apart from being shut? Well, like any profession, retail or trade, Australian and New Zealand optometrists made a huge contribution during First World War and other conflicts. With a few hours research we had a relevant and respectful ‘social media campaign’ ready to go.

  1. Advertising was minimised during the period;
  2. We shared photos and stories of opticians, optometrists and optical dispenser to high the service of the profession;
  3. While some stories were amazing (a single optometrist at an Army Hospital able to examine, cut and fit lenses in 16 minutes during #WW2), some were heartbreaking & heroic.

I have summarised the story of four #WW1 opticians we found and reposted here. On ANZAC Day, we will, and did, remember them.

Lest we forget:

museumandhistory.com

AWMP08299.007 An outdoor portrait of the 9th Training Battalion at Perham Downs, Wiltshire. Victorian optician Gordon Heathcote from Kew is seated on the far left, sporting his new Corporal stripes he earned in England.

Cpl Gordon Roy Heathcote, 24th Company Australian Machine Gun Corps.

Cpl Gordon Roy Heathcote was an optician of Kew in Victoria. Single, twenty-three years old and living with his parents comfortably in Melbourne’s inner eastern suburbs, he enlisted in August and set sail from Melbourne on 20 October 1916. Seated on the left above, the machine gun is not just a prop for the photo – this optician had landed as a non-commissioned officer in an Australian Army Machine Gun Corps. Single, living with his parents comfortably in Melbourne’s suburbs. he enlisted in August and left Melbourne on 20 October 1916. In was promoted to Corporal while in England and completed his physical and bayonet training courses there before landing…

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Survey: what technologies or APPs help your single operator small business the most?

Most entrepreneurs face the issue, home based, single operator or small businesses face the issue. How can one person do it all?

What technologies or APPs do you use to improve the efficiency of a signal person operation? What are your top 5 tools or tips for running a lean and efficient single operator business?

Swearing in a new Governor-General, reflecting on Australia’s Indigenous Accountants

Australia is saying goodbye to our first female Governor-General, Her Excellency Ms Bryce AC, and swearing-in General Peter Cosgrove AC MC (Retd) as the new Governor-General of the Commonwealth of Australia. By the end of the day, one will be a Dame and one a Knight.

In the remaining minutes of our current Head of State’s term, I think it is worth reflecting on the current Governor General’s thoughts on the lack of Indigenous Australians in the accounting profession. Typed below is the dispatched Vice Regal (hand written) message to a roundtable on the issue from late 2011.

Described as a “serious issue” and a “grave disadvantage”, Her Excellency stated it was “vital to ensure that talented young ones in particular are given every encouragement and every opportunity to prepare for a career in accounting.” Hence the importance of role models, but also noting it is “essential to business operations, leadership hopes and aspirations and secure futures.”

Two and a half years later, Australia and it’s a major accounting bodies, corporations and every accountant should reflect and ask: have we done enough, can we do more, should we have done more?

I think having very few Aboriginal and Torres Strait Islander Peoples, less than 100, is a sad reflection on our past, a warning for the future, but also an exciting opportunity for energetic and passionate Indigenous Australians make to their mark as business accounting role models and leaders.

The accounting bodies, educational institutions, individuals and others are actively working on the issue… slow but steady. Can we do more to address this “grave disadvantage” to Indigenous Australians?

IAA-GG

Social media companies dominate the ‘best places to work’ for 2014

BPTW14_largeSocial media companies are the best technology employers to work for. According to employees, Twitter, LinkedIn and Facebook are the best three technology employers for 2014. Google is ranked fifth, with Interactive Intelligence the only ‘traditional’ tech company in the top five best technology employers to work for.

Not only did social media providers dominate the technology sector, they also seized the majority of positions in the overall top five rankings.

Social media is transforming lives in more ways than we could have expected. From record initial public offerings to the birth of the Arab Spring, these companies are now setting the standard as the employers of choice.

When Glassdoor, a free online jobs and career community, revealed its 2014 Employees’ Choice Awards this month, it also provided a snapshot of the ever-growing influence of social media beyond a screen.

In 2010 Southwest Airlines led the rankings, joined by a mixture of manufacturing and business services firms. A year later, things began to change in when social media companies began wowing their employees:

  • 2011: Facebook entered the top five with a bang, as the number one employer in Employees’ Choice Awards. Facebook had bumped the much acclaimed Southwest Airlines to number two, followed by business services and manufacturing leaders Bain & Company, General Mills and Edelman;
  • 2012: Unseated by consulting behemoths Bain & Company and McKinsey & Company, Facebook ranked third and was joined by Google just scraping into the top five. With MITRE taking the fourth place, business services and consulting firms clearly ruled the day in 2012, but Google and Facebook were giving rival employers a taste of things to come;
  • 2014smBestEmployers2013: Facebook, the only social media company in the top five, reclaimed the number one ranking, amongst a diverse range of employers from business services, technology and health sectors;
  • 2014: While Bain & Company has stolen the 2014 crown, social media companies dominate the top five, filling sixty percent of the top five positions: Twitter, LinkedIn, then industrial Eastman Chemical, followed by Facebook in fifth position.

Glassdoor has aggregated millions of salaries and anonymous company reviews, surveys and other “employee generated content”. The US rankings of the 50 best places to work in 2014 is now in its sixth year and provides a unique confirmation of social media pushing the boundaries in more than just the technology industry.

The top five of the last six years is like a storybook of our change in our society: 2009 did not include a single social media company. Traditional industries dominated, with General Mills, one of the world’s leading food companies, with 100 consumer brands, topping the employee rankings.

Business services firm Bain & Company was ranked number two and is noteworthy in that it is the only employer to be consistently listed in the top five for the last six years. Bain & Company went on to claim the leader’s jersey in 2012 and again in 2014.

The lessons for 2014?  Watch this space: social media companies are innovators in more than just technology and IPOs, they are disrupting many different aspects of business and society. And their employees love it.