The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) is announcing grant recipients selected to advance the global competitiveness of minority business enterprises (MBEs) through programs in emerging technologies and other high-tech industries.

“Changing demographics are creating tremendous opportunities for minority business enterprises. As key drivers of the economy, MBEs have a unique role to play in catalyzing inclusive growth in their communities,” said MBDA National Director Henry Childs, II. “To ensure MBEs remain competitive in the economy of the future, MBDA made strategic investments in the space economy, technology transfer, and virtual business centers.”

The grant recipients include:

Space Commerce:

· United States Space Foundation ($400,000) to educate and inspire the minority business community,

Three early-stage financial technology companies have been selected as this year’s winners for a startup accelerator sponsored by the Association of International Certified Professional Accountants (the Association) and CPA.com.

The startup accelerator began almost two years ago with a focus on fintech and educational technology. It is designed to promote innovation in the accounting profession and give the Association and CPA.com more visibility into disruptive trends from emerging technologies. Finalists get a nominal funding investment and guidance from a panel of experts in the profession on marketplace needs.  

“The value proposition for these companies is they get access to insights from senior leaders of the Association and CPA.com, as well as a panel of distinguished advisors with deep ties to the accounting profession,” said Lawson Carmichael, chief operating officer of the Association. “And for us, the program keeps us connected to front-line innovation.”

This year’s finalists are:

• Gappify – A San Francisco company that uses bot technology – dubbed ‘Alan’ – to automate time-consuming, repetitive tasks for corporate accounting teams in such areas as accounts receivable, accounts payable and general ledger.
• Client Hub – The Gainesville, Fla.-based startup provides a modern communications platform for accountants and clients through an all-in-one workspace and mobile app, eliminating the need for clunky email conversations and easing the delivery of critical data.
• Dryrun – A Canadian startup that simplifies forecasting of cash flow, one of the most critical pieces of information for small businesses.

Each finalist will be given the opportunity to present information about their company in June at AICPA ENGAGE, one of the leading events devoted to public accounting in the United States.

“Early-stage technology companies are driving great innovation and new capabilities for the CPA profession,” said Erik Asgeirsson, president and CEO of CPA.com, the technology subsidiary of the American Institute of CPAs. “We got great feedback from our first class of companies last year, and we expect to build on our progress with this current group of innovative startups.”

For more information about the startup accelerator, please visit aicpa-cima.com/accelerator.

About CPA.com

CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.

Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners. 

A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.

Sapience Analytics, the market leader in the rapidly growing People Analytics segment, today unveiled a new logo and brand identity that exemplifies the company’s vision as it charts its course for its next phase of growth.

“Sapience is becoming a trusted tool of leaders in leading organizations worldwide and is helping in transforming and elevating employee engagement, productivity and profitability,” said Sapience Analytics CEO Bradley Killinger. “Embodying the spirit of our vision and mission is a bold new look and feel of the Sapience brand, as conveyed through our new logo.”

Sapience continues to grow revenues, clients and employees, as the market for people analytics expands rapidly as businesses work to optimize the efforts of their most mission-critical asset –their workforce – by leveraging data to measure, report, and understand employee performance. In a survey by Deloitte, over 70 percent of companies said people analytics is a high priority in their organizations.

In the past 12 months, Sapience has achieved significant growth, significantly expanding its workforce worldwide, and establishing a new global headquarters in the Dallas-Ft. Worth area. In May, the company introduced its new Work from Home solution designed to help improve productivity and employee engagement of the growing global telecommuting workforce/remote workers.

Sapience Analytics people analytics technology is used by more than 150,000 users in over 85 enterprises across 18 countries to improve employee engagement, organizational productivity, and business profitability.

“Everyone at Sapience Analytics is extremely passionate about our purpose: to enable smart enterprises and maximize potential,” says KhivSingh, senior vice president of Marketing for Sapience Analytics. “A new stylized logo with an icon, depicting both a human figure and a floating ball, symbolizes the holistic view Sapience provides customers and its ability to elevate the engagement, performance and mindfulness of individuals and organizations. We invite both customers and prospects to see everything that’s new at Sapience Analytics, and on our website at www.sapience.net.”

To simplify and streamline the purchase of business services for small business customers, CenturyLink, Inc. (NYSE: CTL) has launched CenturyLink SIMPLE™ for Business. The first offering available through the new service is CenturyLink SIMPLE Internet. With CenturyLink SIMPLE Internet, small business customers can get the highest available internet speed in their area with no promotional pricing or long-term contract.

To activate CenturyLink SIMPLE Internet today, small business leaders can visit: https://www.centurylink.com/small-business/products/simple-business-internet/ to check availability in their area and order.


"We are focused on streamlining and improving the customer experience for small businesses by delivering services that are easy to purchase and offer simplified pricing," said Vernon Irvin, president, government, education, medium and small business, CenturyLink. "We understand a safe, secure and reliable high-speed internet connection is the foundation that allows small businesses to operate effectively, and with CenturyLink SIMPLE Internet it is easier than ever to get this high-speed connectivity."

According to industry analyst firm IDC, broadband remains the most important service for small businesses, with nearly 33 percent prioritizing investments in faster broadband access over the next 12 months. Over this same time period, almost 55 percent of these businesses cite reduction of costs and expenses as a key business priority.

"Connectivity drives critical business functions and is required to implement other important business services including VoIP, unified communications and cloud-based IT functions," stated Jason Blackwell, research director, Consumer Multiplay & Broadband Services and SMB Telecom, Broadband and Video programs, IDC. "For small businesses, there is a great need for services that can deliver high-speed connectivity with simplified pricing and service management."

Key Facts

CenturyLink SIMPLE Internet is available to more than 1.6 million small business customers across the United States.
No activation fees are charged for CenturyLink SIMPLE Internet service, and it can be stopped at any time with no early termination fees.
CenturyLink SIMPLE Internet service requires the purchase or lease of an advanced modem.
Additional Resources

IDC SMB Telecom Emerging Services Survey, June 2018 - https://www.idc.com/getdoc.jsp?containerId=US44240018
IDC 2018 US SMB Market Update: Business Goals, Technology Priorities, Buying Preferences, Millennial Engagement, and Digital Transformation Progress, Doc #US42570218, August 2018 - https://www.idc.com/getdoc.jsp?containerId=US42570218
For more information on services available to small business customers, visit: https://www.centurylink.com/small-business

As a start-up, you are pulled in many directions, and all seem equally important. From developing your customer base to fulfilling promises of goods / services, you must jump in fast and keep the momentum going. So, at first, you focus on generating business, but very soon, you must devote time to your finances.

A Steep Learning Curve

A business degree is unnecessary to become an entrepreneur, but it would help to possess some financial acumen to avoid costly pitfalls. To stay profitable, start-ups should be mindful to prepare for and overcome the following accounting challenges that confront small businesses:

1. Poor Bookkeeping Habits. Start-ups that experience financial struggles often lack a good system to track income or neglect to balance their accounts. Find the right software or spread sheet template to record transactions to accurately balance your books, or if feasible, hire a bookkeeper. It’s important to find a method, stick with it, and continually review your books.

2. No Accounting Analysis. Entrepreneurs who fail to interpret their finances will ultimately fail to thrive. Bookkeeping alone won’t monitor growth and success. Knowing what your balance sheet and income statement mean is the key to understanding the direction a business is headed. So, start-ups need input from an accountant or at least some online research into how to analyze the books.

3. Ignoring Cash Flow. A new business owner who doesn’t understand that cash is king may get in trouble fast. Without a sense for cash flow, the numbers will be a confusing mess. For example, the books show income earned, but the account won’t receive cash until 30 days later. Properly maintained financial statements should distinguish between money due versus paid, or you won’t see an accurate picture of the business.

4. Too Much Debt. The adage, “It takes money to make money,” is popular because it’s true. New start-ups face steep expenses, and if entrepreneurs turn to credit cards, then it’s easy to get underwater. The challenge is to incur the right amount of debt to support your business without the debt becoming an overbearing liability. So, be conservative, watch interest rates, and look for alternative sources of debt like small business loans or an investor.

5. Inappropriate Resource Allocation. When you’re getting off the ground, it’s hard to manage your resources. Whether it’s time or materials, you have no base of comparison to guide you since everything is just starting up. How can you plan ahead? Instead of flailing in the dark, work with others who do have experience like a mentor or business coach. Get help to develop a solid strategy to follow so that you can allocate according to plan.

An Ounce Of Prevention

As an entrepreneur, if you stay mindful of the challenges you’ll face when starting your own business, then you’ll be better prepared to confront and overcome them. Much comes from finding the right resources and using proper tools. Also, many of the issues facing start-ups come as a surprise to the entrepreneur, but may be well-known to a seasoned small business owner, so learning before they arise might even mitigate those.

‘Tis the season as we are all recovering from the excesses of the Holidays. After weeks of giving and receiving and with the start of a new year, now is a good time to engage your organization in philanthropic goals if you haven’t done so already.

Companies that engage in philanthropic activities are more likely to see gains in their employee productivity and retention. For one reason, highly socially aware employees appreciate the chance to contribute to causes that matter, and another, most employees enjoy extra-curricular activities that elevate their work-days out of the ordinary. Overall, employees will experience greater work-place satisfaction that translates into higher rates of productivity and investment in their jobs.

In synch with work
A standard concern for management when it comes to activities outside the bounds of business is effects to the bottom line if employees aren’t plugged into their work 100% of the time. For most managers, reducing distractions is the goal, not handing out a big distraction on a plate like a day of volunteering. However, though it may seem like a step back at first blush, volunteering or charity work is really two steps forward in the company’s efforts to generate highly motivated employees.

Today’s workforce highly regards companies that care about the community. Most workers will double-down on their efforts to keep up on their workloads in order to participate in an activity, and many find themselves feeling better after giving back, channeling into their performance as they attain a higher level of satisfaction at work. So really, what goes around comes around; when you give employees a chance to participate in charity work or volunteering, they will produce better work, allowing you to gain an advantage in the market.

When you partner with the community, you develop a reputation as a vital community resource that affords your organization a higher level of prestige. The more you do, the more your reputation grows, and the more impact you have in the market. People will want to join your organization and others will want to work with you. It’s also a solid marketing strategy to develop name recognition because your name or logo really gets out there.

Take control
You control the parameters of the organization’s focus on giving back. Limit or expand the scope of effort you want to put toward philanthropy. From simply donating proceeds after a lunch-hour bake sale to sponsoring a local 5K charity run, you have plenty of options that require either low-level or high amounts of effort. In addition, you can also decide the extent that you want to create engagement. It’s up to you whether you offer an annual charity event, a quarterly activity, or a random opportunity throughout the year. Whichever and however you decide to participate, it’s to your organization’s benefit to get involved.

So, while you’re revving up the crew for a great fiscal year or new quarter, don’t forget to muster up volunteers for one or more charity events this year.

The American Institute of CPAs (AICPA) has recommended more than 30 changes to the Internal Revenue Service (IRS) for the 2018 Form 990, Return of Organization Exempt from Income Tax, and its related instructions.

 

In its May 7 letter, the AICPA indicated the importance and urgency of each of its recommendations.  Eighteen of the 33 recommendations were ranked “high” for both importance and urgency.  They include:

·         Delete the terms and associated definitions from the Glossary in the Instructions to the Form 990 and in all parts of the form and related schedules that have changed under the tax law.The terms are “endowment,” “permanent (true) endowment,” “SFAS 116,” “SFAS 117,” “temporarily restricted endowment” and “FIN 48.”

·         Update the Glossary to define the terms used in Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, issued by the Financial Accounting Standards Board (FASB) as defined in the FASB Accounting Standards Codification Master Glossary.

·         Update the trigger question for Schedule D to reflect the changed classification of net assets under FASB ASC 958, while still recognizing that the focus of the question is on reporting for donor restricted and board designated or quasi-endowments.

·         Align the trigger questions in Form 990, Part IV and Part X so that they agree with the definition of “interested parties” in the Schedule L instructions.

·         Update the net assets or fund balances portion of the balance sheet to reflect ASU 2016-14.

·         Update the question and instructions related to the Office of Management and Budget/Uniform Guidance rules, and update the instructions to reflect the new single audit threshold of $750,000.

·         Update the instructions for Schedule I, Part II, Line 1 so they are consistent with the instructions for the trigger question in Form 990, Part IV, Line 21.

Attorney Barry Kaufman has a simple suggestion for small business owners who want to avoid having once-valued customers become late and non-paying ones. “Have good communication with customers or clients to forestall payment issues,” says the Jacksonville, Florida-based lawyer who has been in collections 18 years.

 

Keeping the lines of communication open isn’t Kaufman’s only tip. He also suggests business owners “clearly set out the goals and expectations for the job so everything is clear.”

It is never a picnic for a business owner when customers are delinquent in paying their bills. Successful Business News spoke with collection experts about what business owners can try to do to prevent accounts receivable from going unpaid, and suggestions for next steps if those attempts fail.

Top tips for preventing delinquencies 

Kaufman has other suggestions for business owners seeking to avoid having to engage in collection efforts against late or non-paying customers.

He cites a “good invoice” as imperative for smooth transactions.

But just what makes an invoice ‘good?’ 

“The invoice should be specific, well-written, legible and itemized (providing a) description of the work to be done,” he says. 

Not only does that ensure all parties understand what is expected of them to satisfy the terms of the contract, providing a collection attorney with such thorough documentation is of monumental assistance if an account goes unpaid. 

Melissa Youngman, a solo practitioner in commercial collections near Orlando, offers additional suggestions. She advises small business owners “to be vigilant” when it comes to enforcing terms of an invoice. It’s also prudent to create a paper trail documenting a transaction, she says. 

Account receivable blues 

Attorney Yale Levy, the namesake of Levy & Associates, LLP, a busy creditor’s rights firm in Columbus, says just because a customer’s payment is late doesn’t mean litigation will be the only way to collect. When a payment is tardy, he suggests contacting the errant customer about the past-due account via phone or letter. The ideal goal is to resolve the delinquent account while salvaging the professional relationship. 

If that approach doesn’t produce a satisfactory result, it might be time to hire a collections agency or creditor’s rights lawyer. The big difference between the two is that agencies can only send collection letters or call debtors to inquire about the account. While a lawyer can provide those services, too, they can also do something agencies cannot: file a lawsuit against the entity or the person in court. 

Oftentimes, when a delinquent customer is contacted by a collections organization inquiring about a debt, they realize how determined the creditor is to get their money. “It shows you’re serious and that gets people to pay,” says Levy, also president of the National Creditors Bar Association. 

Collection efforts 

If phone calls, letters and other legal methods of attempting to collect the debt don’t work, it might be time to sue. Unfortunately, the legal system is time-consuming, expensive and intimidating to non-lawyers. 

Furthermore, every state maintains its own set of laws governing collections, so it is important to familiarize oneself with them to handle the matter pro se (without a lawyer). In fact, some states do not allow pro se lawsuits to be filed for collections if a company is incorporated. 

It’s one thing to successfully secure a judgment against someone who owes money to your business, and yet another to actually collect the funds. 

Although the laws regarding them vary state to state, several remedies are available to creditors to collect a judgment. They include bank attachments, wage garnishments, liens and executions. 

State laws also dictate how much a plaintiff may garnish from a defendant’s paycheck and how often. Jurisdictional statutes also regulate how a creditor can be awarded funds from a debtor’s bank account and how they may place a lien on personal or real property. 

In addition to wage garnishments, liens and other remedies, there is another method for recovering past due funds: after a judgment is rendered, selling it to a third party so they try to collect on it for themselves. 

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Tami Kamin Meyer is an Ohio attorney and writer.

According to a press release by the U.S. Immigration and Customs Enforcement (ICE); as of July 2018 they had delivered more than 5,200 I-9 audit notices to companies in the United States. While ICE audit notifications are a bit different than tax audits, they should be taken just as serious. If your business gets audited by ICE are you prepared? This article explores what to expect if you do get served an ICE notification and how you can protect yourself before, during, and after an audit.

Pre-Audit
Yes, you read that right. There are a number of steps you can take to ensure your company is prepared in the wake of an audit. The first thing you should (prior to reading this article) is to check that you’re using the correct I-9 form. While this may seem trivial, companies have been penalized in the past for using outdated forms. 

Next, it’s important to speak to an attorney, preferably one who has experience with Form I-9 audits. If necessary, have him or her conduct an internal audit of your employees’ I-9 Forms. From there you can come up with a game plan with your attorney and your human resources department if you do get audited. One example is to speak to your employees about what the correct protocol is if ICE shows up at your establishment. It could also mean posting signs that state which areas are private and which are public (ICE is allowed to enter any public space but may only enter private spaces with a warrant or permission by the employer).

Initial Audit
Even if you take every precaution necessary, being investigated by ICE has caused many sleepless nights for employers across the country. ICE will start by serving you with a  “notice of inspection.” From there you have three days to hand in all of your employees’ I-9 forms. This could also include any former employees that have worked at your establishment within the past year.  While you do have the ability to hand in the forms instantly – DO NOT. Once ICE leaves your premises call your lawyer immediately. From here, your attorney can direct you on what to do. Likely, s/he will advise you to make copies of all of your I-9 forms and ensure none of the forms are missing.

In the best case scenario once you hand in the I-9 forms you will receive a “Notice of Inspection Results” or a “compliance letter” that will notify you that you are found to be in compliance. Congratulations! Let out a sigh of relief and pour yourself a stiff glass of whiskey.

Unfortunately, for many businesses they do not get off that easily and instead get served with one of five other notices which will more than likely end up with some type of penalty. For first time violators this could mean a fee between $548 to a maximum fee of $3,726.

The five other types of notices that companies could receive after handing in their I-9 forms include:

·         Notice of Suspect Documents – This notice advises the employer that an employee is unauthorized to work in the United States and penalizes him or her for employing them. An employer does have the chance to provide additional documentation if they believe this notice was sent in error.

·         Notice of Discrepancies – This notice warns the business that they have one or more employees in which ICE is unable to determine whether or not they are legally allowed to work in the United States. It is up to the employee to provide additional documentation.

·         Notice of Technical or Procedural Failures – This notice advises a company that they have one or more technical violations. The employer has ten business days to correct the violations or run the risk of receiving a more serious violation.

·         Warning Notice – This notice is given when violations are found, but are not serious enough to warrant a penalty.

·         Notice of Intent to Fine – This notice is to advise the employer that they will be issued a penalty for knowingly hiring a person who is not eligible to work in the United States. If you receive this notice you have 30 days to either reach a settlement with ICE or contest the notice by scheduling a hearing with the Office of the Chief Administrative Hearing Officer.

After the Audit
Depending on what notice you were served, the most important thing to do, is to learn from the audit and correct any mistakes or violations to ensure any future audits end with a Notice of Inspections Results.

Every business has processes whether it’s opening the door and turning on the lights every morning or managing a complex order fulfilment process. How you manage and optimize the processes that run your business can make the difference in your success in both your business and your personal life. Take a look at what goes on in your business with an eye to spotting things that could be done better, more easily, or in completely different ways. What you find may make big changes. Check these seven areas and start refining your business processes.

Set Goals
First and foremost, get the basics out of your way. Decide where you want your business to go and have clear, definite goals in your mind. Try not to go overboard on this or set unrealistic objectives. Instead, start steady and small, and the feeling of accomplishment will be enough to motivate your further.

Streamline
This might seem basic, but it always helps to start with the small things first. Streamlining improves the efficacy of your business process by rationalizing and eradicating steps that may be taking too much of your time and skill. Keeping a thorough check on your systems will help you to revise out-of-date processes get the desired perks. For instance, install apps that will take care of your basic tasks, and reduce effort in the most time consuming chores.

Observe Trends
Think outside your bubble and monitor your surroundings and all the ongoing activities in order to stay up to date. Keep an eye on what other businesses both in and out of your field are up to.

Evaluate Performance
Monitor what you do against your goals and track employee performance between performance reviews. Check what projects are generating the most returns and which employees and teams are responsible. Make this a process within itself and optimize it as you learn more.

Reduce Costs
Cost cutting isn’t the same as maximizing use. Look at processes like order processing and find ways to reduce spend on generating orders. Or better yet, let business automation take the matter off your hands.

Encourage Employees
No business flourishes without a dedicated team, and it’s on you to get the best out of them. Employees appreciate personal consideration and things that make a difference in their own lives. Work with your HR staff to develop incentives and perks based on the culture of your business.

Integrate B2B Communications
Extend your use of e-commerce to business-to-business communications. Electronic order processing is now standard in all large companies and it’s readily available to smaller operations as well. Once it is incorporated seamlessly, you can enjoy a number of benefits like increased sales, capital savings, enhanced cash flow, better customer service, and reduced inventory.

In addition to these useful steps, you can also invigorate your business process by outsourcing and consolidating software. All in all, incorporating these steps diligently is bound to make any business bloom rapidly.

As environmental protection becomes a bigger concern, more businesses are looking for ways to turn waste into a resource, or making expired products useful in different forms.

Recycling anchored the environmental awareness movement in the 1960s and ‘70s, and companies climbed on board, repurposing materials as a way to showcase environmentally-friendly practices. For example, the shoe company Nike, using recycled polyester, says it has preserved 3 billion plastic bottles since 2010. European furniture producer Pentatonic makes chairs by recycling its own products into new ones.

With “sustainability” and “going green” the modern environmental buzzwords, newer technology is bringing innovations for more disposal/reusable options. Companies, therefore, are better able to meet increased governmental regulations, help the community and perhaps boost their bottom line.

“Engaging with sustainability has become unavoidable for most companies,” says Barry Breede (www.koppersuip.com), author of Transforming the Utility Pole and chief innovation officer at Koppers Utility & Industrial Products.

“Some are looking at more aggressive approaches because government regulations start to take effect. Others are driven by their own internal goals to manage their waste stream in a more environmentally-friendly and cost-effective manner.”

Throw in the fact that landfills are quickly filling up across America, Breede says, and disposing of company waste in a responsible and forward-thinking way has never been more important.

At Walt Disney World, for example, food waste is turned into energy. In a nearby anaerobic digestion facility, the organic waste is converted into renewable biogas to generate electricity – enough to help power central Florida, including Disney’s hotels and theme parks. The remaining solid material is processed into fertilizer.

Breede says today’s primary disposal options that are environmental-friendly include:  

• Landfill-to-gas. As landfill operators have less space to offer, many have converted their landfills into energy-producing plants. As the material decomposes, it produces methane, which powers turbines. Over 400 such facilities are in operation in the U.S. and more are in development. “The Environmental Protection Agency has thrown its weight behind this option, since it turns already-existing landfill into a source of at least some value and reduces the greenhouse gas emissions,” Breede says. “It’s attractive to some utilities that are trying to comply with alternative energy mandates.”
• Waste-to-energy. This type of facility takes raw material waste and converts it to energy by incinerating it at a high temperature. Most of the raw material comes in garbage collections. “A facility will contract with a municipality to collect its garbage to fuel the plant,” Breede says. “This process either generates heat or electricity or provides boiler fuel to generate steam or gas energy.”
• Biomass. “This way is more desirable to a utility, such as one getting rid of wooden poles,” Breede says. “Biomass facilities are reliant on this type of feedstock as a fuel source, thus they’ll pay for the material. A cement company may use this waste stream as its primary energy source.”
• Circular model. “Rather than just treat the remaining raw material as waste to be gotten rid of, companies can innovate by turning that material into input for a new product,” Breede says. “The circular economy has emerged as a value generator from both the business and environmental point of view.”

“Most options involve a trade-off between affordability and a level of environmental stewardship,” Breede says. “But thanks to innovation and collaboration, these are ways for companies to be much kinder to the environment.”

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Barry Breede (barrybreede.com), author of Transforming the Utility Pole, is the chief innovation and marketing officer at Koppers Utility & Industrial Products―a national leader in the sale of wood utility poles. He leads the company’s efforts in commercializing new business ventures, products, and services. Breede also assists Cox Recovery, a Koppers subsidiary providing utilities with environmentally-friendly methods of disposing of wood waste. A graduate of the University of Oregon, Barry has also worked extensively in the innovation area with several global companies including Electrolux AB, Umbro International, and Specialized Bicycles. Barry currently resides in Greenville, South Carolina.

2019 should be a great time to launch a business as economic indicators are positive showing a 2.5 per cent growth in GDP and Trump’s new tax laws are also very pro-business. So, the only questions left are:

* Am I happy to take the risk?

* What sort of business shall I start?

* How much money do I need?

* Where is it coming from?

Let’s take a closer look at these:

Am I happy to take the risk?

You could well be in a situation where no money at all is coming into the family coffers in the first twelve months or possibly longer and you are probably in a nice secure job which may even be paying top dollar. You might also have a partner, wife/husband who will have to take the risk with you. Apart from selling the idea to them as you will need their support throughout this long journey, answer yourself truthfully that all this is OK and that you either have savings set aside, a house you are prepared to re-mortgage, or rich parents/in-laws!

Be mindful that even when the business is up and running you may be unable to pay yourself enough to pay the bills. In the life cycle of a business there are many ebbs and flows and you can read about some real-life ones in my book ‘Raise the Bar, Change the Game!’

What sort of Business Shall I Start?

Actually, it doesn’t matter as long as you are passionate about what you decide to do. This is necessary to overcome the disappointments in the businesses progress through the years when things may not be going to plan, and you need to infect your employees with the same passion to motivate them and get the best out of them.

There is no need to reinvent the wheel. Most ideas have already seen the light of day and unless you have invented a revolutionary product or can disrupt an existing market like the iPhone did, just choose one of your passions and do it better than everybody else. After this eureka moment there is no doubt friends and family will be quick to say it can’t be done but you will have to keep that self-belief and ignore these comments. Try not to surround yourself with nay-sayers and negative people as they can bring you down. Keep a positive can-do attitude and you will succeed.

How much money do I need?

This is the moment many entrepreneurs give up before they even start. Firstly, it is a convenient reason not to start the business if you are not convinced you can do it and secondly most businesses need very little money to start. The best way to finance the

business is from family and friends, a small bank overdraft, and getting your suppliers to finance the business through cash flow. Make sure your customers pay you before you pay the supplier thus using their money and not yours! That’s where the money comes from. Make sure though you understand cash flow, go to a class to read a balance sheet and a profit and loss statement – we call them management accounts. You need a cash flow statement showing how much cash you are using and have in the bank. You can make large profits and still go bust if the cash runs out!

In summary it is never too late to start a business – I was 35 before my eureka moment. Be passionate in what you do, be a risk taker, and keep an eye on the CASH.

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Brian Marcel is the founder and Chairman of International Bar Code System (IBCS) Group, known for bringing the game-changing barcode technology to a part of the world in desperate need for change. Since its start in 1988, he has built the IBCS Group into the top enterprise mobility integrator in Central and Eastern Europe. His debut book, Raise the Bar, Change the Game: A Success Primer for Budding Entrepreneurs who Want to Change the World, is available on Amazon. Marcel's book Raise the Bar, Change the Game: A Success Primer for Budding Entrepreneurs Who Want to Change the World is available for download. 

Young leaders typically go too far or not far enough. They are born to take chances but when the time comes, many retreat to what they have been told by elders or those with more experience.

There is something to be said for brash youth, its penchant for breaking the rules and coming at problems from an entirely different mindset.  But sometimes those rules are there for a reason, and going completely against what has been done before leads to a road to nowhere.

Before young leaders head out to conquer the world, Phuong Uyen Tran, author of Competing with Giants(https://www.thp.com.vn/en/) and deputy CEO of THP Beverage Group, Vietnam’s leading beverage company, says they should dig deeper into their beliefs, actions and goals in order to chart a successful path.

“Young leaders bring passion but sometimes it doesn’t make up for a lack of wisdom,”  Tran says. “Before they set sail, there are a few questions they need to ask themselves to increase their chances for success.”

Tran says the six questions are:

• What are your core beliefs?  To be successful, a young leader needs to be grounded in some fundamental beliefs. Understanding and writing down core beliefs will guide you through stormy times.
   
• What is the mission statement of your product or service? - The mission statement reflects every facet of the business: the range and nature of the products offered, pricing, quality, service, marketplace position, growth potential, use of technology, and your relationships with customers, employees, suppliers, competitors, and the community.
   
• Have you done your homework? - As a young leader, it is imperative that you  do plenty of research.  Older leaders can sometimes go by their gut feelings, but young leaders don’t have that luxury.  You need to be over-prepared before moving forward.
   
• Do you really believe in you product or service? Great leaders truly believe that whatever their product or service is, that it is the best option among all the competition.  If you don’t believe in your product, it is hard to lead your troops into battle.
   
• Are you ready to set sail or are you moored to the dock? - Sometimes you have to take chances. Are you ready to take risks and not be tied to what has always been done in the past?
   
• How will you handle success or failure?  One of two things usually happens - you will succeed or you will fail.  How will you handle success - are you ready to pull all the levers you need to get to the next level?  If you fail, how will you handle it?  Will you go into a depression and blame others, or will you learn from your mistakes?

Tran says young leaders can overcome many obstacles by taking some extra time to  ask themselves those questions.

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Phuong Uyen Tran, author of Competing with Giants (https://www.thp.com.vn/en/), is deputy CEO of the THP Beverage Group, a leading beverage company in Vietnam that was founded by her father. She is responsible for the company’s marketing, public relations, and CSR programs nationally and across Vietnam’s 63 provinces. She also leads THP’s international marketing programs across 16 countries where THP’s products are distributed including Canada and China.

As a small business owner, only you set the tone or appoint direction for the enterprise. Therefore, the onus to stay abreast of relevant business practices falls to you. You must learn as much as you can to stay ahead of the game.

Though it isn’t always possible to take a refresher course in business or to pursue your MBA, you can – and should—continue learning. Sometimes, it’s a matter of shifting your perspective and other times, it’s a matter of learning about a new method that will help your business.

Resources Aplenty

There are some great books available that can motivate, inspire, and teach you. Reading one or all these titles just might make a hill of difference when it comes to walking an easy path to success versus a rough trail full of hard-knocks.

Far from an exhaustive list, the following are entertaining and relevant business books that will give you fresh insights into management, strategy, and methods for running your business (sometimes, a kernel of knowledge turns into a whole new way to think, and these moments of revelation can become breakthroughs that take your business to the next level):

The Art Of War, by Sun Tzu. Not all business books are about business. In this ancient book written in the 6th Century B.C., you’ll find a treatise on human nature and conflict that will guide you through any meeting. The Art of War gives you timeless knowledge about practicing strategy to win that still matters and applies to the world at large but much more specifically to the business world of today.

The Goal, by Eliyahu M. Goldratt. An influential and timeless tome for the business world, this book delves into The Theory of Constraint and will change your thinking about the goal of your organization.

The Goal: A Business Graphic Novel, by Dwight Jon Zimmerman. The ultimate comic for a professional, this graphic novel brings the concepts of The Goal to life in story-form, demonstrating the management paradigm in a fresh, captivating format.

Switch, by Chip & Dan Heath. The one constant in life is change, yet it’s a struggle for most people to accept and react accordingly. What causes obstacles to change? How can you navigate change in your life but more importantly, in your business? Switch combines thought provoking tales with a step-by-step method for managing change in your organization and beyond.

An Astronaut's Guide to Life on Earth: What Going to Space Taught Me About Ingenuity, Determination, and Being Prepared for Anything, by Chris Hadfield. As inspirational texts go, this one certainly provides new perspective beyond the 30,000-foot view! Lessons of life and work from Hadfield’s career translate to any situation, particularly for a small business owner who is attempting their own launch sequence to get a business off the ground.

Taking advantage of these resources will make the process of entrepreneurship easier. Gain wisdom from those who’ve gone before you, learned the ropes, and took notes so that you can follow suit.

Almost everybody bemoans the difficulties in trying to maintain a healthy balance between family and work.  But for entrepreneurs, the inability to find that balance is not just unhealthy, it can result in the failure of both the business and the loss of the family.

Most entrepreneurs work at least 50 hours a week, and some people like Elon Musk say that working 100 hours a week is doable and will improve the chances for business success.  

But what about having a life beyond the business?

“Entrepreneurs really do have to walk a tightrope between their families and their businesses,” says Peter J. Strauss (www.peterjstrauss.com), an attorney, entrepreneur and author of the upcoming book The Accidental Life.  “Failure in one of those two aspects usually leads to failure in the other.”

Making matters worse is that when entrepreneurs first launch the business, many are using their homes as an office. This creates family issues when there are no physical barriers between job and family, Strauss says.

He offers tips for entrepreneurs who want to have success in both their business and their home lives.

• Set boundaries. Especially if you run the business at home, it is important to set boundaries with your spouse or partner to make sure you are not always talking about business. When you are at work, be at work.  And when you are at home, even if your business is in the garage, be at home.  Have a separate phone for your business and don’t take business calls when you are on family time unless it is an emergency. 
• Prioritize work tasks. Determine what is the most difficult task and attack it first.  That will help you get out of work on time and go home to your family.  If you have a family event in the evening, it is much easier to leave a small task to the morning instead of a large, difficult task.
• Take vacations (even small ones). A vacation doesn’t have to be two weeks.  Take a day off and take the family on a picnic. It will not only be good for your relationship with your family, it will also be good for your business. You will come back refreshed and better able to tackle the challenges of your business. 
• Don’t intrude on your family’s space. If you run your business from your home, have a designated workspace.  Don’t use the family dining room table for your paperwork.  Find someplace where you can focus on your business without family interruptions.  

Strauss says entrepreneurs should not underestimate the importance of finding the right balance between business and family. 

“If they don’t get it right,” he says, “they risk losing everything.”

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Peter J. Strauss (www.peterjstrauss.com) is an attorney, entrepreneur and author of several books, including the soon-to-be-released The Accidental Life. He is the founder and managing member of The Strauss Law Firm, LLC, on Hilton Head Island, S.C, and also the founder and CEO of Hamilton Captive Management, LLC. He is a graduate of the New England School of Law and of Harvard Business School’s Owner/President Management program. Strauss also holds an LL.M. in estate planning from the University of Miami and speaks regularly at public seminars.

Bad habits can be hard to break, and for business leaders who have them, they can be deal-breakers. In a survey by Leadership IQ, an online training firm, the primary reasons CEOs were fired - mismanaging change, ignoring customers, tolerating low performers, and not enough action - were often related to unproductive habits.

“Although leaders who display these behaviors generally know what to do, and how to do it, their unproductive habits render them unable to get things done - with dire consequences,” says Mark Green, a speaker, coach to CEOs and author of Activators: A CEO’s Guide to Clearer Thinking and Getting Things Done (www.Activators.biz). “The most common unproductive leadership habits include avoiding decisions and conflict, maintaining comfort-zone networks, needing to be liked, neglecting to listen enough - and they are hard to break.”

But Green says they can be broken and suggests replacing them with foundational habits that make leaders successful. He lists six of them here.

• Capitalize on luck. This is a habit of forward-moving thinking in response to both good- and bad-luck events. Green says bad luck, such as the extended absence of a key employee, affords an opportunity for the leader to empower others by challenging them to learn, grow and contribute in new ways. “Whatever the circumstances, leaders rapidly come to understand the value of generating return on luck,” Green says. “Everyone wins.”

• Be grateful. “When you appreciate and value what you have, you gain a clearer perspective,” Green says. “A daily meeting ritual of appreciation creates space for each executive to share what they appreciate most, and it opens up the room to clearer thinking and increased collaboration.”

• Give - within limits. Research shows there are many advantages to being a giver, but striking a balance is important to remain productive. “Sharing information and resources cultivates an abundance mindset, bringing benefits that both the company and the leader can reap,” Green says. “But there are limits; if you’re giving away too much time and too many resources, you won’t be able to accomplish your own objectives. Give, but know when to say no.”

• When problems arise, focus on process - not people. “When something goes wrong, a common approach is to find fault with the people involved,” Green says. “But bad or poorly communicated processes can make even the most talented, dedicated staff look terrible. Question processes and communication first, before you explore the intentions, character or capabilities of those involved. Research shows that believing in your people pays off.”

• Have high expectations of others. Leaders who set the bar high and then give their teams latitude to execute reap more benefits than those who simply tell their teams what to do,” Green says. “Those whose habits include valuing autonomy and individual responsibility can build something great over time. High expectations and empowerment are key.”

• Maintain intentional focus. “Countless research studies have exposed excessive multi-tasking as ineffective,” Green says. “To make real progress, hold a small number of very important things in your mind and let go of the rest.  Ruthless prioritization and focus in execution will set you free.”

“With our thoughts, we make our world,” Green says. “Check your beliefs about your leadership habits, choose just one or two to change, enlist others to support your efforts, then get to it.”

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Mark Green, author of Activators: A CEO’s Guide to Clearer Thinking and Getting Things Done(www.Activators.biz), is a speaker, strategic advisor and coach to CEOs and executive teams worldwide. He has addressed, coached and advised thousands of business leaders, helping them unlock more of their potential and teaching them how to do the same for their teams. He is a Core Advisor to Gravitas Impact Premium Coaches (formerly Gazelles International), a mentor to coaches worldwide, and an active contributor to programs and content for their global ecosystem.