Tag: I

I – m Too Busy! #business #first #louisville

#busy

#

TRANSFORMING PERFORMANCE

TRANSFORMING PERFORMANCE

TRANSFORMING PERFORMANCE

I m Too Busy!

Have you found yourself saying ‘I’m Too Busy’ recently. I mean it happens to everyone right? There genuinely are times where you have too much to do and find yourself suddenly realising it is 4.30pm and you haven’t stopped for lunch, or it’s 9pm and you can’t finish for another few hours yet.

However, I do believe that often ‘too busy’ is a myth we create in our own minds. It is all about priorities, and taking a longer term approach. For example, I was speaking to someone last week who was ‘too busy’ and an hour later they popped up on Facebook for 20 minutes taking about something and nothing (non business related). The same person later in the day was tweeting about Pokémon Go hunting.

If you have time for Pokémon then great (and actually it is a genius idea for getting kids off their Xboxes and doing some exercise – going round the streets on a Pokémon hunt). However, in some cases Pokémon has literally taken over people’s lives – there have been reports of people crashing their cars, breaking into houses and walking into rough seas, while chasing Pokémon.

You might think it is really stupid to let Pokémon take over your life in a way that threatens your health but maybe your business is YOUR Pokémon? Maybe your business is taking over your life. You might be looking at Pokémon and thinking – Why? Your husband/wife/partner/kids/family member or friends might be looking at you over-working in your business and think Why?

Are you in the position where you are not making your boat go faster despite all your hard work, where the only thing going faster is your life. Would you like to know how to get your business running as brilliantly as Nintendo (50% rise in share price in a week is not bad!).

What you will get

  • 30 minutes devoted to working ON and not IN your business
  • At least 2 ideas you can take away and implement immediately
  • A clear plan of what to do next to delete some ‘busyness’ and be more effective in your business

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  • What Can I Do with My International Business Major? #harvard #business #press

    #international business jobs

    #

    What Can I Do with My International Business Major?

    Overview

    The International Business major, in the McDonough School of Business, provides excellent preparation for students interested in careers involving the coordination of human and material resources toward the achievement of the international goals of the organization. In addition, international business requires special skills to adapt management methods to the needs of foreign environments.

    The concentration is intended to prepare the student for administrative positions in international divisions of American companies; careers in the national or international government agencies concerned with international trade development, the establishment of international businesses; and careers in commercial and investment banking.

    Skills

    The study of international business allows for the development of a core set of skills sought after by employers in a wide range of occupational settings. A sampling of representative skills and abilities follows.

    • Analyze complex and unstructured data
    • Evaluate risks and opportunities
    • Coursework in Finance/Marketing/Management
    • Communicate clearly and persuasively
    • Diplomacy and negotiating
    • Networking
    • Public speaking
    • Awareness of international figures and news
    • Cultural sensitivity
    • Understanding of international politics
    • Understanding of trade regulations
    Sample Internship Opportunities
    • Foreign companies operating in the United States (e.g. Chanel, Airbus)
    • Government Agencies (e.g. US Department of Commerce, State, Treasury)
    • Government Relations (e.g. Council on Foreign Relations)
    • International Banks (e.g. World Bank, Export-Import Bank, International Finance Corporation)
    • Multinational corporations (e.g. Viacom, L’Oreal, Hilton, Ogilvy Mather, Saatchi Saatchi, Disney, Goldman Sachs)
    • Nonprofit Organizations (e.g. Human Rights Watch, Amnesty International)

    Where are Georgetown International Business Majors Now?

    • Financial Analyst
    • Stock Broker
    • Product Manager
    • Economist
    • Consultant Foreign Exchange Trader
    • Foreign Service Officer
    • Trade Specialist
    • Import/Export Coordinator
    • Lawyer Marketing Manager
    • Public Relations Specialist
    • Advertising Executive
    • Human Resources/Human Capitol Management
    Relevant Web Sites and Publications
    Professional Organizations

    For information about career options, internship and full-time opportunities, contact the Career Education Center at One Leavey Center, (202) 687-3493.





    Tags : , , , , , , , ,

    What Can I Do with My International Business Major? #small #business #funding

    #international business jobs

    #

    What Can I Do with My International Business Major?

    Overview

    The International Business major, in the McDonough School of Business, provides excellent preparation for students interested in careers involving the coordination of human and material resources toward the achievement of the international goals of the organization. In addition, international business requires special skills to adapt management methods to the needs of foreign environments.

    The concentration is intended to prepare the student for administrative positions in international divisions of American companies; careers in the national or international government agencies concerned with international trade development, the establishment of international businesses; and careers in commercial and investment banking.

    Skills

    The study of international business allows for the development of a core set of skills sought after by employers in a wide range of occupational settings. A sampling of representative skills and abilities follows.

    • Analyze complex and unstructured data
    • Evaluate risks and opportunities
    • Coursework in Finance/Marketing/Management
    • Communicate clearly and persuasively
    • Diplomacy and negotiating
    • Networking
    • Public speaking
    • Awareness of international figures and news
    • Cultural sensitivity
    • Understanding of international politics
    • Understanding of trade regulations
    Sample Internship Opportunities
    • Foreign companies operating in the United States (e.g. Chanel, Airbus)
    • Government Agencies (e.g. US Department of Commerce, State, Treasury)
    • Government Relations (e.g. Council on Foreign Relations)
    • International Banks (e.g. World Bank, Export-Import Bank, International Finance Corporation)
    • Multinational corporations (e.g. Viacom, L’Oreal, Hilton, Ogilvy Mather, Saatchi Saatchi, Disney, Goldman Sachs)
    • Nonprofit Organizations (e.g. Human Rights Watch, Amnesty International)

    Where are Georgetown International Business Majors Now?

    • Financial Analyst
    • Stock Broker
    • Product Manager
    • Economist
    • Consultant Foreign Exchange Trader
    • Foreign Service Officer
    • Trade Specialist
    • Import/Export Coordinator
    • Lawyer Marketing Manager
    • Public Relations Specialist
    • Advertising Executive
    • Human Resources/Human Capitol Management
    Relevant Web Sites and Publications
    Professional Organizations

    For information about career options, internship and full-time opportunities, contact the Career Education Center at One Leavey Center, (202) 687-3493.





    Tags : , , , , , , , ,

    What type of accounts should I use for ATM businesses cash flow? QuickBooks Learn – Support #denver #business #journal

    #atm business

    #

    Back to search results

    What type of accounts should I use for ATM businesses cash flow ?

    I use the cash accrual accounting style for my ATM business. I cycle cash through my ATM’s that I have entered into my QB as owners equity originally. I am wanting to balance the checking account. When that money cycles back through to my bank account and gets electronically deposited what is it considered? Is it an “other assett” or what? Then when I withdrawl to load machines again what type of account should I use for the withdrawls, a “short term liability” account? I really need some clearity.

    You might say the cash is my reaccuring supplies.

    Why do you want to report this?

    I think I am tracking with Mistyblue. I have the income account for the surcharge fees that users of the machine owe me. The expense account for any fees for the particular bank where my money is cycled through. But what about the ST liability account. are you saying use this account type for the electronic deposits from user’s of my machine’s back to my account and use it for my withdrawls to load back into my machine. I thought I would need a “plus” and a “minus” sort of set up with the accounts?

    Recommended Answer

    2 people found this helpful

    This is how I have done this: I’ve set up a bank account for the ATM in qb as well a income account and I used a short term liability account. Of course a bank service charge account for the ATM.

    The short term liability account is the cycle account (withdraw and well as put back) – The income part I separate to its own income account. This way tracking income, expense, and your main cycle account. Which bottom line each rec balances. Note: I would check as well with your accountant on according to your area on sales tax requirements.

    Was this answer helpful? Yes No

    I think I am tracking with Mistyblue. I have the income account for the surcharge fees that users of the machine owe me. The expense account for any fees for the particular bank where my money is cycled through. But what about the ST liability account. are you saying use this account type for the electronic deposits from user’s of my machine’s back to my account and use it for my withdrawls to load back into my machine. I thought I would need a “plus” and a “minus” sort of set up with the accounts?

    1 additional answer

    No answers have been posted

    This post has been closed and is not open for comments or answers.

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    Why Should I Incorporate My Business or file an LLC? #franchise #opportunities

    #incorporating a business

    #

    Why Incorporate ?

    Choosing how a business is organized may be one of the most important decisions a business makes. Incorporation may be the wisest decision, but for some, it may be an unnecessary decision, and so each business should carefully assess the benefits (and challenges) of incorporation before moving forward. With that said, the greatest benefits to incorporation can be summarized into the 3Ls: Life, Liquidity, and Liability. Let’s start with Life.

    Life

    The best way to understand a corporation is to imagine it as a separate artificial person (with limited rights and privileges). Incorporating a business is essentially creating that separate person thereby making the business separate from the owner (in a sense, the business has a life of its own). As a separate entity, the corporation exists independent from the shareholders/owners and its employees. Regardless of what happens to the shareholders, or the directors, or the employees, the corporation itself continues to exist in perpetuity until a time the directors and shareholders decide to dissolve a corporation. In a sole proprietorship or general partnership where the owner(s) is the business, what affects the owner may affect the business. Any personal debt or liability of an owner or partner allows the creditor(s) to pursue the assets of the business whether or not the debt or liability has any relation to the business itself. Furthermore, personal bankruptcy of an owner or partner will directly impact a business by opening up its assets to any creditors the owner or partner is liable to. By incorporating a business. the personal finances of an owner or partner remains separate from the finances of the corporation and allows the business to continue without disruption. In the event of an unfortunate death of an owner or partner, the business is generally dissolved regardless of the wishes of the owner or partner(s). All of this could easily be avoided by incorporating the business as a separate entity.

    Liquidity

    As much as we believe that all owners of a business should remain forever committed to the success of the business, there may be times when an owner or partner will need to leave the business. Regardless of the reasons for leaving the business, incorporation allows the free transferability of interest from one person to another. Generally in a partnership, a partner cannot transfer his/her interest in a business to another without the express consent of all other partners. If a partner still decides to leave the partnership against the will of the other partners, the partnership is automatically dissolved. Incorporating a business removes this limitation by allowing shareholders/owners to freely transfer his/her interest to another without the unanimous consent of all other shareholders. Small businesses may see the restrictions against transferring shares as a good thing and may want to control how a shareholder may transfer his/her interest and to whom. Incorporation allows this flexibility as well. The free transferability of shares is a default rule, but by no means is it mandatory for all incorporated businesses. Businesses have the option to place restrictions on the transferability of certain shares and so even if this benefit of liquidity may be seen as a detriment to a business, incorporation lets the business decide whether or not to take advantage of this option. More importantly, unlike a partnership, incorporation prevents the ability of a minority shareholder from dissolving a business without cause.

    Liability

    One of the greatest benefits for incorporation is its limited liability against the shareholders. As mentioned above, any debt or liability against a specific shareholder remains separate from the corporation. Likewise, the inverse is similarly true. Any debt or liability against a corporation does not open the doors of shareholders’ assets to the creditor(s). The shareholder’s liability in any corporate debt or liability is limited to what the shareholder invested (unless there is fraud). In a sole proprietorship or general partnership, the owner(s) and/or general partners remain completely liable to any debt or liability placed against the business. If a business is unable to pay a debt, the creditor can attack the assets of an owner or partner until the debt is satisfied. In a corporation, a creditor can only attack to the extent the shareholder invested into the corporation (unless there is fraud). This allows the corporation to make business decisions without the risk of endangering the personal assets of its shareholders beyond what was invested. Risk is a necessary element to a successful business. Anything that minimizes the risk to investors makes the business more attractive, and so the limited liability of an incorporated business is quite valuable.

    Taxes

    The major detriment to incorporation is the taxes involved. In a sole proprietorship or partnership, the taxable income of the business flows directly to the owner and/or partners and are taxed based upon the individual’s income tax bracket. However, because the corporation is considered a separate entity, the taxable income of a corporation is taxed first under a corporate tax. If the corporation decides to distribute the remaining income to the shareholders, that income is taxed once more based upon the individual’s income tax bracket (essentially, a double-taxation). The marginal tax rate for a corporation can be significantly higher than the marginal tax rate for a sole proprietorship. Although this characteristic of incorporation may deter a business from incorporating, small businesses can avoid this double-taxation by taking advantage of the options given to a corporation by the states. Some options include incorporating as an S-corporation (see below) or filing as a Limited Liability Company (LLC) (see below). These options allow the taxable income to flow directly to the shareholders/members without being taxed twice, while at the same time, maintaining the benefits of incorporation. The 3Ls are important benefits, but not the only benefits. There’s also something psychologically beneficial about incorporating that goes beyond the number crunching and legal issues involved. Incorporation may seem to be a daunting task, but it is also an exciting moment in the life of a business. First conceived through an idea, a business can be birthed at the point of incorporation. No longer will it simply be an idea or something intangible, but an actual and existing entity. Sometimes this psychological step of seeing the business as something real will further motivate and inspire you to bring greater success to your business.

    Reduced Chance of Tax Audit

    Sole proprietors tend to be more likely to file incorrect returns (many are self-prepared). and tend to under report revenue or over report deductions. For these reasons, the IRS has audited a much higher percentage of sole proprietor tax filings than corporate filings in recent years. In tax year 2006, a Schedule C filer stood a 1 in 32 chance of being audited. For non-business filers, the odds were around 1 in 124. This means that sole proprietors are significantly more likely to be audited.

    Build Credibility

    Distinguishing yourself from the competition by establishing a professional identity helps increase credibility with your customers. Most businesses choose to incorporate a business to prove their legitimacy to both customers and suppliers. Adding “INC.” or “LLC” after your business name gives you the credibility and professionalism that many customers are looking for.

    You could file all the necessary incorporation documents yourself. However, when you consider the time involved for filing, administering, and maintaining all the documents necessary to keep your business running legitimately. why would you? Let us help you get it done, so you can get back to business!

    • Forming a business with MyCorporation is a cost-effective way to protect personal assets and gain potential tax savings.
    • Our incorporation services start at just $69 (plus required government fees).
    • Lawyers charge, on an average, over $200 per hour. With our document filing services. you’ll know exactly what you are getting, and how much it costs from the very beginning.

    Was this article helpful?

    Terms and conditions, features, support, pricing and service options subject to change without notice. Intuit and QuickBooks are registered trademarks of Intuit, Inc. Copyright 1997-2016, MyCorporation All Rights Reserved. MyCorporation is a Document Filing Service and CANNOT provide you with legal or financial advice. The information on the website is designed to provide accurate and authoritative information in regard to the subject matter covered. It is presented with the understanding that MyCorporation is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. From a Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations.

    Get State Specific Filing Information





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    I – m Too Busy! #business #environment

    #busy

    #

    TRANSFORMING PERFORMANCE

    TRANSFORMING PERFORMANCE

    TRANSFORMING PERFORMANCE

    I m Too Busy!

    Have you found yourself saying ‘I’m Too Busy’ recently. I mean it happens to everyone right? There genuinely are times where you have too much to do and find yourself suddenly realising it is 4.30pm and you haven’t stopped for lunch, or it’s 9pm and you can’t finish for another few hours yet.

    However, I do believe that often ‘too busy’ is a myth we create in our own minds. It is all about priorities, and taking a longer term approach. For example, I was speaking to someone last week who was ‘too busy’ and an hour later they popped up on Facebook for 20 minutes taking about something and nothing (non business related). The same person later in the day was tweeting about Pokémon Go hunting.

    If you have time for Pokémon then great (and actually it is a genius idea for getting kids off their Xboxes and doing some exercise – going round the streets on a Pokémon hunt). However, in some cases Pokémon has literally taken over people’s lives – there have been reports of people crashing their cars, breaking into houses and walking into rough seas, while chasing Pokémon.

    You might think it is really stupid to let Pokémon take over your life in a way that threatens your health but maybe your business is YOUR Pokémon? Maybe your business is taking over your life. You might be looking at Pokémon and thinking – Why? Your husband/wife/partner/kids/family member or friends might be looking at you over-working in your business and think Why?

    Are you in the position where you are not making your boat go faster despite all your hard work, where the only thing going faster is your life. Would you like to know how to get your business running as brilliantly as Nintendo (50% rise in share price in a week is not bad!).

    What you will get

    • 30 minutes devoted to working ON and not IN your business
    • At least 2 ideas you can take away and implement immediately
    • A clear plan of what to do next to delete some ‘busyness’ and be more effective in your business

    Post navigation

    Leave a Reply Cancel reply

    Blog Post

    Do you have problem employees who often call in sick or are always late? Have you had an employee wh

  • How is your team’s attendance lately? Are your team members performing well? Is your turnover at a

    Follow Us

    ©2015 Julie Hutchison All Right Reserved.
    Website By Websparkles




    Tags : , , , ,
  • What Can I Do with My International Business Major? #memphis #business #journal

    #international business jobs

    #

    What Can I Do with My International Business Major?

    Overview

    The International Business major, in the McDonough School of Business, provides excellent preparation for students interested in careers involving the coordination of human and material resources toward the achievement of the international goals of the organization. In addition, international business requires special skills to adapt management methods to the needs of foreign environments.

    The concentration is intended to prepare the student for administrative positions in international divisions of American companies; careers in the national or international government agencies concerned with international trade development, the establishment of international businesses; and careers in commercial and investment banking.

    Skills

    The study of international business allows for the development of a core set of skills sought after by employers in a wide range of occupational settings. A sampling of representative skills and abilities follows.

    • Analyze complex and unstructured data
    • Evaluate risks and opportunities
    • Coursework in Finance/Marketing/Management
    • Communicate clearly and persuasively
    • Diplomacy and negotiating
    • Networking
    • Public speaking
    • Awareness of international figures and news
    • Cultural sensitivity
    • Understanding of international politics
    • Understanding of trade regulations
    Sample Internship Opportunities
    • Foreign companies operating in the United States (e.g. Chanel, Airbus)
    • Government Agencies (e.g. US Department of Commerce, State, Treasury)
    • Government Relations (e.g. Council on Foreign Relations)
    • International Banks (e.g. World Bank, Export-Import Bank, International Finance Corporation)
    • Multinational corporations (e.g. Viacom, L’Oreal, Hilton, Ogilvy Mather, Saatchi Saatchi, Disney, Goldman Sachs)
    • Nonprofit Organizations (e.g. Human Rights Watch, Amnesty International)

    Where are Georgetown International Business Majors Now?

    • Financial Analyst
    • Stock Broker
    • Product Manager
    • Economist
    • Consultant Foreign Exchange Trader
    • Foreign Service Officer
    • Trade Specialist
    • Import/Export Coordinator
    • Lawyer Marketing Manager
    • Public Relations Specialist
    • Advertising Executive
    • Human Resources/Human Capitol Management
    Relevant Web Sites and Publications
    Professional Organizations

    For information about career options, internship and full-time opportunities, contact the Career Education Center at One Leavey Center, (202) 687-3493.





    Tags : , , , , , , , ,

    How Do I Know If I – m Qualified to Be a Business Analyst? #business #profile

    #business analyst

    #

    How Do I Know If I m Qualified to Be a Business Analyst?

    Are you exploring a career in as a business analyst? Do you find yourself wondering if your skills and experience are relevant to a business analyst role? Would you be interested in learning about how qualified you are to be a business analyst?

    We re going to talk about how to know if you are qualified to be a business analyst, but first I m going to share a funny story with you.

    (Before I forget, I want to be sure you know about my step-by-step BA career planning course (it’s free) that’s designed to help you, the mid-career professional, kick-start your business analysis career. The course will help you dig deeper into each of the concepts outlined below.)

    Just last week, the night before my birthday, I walked down the short flight of stairs after putting our daughter to bed. I smiled at my husband. He was making an odd expression. I continued to look more deeply at him to figure out why.

    I walked over to where he was sitting and said, What s that goofy face for?

    He says, You didn t see it, did you?

    Me: See what?

    He shifts his eyes back toward the stairs. On the ledge we have right in front of our stairway were a dozen yellow roses laying out in plain sight.

    I couldn t believe I had completely missed them. For a split second, I even starting thinking that just maybe my husband tele-ported them there, but then I remembered the laws of physics and found my own eyes to be the culprit.

    I was looking at my husband and his funny expression instead of what was right in front of me.

    This same sort of thing happens to all of us, all of the time. We often don t see what can be obvious to other people or even what other people expect we should obviously be seeing. In all the work I do with professionals transitioning into the BA profession, the most prevalent problem I see is that they overlook significant relevant and transferable skills from their own career background.

    As a result, their answer to the question, Am I qualified to be a business analyst? is a resounding no when it should be a yes or at least a some of the time . (And as we ll see in a bit, some of the time can be a very effective path to business analysis.)

    Today, I d like to help you see the bouquet of roses waiting for you on the ledge at the bottom of the stairs. And to do that we need to look at the concept of transferable skills.

    What are Transferable Business Analyst Skills?

    Transferable skills are skills that you’ve built through experiences in your past roles. In the context of business analysis, transferable skills are BA techniques you’ve used in non-BA jobs or soft skills you’ve developed in perhaps unrelated roles.

    Transferable skills can help you skip past entry-level business analyst positions. This is especially important because there tend to be very few entry-level business analyst positions. And those savored few entry-level positions tend to favor recent college graduates without the salary requirements of an experienced professional.

    If you do have even a few years of professional experience, and a fair amount of the 42 reasons to become a business analyst resonate with you, then you have transferable skills. Getting clear and confident about them is part of your path to success as a business analyst and figuring out what roles you qualify for.

    But What Business Analyst Qualifications Are Transferable?

    When transitioning to business analysis, there are many areas in which to look for your business analyst qualifications. A good first step is to review our list of core business analysis skills that are important for a new business analyst and start mapping your experience to these skill areas.

    Here s a rundown of what you can expect to find during this process:

    • The core business analyst skills. those you might find mapped out in the Business Analysis Body of Knowledge® (BABOK®). will help you get past the screening process for a business analyst role. Any given hiring manager tends to have a checklist of key qualifications they absolutely want to have met by a potential candidate. And even if your experience is informal. it s likely that you can map it to a more formal deliverable or analysis technique. Use the BA terms (appropriately) in your resume and in a job interview and you ll increase your chances of qualifying yourself for a business analyst role.
    • Although managers screen for a specific set of core business analyst skills, they often hire for soft skills. such as relationship-building and the ability to communicate with a diverse set of stakeholders from the business and technical communities. Understanding the key soft skills you bring to the table is critical. Being able to speak to specific experiences where you used those soft skills in a BA context (or close to BA context) can increase the number of BA jobs you ll qualify for.
    • Then there will be skills that set you apart as a candidate and qualify you for specific types of BA positions. These vary widely from technical skills, to specific business domain knowledge, to experience with specific types of business applications.

    What Do I Do with My List of Business Analyst Qualifications?

    Even with a list of transferable business analyst qualifications in hand, a transitioning BA can get understandably frustrated. What business analyst roles do these skills qualify you for? It can often seem as if the grass is greener on the other side of the proverbial fence .

    • If you don t have an IT background, it can seem as if every possible BA job you look at requires some obscure technical skill you have no interest in building.
    • If you do have an IT background, but no business experience, it can see as if every possible BA job you look at requires business domain experience.

    While you will most likely find that the number of roles you aren t qualified for outweigh the number of roles you do qualify for, your career background will qualify you very strongly for a specific set business analyst jobs .

    • If you have a technical background. consider BA roles that include systems analysis responsibilities or blend selected IT duties with a business analyst role. Your experience with specific technologies could qualify you for specific BA roles.
    • If you have a business background from a specific functional area (such as customer service, human resources, or finance), consider BA roles working on the business applications with which you are familiar or supporting this area of the company. Your familiarity with the terminology and processes for that functional area could qualify you for specific BA roles.
    • If you have deep experience in a specific industry. consider business analyst roles in that industry. Your understanding of the industry environment, terminology, and core processes could qualify you for specific BA roles.

    To sum things up, the answer to the question about whether or not you are qualified to be a business analyst requires a bit of analysis. First, you must discover your business analyst skills. Then you want to map them to the types of roles you see in your local job market. Most likely, you will find yourself to be very qualified for some roles, partially qualified for others, and not at all qualified for still others (and this last set will most likely be the biggest, and that s true even for BAs with formal experience).

    With this information in hand, you can decide how and if to move forward in your BA career. And keep in mind, just like those I work with on their career transitions, it s quite possible and actually very likely that you have more relevant experience than you think, and you won t realize what those qualifications are until you go through a skills discovery process .

    Find Your Path Into a Business Analyst Career

    After reading and working through the exercises in How to Start a Business Analyst Career. you’ll know how to assess and expand your business analysis skills and experience.

    This book will help you find your best path forward into a business analyst career. More than that, you will know exactly what to do next to expand your business analysis opportunities.

    Click here to learn more about How to Start a Business Analyst Career

    Stay informed about new articles and course offerings.




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    Why Should I Incorporate My Business or file an LLC? #work #from #home #ideas

    #incorporating a business

    #

    Why Incorporate ?

    Choosing how a business is organized may be one of the most important decisions a business makes. Incorporation may be the wisest decision, but for some, it may be an unnecessary decision, and so each business should carefully assess the benefits (and challenges) of incorporation before moving forward. With that said, the greatest benefits to incorporation can be summarized into the 3Ls: Life, Liquidity, and Liability. Let’s start with Life.

    Life

    The best way to understand a corporation is to imagine it as a separate artificial person (with limited rights and privileges). Incorporating a business is essentially creating that separate person thereby making the business separate from the owner (in a sense, the business has a life of its own). As a separate entity, the corporation exists independent from the shareholders/owners and its employees. Regardless of what happens to the shareholders, or the directors, or the employees, the corporation itself continues to exist in perpetuity until a time the directors and shareholders decide to dissolve a corporation. In a sole proprietorship or general partnership where the owner(s) is the business, what affects the owner may affect the business. Any personal debt or liability of an owner or partner allows the creditor(s) to pursue the assets of the business whether or not the debt or liability has any relation to the business itself. Furthermore, personal bankruptcy of an owner or partner will directly impact a business by opening up its assets to any creditors the owner or partner is liable to. By incorporating a business. the personal finances of an owner or partner remains separate from the finances of the corporation and allows the business to continue without disruption. In the event of an unfortunate death of an owner or partner, the business is generally dissolved regardless of the wishes of the owner or partner(s). All of this could easily be avoided by incorporating the business as a separate entity.

    Liquidity

    As much as we believe that all owners of a business should remain forever committed to the success of the business, there may be times when an owner or partner will need to leave the business. Regardless of the reasons for leaving the business, incorporation allows the free transferability of interest from one person to another. Generally in a partnership, a partner cannot transfer his/her interest in a business to another without the express consent of all other partners. If a partner still decides to leave the partnership against the will of the other partners, the partnership is automatically dissolved. Incorporating a business removes this limitation by allowing shareholders/owners to freely transfer his/her interest to another without the unanimous consent of all other shareholders. Small businesses may see the restrictions against transferring shares as a good thing and may want to control how a shareholder may transfer his/her interest and to whom. Incorporation allows this flexibility as well. The free transferability of shares is a default rule, but by no means is it mandatory for all incorporated businesses. Businesses have the option to place restrictions on the transferability of certain shares and so even if this benefit of liquidity may be seen as a detriment to a business, incorporation lets the business decide whether or not to take advantage of this option. More importantly, unlike a partnership, incorporation prevents the ability of a minority shareholder from dissolving a business without cause.

    Liability

    One of the greatest benefits for incorporation is its limited liability against the shareholders. As mentioned above, any debt or liability against a specific shareholder remains separate from the corporation. Likewise, the inverse is similarly true. Any debt or liability against a corporation does not open the doors of shareholders’ assets to the creditor(s). The shareholder’s liability in any corporate debt or liability is limited to what the shareholder invested (unless there is fraud). In a sole proprietorship or general partnership, the owner(s) and/or general partners remain completely liable to any debt or liability placed against the business. If a business is unable to pay a debt, the creditor can attack the assets of an owner or partner until the debt is satisfied. In a corporation, a creditor can only attack to the extent the shareholder invested into the corporation (unless there is fraud). This allows the corporation to make business decisions without the risk of endangering the personal assets of its shareholders beyond what was invested. Risk is a necessary element to a successful business. Anything that minimizes the risk to investors makes the business more attractive, and so the limited liability of an incorporated business is quite valuable.

    Taxes

    The major detriment to incorporation is the taxes involved. In a sole proprietorship or partnership, the taxable income of the business flows directly to the owner and/or partners and are taxed based upon the individual’s income tax bracket. However, because the corporation is considered a separate entity, the taxable income of a corporation is taxed first under a corporate tax. If the corporation decides to distribute the remaining income to the shareholders, that income is taxed once more based upon the individual’s income tax bracket (essentially, a double-taxation). The marginal tax rate for a corporation can be significantly higher than the marginal tax rate for a sole proprietorship. Although this characteristic of incorporation may deter a business from incorporating, small businesses can avoid this double-taxation by taking advantage of the options given to a corporation by the states. Some options include incorporating as an S-corporation (see below) or filing as a Limited Liability Company (LLC) (see below). These options allow the taxable income to flow directly to the shareholders/members without being taxed twice, while at the same time, maintaining the benefits of incorporation. The 3Ls are important benefits, but not the only benefits. There’s also something psychologically beneficial about incorporating that goes beyond the number crunching and legal issues involved. Incorporation may seem to be a daunting task, but it is also an exciting moment in the life of a business. First conceived through an idea, a business can be birthed at the point of incorporation. No longer will it simply be an idea or something intangible, but an actual and existing entity. Sometimes this psychological step of seeing the business as something real will further motivate and inspire you to bring greater success to your business.

    Reduced Chance of Tax Audit

    Sole proprietors tend to be more likely to file incorrect returns (many are self-prepared). and tend to under report revenue or over report deductions. For these reasons, the IRS has audited a much higher percentage of sole proprietor tax filings than corporate filings in recent years. In tax year 2006, a Schedule C filer stood a 1 in 32 chance of being audited. For non-business filers, the odds were around 1 in 124. This means that sole proprietors are significantly more likely to be audited.

    Build Credibility

    Distinguishing yourself from the competition by establishing a professional identity helps increase credibility with your customers. Most businesses choose to incorporate a business to prove their legitimacy to both customers and suppliers. Adding “INC.” or “LLC” after your business name gives you the credibility and professionalism that many customers are looking for.

    You could file all the necessary incorporation documents yourself. However, when you consider the time involved for filing, administering, and maintaining all the documents necessary to keep your business running legitimately. why would you? Let us help you get it done, so you can get back to business!

    • Forming a business with MyCorporation is a cost-effective way to protect personal assets and gain potential tax savings.
    • Our incorporation services start at just $69 (plus required government fees).
    • Lawyers charge, on an average, over $200 per hour. With our document filing services. you’ll know exactly what you are getting, and how much it costs from the very beginning.

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    How Do I Know If I – m Qualified to Be a Business Analyst? #free #business #directories

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    How Do I Know If I m Qualified to Be a Business Analyst?

    Are you exploring a career in as a business analyst? Do you find yourself wondering if your skills and experience are relevant to a business analyst role? Would you be interested in learning about how qualified you are to be a business analyst?

    We re going to talk about how to know if you are qualified to be a business analyst, but first I m going to share a funny story with you.

    (Before I forget, I want to be sure you know about my step-by-step BA career planning course (it’s free) that’s designed to help you, the mid-career professional, kick-start your business analysis career. The course will help you dig deeper into each of the concepts outlined below.)

    Just last week, the night before my birthday, I walked down the short flight of stairs after putting our daughter to bed. I smiled at my husband. He was making an odd expression. I continued to look more deeply at him to figure out why.

    I walked over to where he was sitting and said, What s that goofy face for?

    He says, You didn t see it, did you?

    Me: See what?

    He shifts his eyes back toward the stairs. On the ledge we have right in front of our stairway were a dozen yellow roses laying out in plain sight.

    I couldn t believe I had completely missed them. For a split second, I even starting thinking that just maybe my husband tele-ported them there, but then I remembered the laws of physics and found my own eyes to be the culprit.

    I was looking at my husband and his funny expression instead of what was right in front of me.

    This same sort of thing happens to all of us, all of the time. We often don t see what can be obvious to other people or even what other people expect we should obviously be seeing. In all the work I do with professionals transitioning into the BA profession, the most prevalent problem I see is that they overlook significant relevant and transferable skills from their own career background.

    As a result, their answer to the question, Am I qualified to be a business analyst? is a resounding no when it should be a yes or at least a some of the time . (And as we ll see in a bit, some of the time can be a very effective path to business analysis.)

    Today, I d like to help you see the bouquet of roses waiting for you on the ledge at the bottom of the stairs. And to do that we need to look at the concept of transferable skills.

    What are Transferable Business Analyst Skills?

    Transferable skills are skills that you’ve built through experiences in your past roles. In the context of business analysis, transferable skills are BA techniques you’ve used in non-BA jobs or soft skills you’ve developed in perhaps unrelated roles.

    Transferable skills can help you skip past entry-level business analyst positions. This is especially important because there tend to be very few entry-level business analyst positions. And those savored few entry-level positions tend to favor recent college graduates without the salary requirements of an experienced professional.

    If you do have even a few years of professional experience, and a fair amount of the 42 reasons to become a business analyst resonate with you, then you have transferable skills. Getting clear and confident about them is part of your path to success as a business analyst and figuring out what roles you qualify for.

    But What Business Analyst Qualifications Are Transferable?

    When transitioning to business analysis, there are many areas in which to look for your business analyst qualifications. A good first step is to review our list of core business analysis skills that are important for a new business analyst and start mapping your experience to these skill areas.

    Here s a rundown of what you can expect to find during this process:

    • The core business analyst skills. those you might find mapped out in the Business Analysis Body of Knowledge® (BABOK®). will help you get past the screening process for a business analyst role. Any given hiring manager tends to have a checklist of key qualifications they absolutely want to have met by a potential candidate. And even if your experience is informal. it s likely that you can map it to a more formal deliverable or analysis technique. Use the BA terms (appropriately) in your resume and in a job interview and you ll increase your chances of qualifying yourself for a business analyst role.
    • Although managers screen for a specific set of core business analyst skills, they often hire for soft skills. such as relationship-building and the ability to communicate with a diverse set of stakeholders from the business and technical communities. Understanding the key soft skills you bring to the table is critical. Being able to speak to specific experiences where you used those soft skills in a BA context (or close to BA context) can increase the number of BA jobs you ll qualify for.
    • Then there will be skills that set you apart as a candidate and qualify you for specific types of BA positions. These vary widely from technical skills, to specific business domain knowledge, to experience with specific types of business applications.

    What Do I Do with My List of Business Analyst Qualifications?

    Even with a list of transferable business analyst qualifications in hand, a transitioning BA can get understandably frustrated. What business analyst roles do these skills qualify you for? It can often seem as if the grass is greener on the other side of the proverbial fence .

    • If you don t have an IT background, it can seem as if every possible BA job you look at requires some obscure technical skill you have no interest in building.
    • If you do have an IT background, but no business experience, it can see as if every possible BA job you look at requires business domain experience.

    While you will most likely find that the number of roles you aren t qualified for outweigh the number of roles you do qualify for, your career background will qualify you very strongly for a specific set business analyst jobs .

    • If you have a technical background. consider BA roles that include systems analysis responsibilities or blend selected IT duties with a business analyst role. Your experience with specific technologies could qualify you for specific BA roles.
    • If you have a business background from a specific functional area (such as customer service, human resources, or finance), consider BA roles working on the business applications with which you are familiar or supporting this area of the company. Your familiarity with the terminology and processes for that functional area could qualify you for specific BA roles.
    • If you have deep experience in a specific industry. consider business analyst roles in that industry. Your understanding of the industry environment, terminology, and core processes could qualify you for specific BA roles.

    To sum things up, the answer to the question about whether or not you are qualified to be a business analyst requires a bit of analysis. First, you must discover your business analyst skills. Then you want to map them to the types of roles you see in your local job market. Most likely, you will find yourself to be very qualified for some roles, partially qualified for others, and not at all qualified for still others (and this last set will most likely be the biggest, and that s true even for BAs with formal experience).

    With this information in hand, you can decide how and if to move forward in your BA career. And keep in mind, just like those I work with on their career transitions, it s quite possible and actually very likely that you have more relevant experience than you think, and you won t realize what those qualifications are until you go through a skills discovery process .

    Find Your Path Into a Business Analyst Career

    After reading and working through the exercises in How to Start a Business Analyst Career. you’ll know how to assess and expand your business analysis skills and experience.

    This book will help you find your best path forward into a business analyst career. More than that, you will know exactly what to do next to expand your business analysis opportunities.

    Click here to learn more about How to Start a Business Analyst Career

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