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legal fallout - Complete Controller

If you are an entrepreneur and running your own business, you likely have a crucial role in your business’s growth and success. You are leading your business and playing the role of a salesperson, customer representative manager, developer, and project manager. Although you can hire employees or outsource specific tasks, you need to maintain a check on all of these positions yourself. Even if you are working as an owner of a small business, you will never be free from the liability of following the law. Every new company has to abide by the law of the registering state irrespective of its size. Even if you have started a small scale business or are currently establishing your business, you must know how to handle legal issues. You don’t need to hire a lawyer at an initial level; however, you must acquire all the knowledge regarding business laws. Here are five ways that will help you in protecting your small business against any legal fallout. Check out America's Best Bookkeepers

  1. Always Make Agreements in Writing

Trusting your clients and other business stakeholders is essential at the initial level because you are new to the business industry. However, many owners are ditched or manipulated later on, as no contract or written agreement gets signed at the initial level. When working with another agent, experts recommend implementing a written contract that includes all of the terms and conditions. By doing so, you will resolve all future disputes as everything gets documented in the contracts.

  1. Keep All Paperwork Updated

Once finished with all of the contracts and paperwork, the next crucial task is to file and assemble your papers carefully. A business needs a bookkeeping system that updates all of the data whenever any changes get established in the policies. Old paperwork is of no use for a business as missing data creates confusion. For example, your company has paid taxes and documented all of the tax documents. However, you need to update the previous document and records every time you pay your business taxes. This update can be a troublesome and lengthy process. One can even hire an accountant or bookkeeper if they have enough resources. Check out America's Best Bookkeepers

  1. Research and Learn about the Prevailing Laws

You may not be a professional lawyer. Therefore, at times, you may make legal mistakes that of which you are often not aware. Hiring a permanent lawyer for your small business is not a necessity. However, an entrepreneur can enhance their legal knowledge which pertains to their business industry and business size. There is plenty of information available on multiple legitimate business websites, such as the US small business administration domain.

According to the Small Business Administration website of the United States, we have mentioned a few essential points that every small business owner should know below.

  1. Registering Intellectual Property, Copyrights, and Trademarks
  2. Financial laws
  3. Employment and Labor laws
  4. Marketing and Advertising laws

 

  1. Register your Intellectual Property

If your business has an online existence or your business type is e-commerce, intellectual property is essential. The reach of online business is far better than a local business. It would help if you protected all of your business identities, such as logos, design, and ideas, by registering your intellectual property. There is a fine line between developing creative content and plagiarizing the content of another person. If you have not registered your business trademark and reserved copyrights of your business, others can copy your content, register it in their business name, and file a case against you. Check out America's Best Bookkeepers

  1. Get Professional Legal Advice

When it comes to setting up legal formalities of your business, there is nothing more important than this. If you are confused about setting up the legal contract for your business and are not aware of the essential terms of conditions for your business, you should enlist the help of a professional lawyer. The lawyer will not only read your business’s situation but will even protect your business interest while giving you needed legal advice.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Entrepreneurial Advice - Complete Controller

If you are aiming to begin or have started a business, then be aware of these four cheap pieces of entrepreneurial advice.

  1. Quit your job and commit to your new business full-time

Remember, having more time to put your efforts and energies into your project is not going to enable you to become more successful. You value your time more when restricted. You are typically focused as the time constraints force you to be more productive and efficient. Instead of quitting your job, losing your primary source of earning, and increasing financial stress in your life, learn to get more accomplished in less time. Reinforce your productivity with task-automation that requires repetitive efforts. It would help if you also outsourced the activities that you cannot automate with the help of a virtual assistant and make the most of your extra time in networking and building a customer base for your new venture. Check out America's Best Bookkeepers

Stop thinking that it’s all or nothing. Remember that the most successful businesses in their start were a part-time gig long before the owners made it their full-time attention.

  1. As Entrepreneurship is all about risks

Although starting your venture or side business is never without risk, every entrepreneur is not a bold risk-taker. Most successful corporate owners do everything to minimize their risks. The founders of Warby Parker continued working their old jobs for a long time, even when their company was already a huge success. They waited until they were confident with the net functional safety and effectiveness of the business in generating revenue before taking major risks. Consequently, as a start-up enthusiast, you must weigh the benefits and advantages of growth against the time, efforts, and costs needed. As bookkeeping is essential for preparing financial statements, idea evaluation is necessary for entrepreneurship.  

  1. Never share your business idea, or someone will steal it

You may have heard stories of people who had their unique business idea stolen from them. However, I have never known an entrepreneur who has experienced this. Is it possible? Certainly! However, the tough reality is that most of the business ideas we think are brilliant are terrible in one or more ways. Check out America's Best Bookkeepers

 

Although you may not prefer telling everyone you meet your business idea, you must obtain genuine feedback and business advice from experts. Your friends will hesitate to give negative comments about your ideas, as they think you might feel disappointed and see them as your enemies.

If you are deeply concerned about your idea being stolen, there are many NDA agreements available online you can benefit from. However, you will hardly find ten other people who may have pitched an investor willing to sign it as the same idea. Thus they cannot afford to lock themselves into an NDA. Also, your idea implementation is more necessary to them than the idea itself. Following this entrepreneurial advice could lead you to spend years pursuing an insane idea.

 

  1. You get only one chance at making an impression 

When you share your idea with someone renowned in the industry, they will probably not remember you. They meet so many individuals daily that each face becomes part of another crowd. Although it is certainly a big deal for you, it may be one of the hundreds of interactions they have every day, not to burst your bubble. Check out America's Best Bookkeepers

Consequently, avoid worrying so much about whether you did or said the right thing. Instead, visit different organizations, make new professional friends, and show courage.

Conclusion

While there’s nothing wrong with accepting guidance and help from professionals that have been in the industry longer than you, proceed with caution when someone suggests the four pieces of entrepreneurial advice discussed above. Listening and following them could significantly harm your career as well as your start-up business success.  As with any big life decision, it’s most important to listen to your intuition and allow that to guide your way.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Chiang Mai, Thailand - April 26, 2016: man hand holding screen shot of Amazon application showing on Asus Zenfone 2 mobile phone. Amazon is an American international electronic commerce company.
Ambitious entrepreneurs vehemently talk about Steve Jobs, Mark Zuckerberg, and Elon Musk. Many appreciate Bill Gates for the wealth he has gained. But Jeff Bezos is not given the right attention among young and new entrepreneurs who are inspired by the charm of Steve Jobs and the wealth of Bill Gates. Amazon founder and CEO Jeff Bezos has not gained publicity like other billionaire entrepreneurs, but deserves to be included in the list of world’s top class entrepreneurs.

Besides Amazon, Jeff Bezos is moving towards completion of a private space endeavor called Blue Origin.

Jeff Bezos frequently shares his business lessons in talk shows and other platforms. If you are new to entrepreneurship or you are already running a successful business, even then the business lessons and tips that Jeff Bezos give are worth to learn and understand. Business is not only the name of accounting, bookkeeping, and profit or loss. Business is a term that has a huge potential to grow small businesses into large corporations and eventually to giant business firms. Anyone can benefit from our favorite Jeff Bezos business lessons.

Some Important Business Lessons from Amazon Founder and CEO Jeff Bezos:

1. Squeeze out the fear of failure

Business can flop. You do not get an expected customer response for your products or services. In either case, be ready to embrace your failure. You can improve your product or go for a new business. Embrace your failures and learn lessons from them.

2. Be bold in business initiatives but take calculated risks

Do not fall in risks all at once. Take calculated steps at the start of business.

If you never take a risk, you never make your dreams come true. Be bold in taking risks for the realization of your dreams. But do not jump into something. First, make a plan and do a lot of homework on your plan. Make yourself comfortable with an idea that, even after so much homework and pre-planning, there will still be a chance, though small, that business can fall flat or does not capture the market as expected.

3. Bezos states: “We are stubborn about vision. We are flexible on details”

You should be focused on your vision. Hurdles come and go, failures might happen, the winners are those who cross all the circumstances bravely. But you should be flexible on your path. Make policies that can be changed over time. Learn from your own experiences and act accordingly. Do not become a stubborn leader of your team.

4. Stick with Two Pizza Rule

Bezos believes in ‘two pizza rule’. Group thinkers become dependent on each other’s thoughts. Smaller teams generate better ideas.

5. Never Stop Experimenting

As quoted by Bezos, an important business lesson is:

“If you double the number of experiments you do per year you’re going to double your inventiveness.”

Experimenting with new ideas always ensures better results everywhere, so do in business. Measure the experiments. Learn lessons from your experiments and continue to experiment.

6. Long-Term Thinking at Work

Do not stick to temporary benefits or yields. Make long-term plans for the business. What is the idea? How will we make it better?  Innovative ideas need the patience to bear fruits. It is all about delayed pleasure.

7. Keep a close eye on major trends in market

Bezos strategically calculated that we would soon replace the traditional mail order. He too invested in Amazon, a web-based retail store.

8. Always put customers first

Never compromise on your customers. Allow ratings and feedback from your customers. In turn, deliver better-expected services to them.

9. Innovation is the key to a sustainable business

A sustainable business grows with the market trends. Introduce inventive ideas in the market. People love new, brilliant ideas and services. This is an important business lesson for long-lasting business planners. 

10.    Observe your competitors and copy

If your competitors have achieved something remarkable then you can copy their way of success. But use your mind before copying.

11.    Never chase the hot thing

Do not invest in the thing which is temporarily selling hot and will fade after some time. Go for a sustainable business.

12.    Get started now, no regrets later

The worst ever living, according to Bezos, is to live with regrets. If I had done that earlier or if I had not quit are the type of regrets which are hard to bear later. So start now. Work on your projects wholeheartedly and strategically. 

CONCLUSION

Jeff Bezos frequently shares his business lessons with his viewers in talk shows and on interviews. We can train our minds to grow business using his brilliant business lessons and ideas.

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About Complete Controller® – America’s Bookkeeping Experts
 Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.