If you are struggling to make profit, you are not sleeping well. If you are working hard to make profit, you are not sleeping well. Profit AND sleep seem to be poles apart. You can either have profit; or have sleep; not both! Well, do you feel it’s been like that for years now? Why?…
DetailsIf you did not already hear about it, the Ice Bucket Challenge is one of the largest viral sensations on the Internet in recent times and has raised over $100 million till now for ALS research. Ice Bucket Challenge rules state that within 24 hours of being challenged, usually by a friend on Facebook, you…
DetailsI am so frustrated! Do you find yourself saying so (feeling frustrated) at times at your work? Frustration is actually a Gift!You know why? To find out, ask a question: Is your frustration new or old? You have only two choices. Virgin Atlantic Chief Sir Richard Branson says, “Innovation is often born out of frustration”.…
Details50,000 years ago, the world was filled with dangers, fatal dangers. The weather could kill humans or the tigers would. The sheer survival instincts evolved human beings into social animals, where they lived and worked together in collaborative safety of tribes that grew into communities and villages. When humans felt safe within such groups, the…
DetailsYears ago, when I was a kid, on a cloudy, rainy season night, I found 5 Rupees (I lived in India then) on the road. In those days, we could buy a loaf of bread in 1 Rupee, so those 5 Rupees simply exhilarated me with joy and I ran home excited. I just went…
DetailsAre you feeling increasing competition? Concerned about challenges in getting new clients? Struggling with unpredictable revenue streams and fee pressures? Stressed by partner conflict and lack of accountability? Worried about attracting and retaining your top talent? Frustrated by lack of or inadequate growth? Good news first: You are not alone. And the bad news? Most…
DetailsA few days back, I wrote Create Your “Not-To-Do’s” List. We got some interesting feedback from accountants. Here are some tasks that accountants want to stop doing themselves. Stop fixing the Ethernet cables into the router. (Get the IT guy to do it. Or move entirely to cloud.) Stop importing bank statements into QuickBooks. (Get…
DetailsTax season is over and you made it through the home stretch, significantly tired but scraped through! Now is the time to rethink your business model on the new learning from the tax season and restart looking for new clients. You don’t want to create more “C clients” that suck the energy, time and profits…
DetailsYou can call it a “Stop Doing These” list. If you have done the “ABC Analysis” of your clients, you know the best customers who yield highest net profit per unit of effort (generally your time) are your A clients and those who yield the least are your C clients. All of us have 24…
DetailsThank goodness, you made it through the tax season home stretch! A vacation is well deserved! But will it improve your practice? Do you know what other firms are doing to keep ahead, and growing their business? Here are six things that “progressive-aggressive” accounting and bookkeeping firms will do. And no, these may not be…
DetailsItem 5: Brace for new work. You may need to start asking your clients about Bitcoin. New IRS guidance treats Bitcoins and other crypto-currencies not as money, but as property, for tax purposes and applies immediately to all returns. See the full text of Notice 2014-21 (PDF). Among other things, IRS advised that: As an…
DetailsMy wife and I recently dined at a restaurant at Bangkok, Thailand. It is one of those restaurants where you place order for the ingredients – like fresh vegetables, uncooked meat and seafood, eggs, tofu and what not – all uncooked. On your table is an electric appliance – with a wide pan pot. Once…
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