Monthly Archives: July 2020

Worth Every Penny Book Review

As a business owner of a home-based photography studio, I find that constant education is vital to the continued growth of my business. There are a variety of forms of education for photographers and other business owners: conferences, classes, local meetings, or books being a few. Books are often one of the cheaper forms of education and I find a lot of great insights from books like Worth Every Penny.

Worth Every Penny is a business book written by both Sarah Petty and Erin Verbeck founder and chief of The Joy of Marketing. This book is targeted toward small business owners running boutique style businesses. While bigger businesses are focused on volume, boutique businesses are focused on experience and high-end, quality products. This book helps boutique business owners understand some of the keys necessary to running their boutique business.

Worth Every Penny gives great advice on how to build a strong brand to market to your ideal client base, which is crucial in a boutique business. It’s importance to convey luxury and a high-end experience to your current and feature client base. The book also discusses strategies for creating a strong marketing and advertising campaign to reflect this idea and what makes your business unique. It is always important to convey what makes your business different and more desirable than your competition.

A huge part of boutique businesses is building relationships. When you aren’t working with a high volume business, you have the time to invest in getting to know your clients. Worth Every Penny discusses ways to convey your appreciation to your customers and develop strong relationships with them, which can help grow your business.

And of course, with the extra time, value, and care dedicated to the customers of a boutique business, a higher price is often a necessity. Worth Every Penny discusses methods for pricing your products and adding additional value to your clients orders. After all, to be a viable business, you need to make a profit.

I personally found Sarah Petty & Erin Verbeck’s book, Worth Every Penny, to be incredibly beneficial and insightful in working on my own business. Determining my strengths and unique products, how to market them and provide my clients with the best care possible are incredibly important to me, and this book has helped me narrow down and hone these things. I would highly recommend this book to any boutique business – not just photography business owners!

Is Education Really the Key to Success?

“Education is the Key to Success” – Well, I TOTALLY DISAGREE. In fact, I see education as an authoritative conditioning tool which tried to lead me into economic enslavement. And mind you, I always did well in school, but finally had to leave as it was dummying me down as my business was taking off. I should have left HS my sophomore year and GED’d (General Education Development test instead of finishing HS) out, went straight to business school classes for two years and left. I’d have been way Ahead, but I was told by so many do-gooders to stay in school and be involved.

Great, and yes as Senior Class Pres, 4-year varsity, most likely to succeed, I excelled at the game, but so what, that’s HS, and it was just a prison for us 3000 kids for 4-years. Education is NOT the key to success at all. Recently I went to speak at a HS, I was blown away, as nothing had changed since the 80s, same ridiculous rows of desks, and time-wasting, brain numbing crap. I am sorry, but I will NOT parrot the party-line. We are making our little humans stupid and the longer they stay, the more they owe in student loans, and the less they can think.

Seriously – dare to challenge your na├»ve notion and belief system? Chicken. Go ahead; keep telling everyone the importance of our education system, but it is BS, you can learn more watching lectures online and doing things in the real world. Why has it gotten so bad you ask? Well, how about; Teachers Unions, Bureaucracy, In-fighting, top-heavy administration, wasting taxpayer’s money, status quo stodgy crap. “Education the key to success?” Nonsense, especially what people pass off as education these days. Admit it, we are producing brain-dead morons.

“But, Lance education and schooling are not the same thing,” I was then told. Well, to that I say, thanks for clarifying that. However, the public equates “Education” with school + college. I wouldn’t say “I think” the system sucks, more like “I know” what I’ve observed and there is no excuse for it. That is NOT an opinion you see, rather that is an observation which is duplicable across this great nation. If we de-couple the words; “Education” with “School” and “College” then I will accept your view of the debate at hand. But how can you de-couple real world definitions?

We can’t, that’s what education is in the minds of the people, thus the statement; “Education is the Key to Success” is invalid. Now then, if we want to say; “experience, education, observation, and the ability to think and adapt” are the keys to success, okay, I can go for that. But, as it stands now, our school system is a disgusting excuse for anything worthy of being called; education.

Entrepreneurship Education and Innovating Success

Entrepreneurship education spawns a lot of success stories and these encourage a lot of people to go start their own businesses. And with the help of the internet, entrepreneurship education opens its doors to a whole new people as well as opportunities for future entrepreneurship. This, however, has led to tougher competition too. The wider playing field also becomes a host of different businesses where people can learn, compete, and innovate.

And the best way to counter competition would be through innovation. Think about it as finding ways to put up your own playing field or even inventing a new game. If you innovate, you will basically be creating a whole new market and conquer that. Your education in entrepreneurship will help you become more prepared; innovation ensure success -if you take the right risks.

You have to realize that business is all about taking calculated risks, which can be learn through entrepreneurship education. Innovation can be a pretty big gamble, especially if you have virtually no idea how the market is going to react to the change you introduce. As such, you need to anticipate the different factors that may affect your innovations success. Keep in mind that in risk reduction is very important in the business.

Innovation isn’t just about introducing a new product or service to the market. If you want to succeed, you need not use your education alone; you have to think outside the box and consider your business as an organic whole. This means you have to combine it with innovation can come in the form of a new and more efficient way of production.

Every entrepreneurship education as well as program encourages innovation and, in turn, innovation encourages progress. It is because of the constant competition between entrepreneurs that our civilization has reached the heights we have today.

Tally Solutions Preferred By Most Indian SMEs

With a history of more than 2 decades, Tally Solutions is a multi-product organization delivering flexible business solutions for diverse as well as complex business requirements. The company is primarily divided into 3 lines of business, namely: Software & Solutions Group, Education Services Group and Enterprise Management Solutions Group. Tally has also made large investments in getting new companies and new products. The company’s education business wing offers accounting business relevant and correlated vocational training to several students and job seekers in India.

Preferred Tally Solutions amongst Entrepreneurs

Tally Solutions is quite proficient in developing the simplest, yet most commanding business management software solutions. The main aim behind designing these solutions is to manage the extended enterprise along with essential functions such as inventory management, financial management, sales and purchase management, invoicing, reporting and management information systems. For a long period of time, Tally has addressed nearly all the accounting related necessities of small businesses and their requisite to address the range of constitutional requirements such as service tax, VAT, FBT, excise, etc.

This business accounting software package offers an enterprise with a system that lets quick and easy scrutiny of information which helps in making a quick decision. It further helps in knowing the business in a better way and ensures total acquiescence to legislative requirements. Also, by using this software, a lot of time is saved which is generally spent in the collection and evaluation of data.

Tally’s multilingual product

Tally’s accounting and inventory management software has tremendous multilingual capacity with prompt multilingual transcription which provides its users incredible freedom in communication. With the help of this you can maintain your business accounts in one language view it in another and print it in some other language, simultaneously. With its multilingual product, the user can interact with the software with the help of the menu options that have already been translated into regional languages. Phonetic keywords can also be used by the user to enter data and typically, the way to use these phonetic keywords would be to spell the term in English with the software displaying it, after transliteration, in the language selected.

Are Tally Products VAT compliance?

Even in the late ’90s the software’s international products were already VAT compliant. As far as India is concerned, the company has worked with all the governing bodies to spread the knowledge of VAT. This specific software, incidentally, is one of software available in the market quite earlier that allowed supports for VAT for all states having implemented VAT. In India, many states have implemented from 1st April 2005 and again, Tally Solutions has been a leader in offering VAT return capability for these specific states as well.

Today, in India, many small and medium sized businesses in India prefer Tally ERP 9 as a business account product for their functioning. As per a study, the company stands a larger market share as compared to all other accounting software companies combined in the country. Today, millions of users use this powerful accounting software as the company continues to expand globally with offices in all major cities in the world.

The Effects of Globalization on Both Accounting Profession and Education

Innovations in technology has catapulted the financial district into a global market. Globalization has had a large influence on the way businesses conduct business. Firms are not only responsible for being privy to information involving consumers in their own backyard but also understanding consumer culture as well as economic, political, and legal structures that exist in other countries. Due to the influence globalization has had on businesses, it has changed the expectations that are required of incoming business students and their education. More specifically, accounting students are being impacted by the changes globalization has influenced the market with. These students are challenged more particularly throughout their undergraduate years to understand not only the rules and regulations of GAAP (General Accepted Accounting Principles) but also the standards set forth by the IFRS (International Financial Reporting Standards). Within the accounting sphere, the primary focus has been on external reporting which involve the preparation of financial statements and auditing. However, due to the ever changing world of the global market, future accountants are required to possess perspectives that influence both external and internal reporting. The market will continue to change due to the fast paced journey of information making globalization an important factor in accounting education.

Businesses in the United States have largely adopted GAAP which is a guide to how business are to construct financial information to produce statements. GAAP has been useful in the last couple of years because it facilitates the way businesses in the U.S. communicate with each other. However, in the global environment, GAAP proves to be burdensome for most companies. Overseas, they have adopted IFRS which is another guide to producing financial information which aids foreign companies with communicate amongst each other. Most countries use IFRS as a basis for the way business transactions are conducted. Since most of the world is using IFRS as the standard it leaves the U.S. with the tedious task of having to incorporate two different principles to conduct business. In the article, “How Globalization is Affecting U.S. Accountants” by Bruce Pounder, Pounder states that “U.S. accountants will find themselves at a severe disadvantage to the many foreign accounting professionals who have already mastered international accounting standards and who are therefore much better-positioned to take advantage of rapidly growing career opportunities in China, India, and other emerging economies” (Pounder, 2007, p. 3). He then goes on to predict that as GAAP becomes more overshadowed by IFRS, U.S. accountants will find their skills and knowledge becoming obsolete. Therefore, IFRS has become more integrated into the accounting curriculum for education. Students are required to understand not only GAAP but IFRS and the changes that occur when working with both. By involving IFRS into the learning process, students will be prepared to later take the CPA Exam which has recently been updated to include information about IFRS in the Financial Accounting and Reporting (FAR) section. Students are becoming better equipped with skills and information that will make them more marketable and efficient in the globalized business environment.

In the U.S. economy, a thriving financial sector is usually supported by a strong public accounting and auditing firms. Therefore, the focus over recent years has been to ensure that accountants excel at compiling information involving a company’s assets, liabilities, equity, investments, etc. However, due to globalization, external accounting practices aren’t as valued if internal practices are not also implicated. Internal practices are important because it shapes the way businesses reach their customers in the foreign market. Authors Paul Danos and Richard L. Measelle stated in their article, “Globalization of the Business Environment: Implications for Accounting Profession and Business Education”, that “In a competitive global market place, the internal accountant must be sensitive to what drives the costs of products and he/she must work with production and marketing people to rationalize all cost accounting procedures” (Danos, 1990, p. 79). The responsibilities of the internal accountant is becoming more critical to the success of businesses. For a business wanting to expand into foreign territory, cost accounting is used to accurately develop product price information, location of manufacturing facilities, picking suppliers, etc. Due to these factors, internal accountants have to be familiar with regulations across borders, tax treatments, and currency conversion costs. When it comes to public accounting, auditors must be heavily versed in global accounting standards because “the world’s economies are becoming increasingly interdependent… ” (Needles, 2010, p. 602) according to Belverd E. Needles Jr. author of the article “Accounting Education: The Impact of Globalization”. The author goes on to encourage global standards for auditors because it strengthens their practices by only having to be familiar with those regulations. In order to be well versed in the global market, accounting students are advised to take courses specifically designed to analyze different cultures, languages, and political factors that influence societies.

Globalization has influenced many changes that have taken place in both the accounting profession and education. Students are now exposed to problems that occur in the global market and how to go about solving them. Not only are these students expected to understand all the mathematics and jargon involved with the business world, but they are also expected to have a good sense of foreign consumer culture as well as the regulations bound to each country. Implemented with these skills, students will be able to excel in the new business world.

References

Danos, P., & Measelle, R. L. (1990). Globalization of the Business Environment: Implications for the Accounting Profession and Business Education. Human Resource Management, 29(1), 77-84

Needles, B. E. (2010). Accounting Education: The Impact of Globalization. Accounting Education, 19(6), 601-605. doi: 10.1080/09639284.2010.501578

Pounder, B. (2007). How Globalization is Affecting U.S. Accountants. Montvale: Institute of Management Accountants.

HR’s Viability & Role in Business Strategy

Human Resources management in recent years has fought to be seen as a vital determinant of the business. In addition, executive leadership along with board of directors’ decision on what HR actually brings to the table in regard to strategic business planning and organization has begun to reconsider the concept of HR being a high-level paper pusher but due to recent changes in employment law, the necessity for HR is imperative now more than ever. Today’s workforce is no longer a collection of the traditional employee but that of diversity, innovation, uniqueness, advanced technology and the urge towards corporate/social responsibility. Businesses, as well as major corporations, must provide strategic goals, objectives, mission, vision, and values along with an effective change in how to permit the new role of HR management within the scope.

Perception of HR in Business

HR perception in the past has shone dimly of actuality on the role of the HR professional. Due to a myriad of reasons such as lack of vision, related education, business acumen, experience, specific policy, strategic focus, and effective HR senior leadership has caused HR to be viewed negatively as a waste of labor hours. What may account for this perception is the human resources role within organizations in the past by senior executive management, human resources were known (and still is) as a paper pusher of company rules and is only around for hiring, firing, and handling complex issues regarding employee relations. Senior management’s direction placed on those in human resources is also the reason for the perception, when employment is low then they ask, what function is human resources serving, but when the need for staffing is high, then the tune changes and the role of human resources within strategic business and objectives is necessary. Those in senior management need to know how they want human resources to be included in business and organizational strategic planning so that the role and area of expertise are understood, in addition, responsibilities to both employees and the organization are well defined. The beginning includes reexamining the vision and mission of the company while also discovering what aspect HR will contribute for the organizational accomplishments beyond recruitment, staffing, termination, and utilizing the myriad of talent that human resources possess.

HR professionals bringing a new perspective with a bold mission for the organization is a great place to begin in how the change in perception revitalizes the role of HR because, in today’s workforce, diversity and organizational culture are one of the many roles of HR. The workforce of today requires HR displaying its focus areas/disciplines and distributing how much they impact the organization, especially with massive attention on workplace diversity, is a complex issue that requires more concentration on the employees within the organization in addition to a workplace policy that embraces differences within the talent community. HR professionals are frontline communicators leading the organization’s standard of operations inappropriate employee behavior, and respect for others but also involves management fully understanding employment laws and ethical employment practices.

Ensuring a steady comprehension of the company’s business and organizational goals along with being increasingly knowledgeable of current employment laws and regulations that assist in governing the company along with necessary training of managers and supervisors. Providing flexibility with communication and also taking the time to get to know employees and their goals is another method of revitalizing the perception of HR.

In regard to the changes that HR has gone through, some companies still utilize the department as executive secretary liaisons between the employees and management; however, this perception has dampened HR due to those in the department not really understanding how to address employees during challenging employment issues.

HR’s Road to Recovery

Recent research by business writers and HR professionals have begun to explain the lack of purpose attitude for the HR department as well as how HR can implement certain changes to reclaim its seat at the management table strategically.

Peter Cappelli, Harvard Business Review author of ‘Why We Love to Hate HR… & What HR Can Do About It’ addresses what HR can do to demonstrate why they exist and their importance to a company such as their counter departments and to reduce the hate employees may feel against HR. Cappelli suggested the following to create a stronger and relevant HR:

  • “Set the agenda.
  • Focus on issues that matter in the here and now.
  • Acquire business knowledge.
  • Highlight financial benefits.
  • Walk away from time wasters” (Cappelli, 2015).

Susan Heathfield, author of ‘The 3 New Roles of the Human Resources Professional’ explains that now HR has positioned itself with additional roles within the business that are strategic in implementing necessary changes. Heathfield states that “Successful organizations are becoming more adaptive, resilient, quick to change direction and customer-centered” (Heathfield, 2017). Academic human resources management courses that encourage business students and future HR practitioners to become more business oriented and customer-oriented in servicing both internal and external customers assists in preparation for revitalizing the role of HR. By adopting this new persona of the HR professional, businesses that influence this type of organizational behavior start within the culture of the business while also maintaining senior leadership that manages how HR should be represented within the organization. HR as a strategic business partner is evident organizations such as Society of Human Resources Management (SHRM) providing resources and tools for HR professionals to go beyond their basic expertise and set up with learning skills that align with the organization. A strategic business partner impacts important business decisions that influence labor costs, marketing, financing in regard to organizational budget, and career-specific management programs. HR as the employee advocate is being revitalized to supply assistance to employees professional and personal concerns that impact job performance. Employee advocate within HR as a game changer permits employees to discover what the multitalented department can accomplish when connecting with employee issues that concern them while aligning HR focus areas to better serve the employee. Recovering the HR professional purpose is to “create a work environment in which people will choose to be motivated, contributing and happy” (Heathfield, 2017, para 7). The HR professional is there to incorporate organizational culture in addition to providing expert advice to management and employees regarding their business relationship with the organization. HR profession as a specific change innovator is quickly on the rise within the organization. HR reinventing the customer-oriented aspect while adding creative methods in initialing necessary changes in regard to mission, vision, organizational culture, employment practices, values, beliefs, and progressive programs to continue positive change reception from the overall organization.

The imminent requirement for a change in perception is connected to HR’s viability and role within the business.

The role of HR is imperative and continues beyond recruitment, staffing, and firing employees but the plan in which businesses want to utilize the vast knowledge within the HR role depend on senior executive management and key stakeholders as well as the strategic approach within the organization. Reexamination of HR within the organization impacts the business approach. HR now has the resources, tools, and strategic roadmap to be taken seriously within the business objectives by aligning human resources goals with that of the organization to rebirth a stronger and more business relevant department that supersedes the expectation and perception of their peers. The imminent requirement for a change in perception is connected to HR’s viability and role within the business.

Sources:

Heathfield, S. (August 2017). The Balance: The 3 New Roles of the Human Resources professional Retrieved on January 16, 2018, from https://www.thebalance.com/the-new-roles-of-the-human-resources-professional-1918352

Cappelli, P. (July-August 2015). Harvard Business Review: Why We love to Hate HR. What HR Can Do About It Retrieved on December 27, 2017, from https://hbr.org/2015/07/why-we-love-to-hate-hr-and-what-hr-can-do-about-it