This is an aggregation of advice from one our forum's most respected members. Unfortunately, Peter is no longer with us and passed away in 2008. Thank you Peter for all your words of wisdom ... may you rest in peace.
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"I think most people wait too long before hiring their first employee. For some, it may be money related. They simply can't afford to hire someone right now, but for others, it's fear of giving up control.
In my opinion, most people are also thinking too small, and are afraid of going forward too fast. The moment it makes sense for your business, is the moment you should take on more people. No one is and expert in every field. Surround yourself with employees that are more qualified than you are, and do it as fast as you can."
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"One of the most common mistakes for losing money on options is holding on to them for too long. Never hold on to an option in the hope that it will go back up. Losing 50% is better than losing 100%. When it's time to sell, it's time to sell."
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"The time is NEVER right. If you wait for all the lights to turn green before you are heading to town, you are going to stay home the rest of your life."
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"It is becoming harder and harder to profit from PPC advertising. Thousands of people are bidding on the same key words as you. A lot of them have no experience, and they are driving up the prices. It's going to get even worse in the future."
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"The more money you have, the less you have to work because you can afford to hire people early on in your business. It's better to hire people that are more qualified and can do the job better than you."
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"If having a partner was good, God would have one."
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"most successful people tried and failed in many ventures before they finally found the right one for them. If you keep stepping up to the plate, you will eventually hit a home run."
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"You mentioned that you sometimes have a hard time with your motivation. Have you clearly identified what it is that you want in life? Have you set a date as to when you expect to get it? Have you identified the obstacles you must overcome in order to get there? Have you identified the people you need to work with in order to get there? Have you spelled out what you need to know to reach your objective? Have you developed a plan of action? Have you written it down as to what's in it for you? Why do you want to reach the goal in the first place?
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"If you don't have clearly spelled out goals, you will always have a hard time with your motivation."
"You have to have goals. How are you going to reach a goal you don't even have?"
"You'll always miss 100% of the shots you don't take."
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"In my first successful business I had at least four or five times the first year where I had maxed out all my credit cards and was practically out of business, only to one year later be taking $100,000 weekly pay checks. What if I would have given up early?????"
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Suggestions for interviewing accountants:
"General questions to ask a potential CPA
How long has your firm been in business?
Ask yourself, do you prefer a firm that has an established record or a new firm that is developing their best customer list.
Do you offer an initial consultation and is there a charge?
Many firms offer a free initial consultation and should be able to given an estimate of the fees for the services you require.
Can I contact any of your current clients for a referral?
A reputable firm will be willing to provide you with references.
What education have you recently completed in your area of expertise?
CPAs who have an active certificate to practice public accounting are required to complete a specified amount of continuing professional education. CPAs receive education credit by attending courses, writing articles or teaching.
Are you a member of a professional organization such as the American Institute of Certified Public Accountants?
CPAs who are members of their local and national associations take pride in their profession. They acknowledge that as a CPA they represent not only themselves but the profession as a whole. Professional associations provide opportunities, tools, training and the resources for CPAs.
What other certifications are held by CPAs in your office?
The importance of this question will depend on the type of services you need. Look for the following (this in not intended to be an inclusive list):
MBA ?€“ Masters in Business Administration
CFP ?€“ Certified Financial Planner
PFS ?€“ Personal Financial Specialist
ABV ?€“ Accredited Business Valuation
CFE ?€“ Certified Fraud Examiner
CBA ?€“ Certified Business Appraiser
MCBA ?€“ Master Certified Business Appraiser
MBT ?€“ Masters of Business Taxation
CFA ?€“ Chartered Financial Analyst
RIA ?€“ Registered Investment Adviser
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Questions for small business owners
Are you looking for expertise and industry knowledge of your business?
Ask what experience and what percentage of the CPA practice comes from other clients with a similar business.