On average 25% of the Total Cost of Doing Business is tied to inefficiencies...the waste of time, energy or materials, and I've had many CEOs tell me that 25% is on the low end.

Nobel Prize winner Ronald Coase, of Coase's Law , says that there is friction/costs involved with being in business.There is the original friction or cost of finding suppliers, employees and customers. There's the on-going friction or transactional costs, and then there's the greatest friction of all...the friction of failure.

Prior to entering the training field in 1982 I had a real job as the corporate credit manager for a regional company based in Denver. My duties as the credit manager included the approval of new credit customers and the management (not collection) of past due A/R. I soon found that on average 70% plus of all past due customers had not paid on time due to "something going wrong somewhere." In the process of fixing things that had gone wrong I found that I could identify areas of opportunity for improvement throughout the entire supply chain thus driving down everyone’s cost of doing business.

The New Guy Only Thinks He Learned From the Old Guy Who Only Thinks He Learned From The Dead Guy:

It may not be so in all companies, but sometimes employees and business managers operate like automatons, they repeat how they do things over and over again until it becomes ingrained, and as with any habit thinking isn't required. . And all too often CEOs and top management are complicit if not directly responsible.

If you are a business manager pull out your job description, if you're a CEO pull out your managers' job descriptions and check to see if it/they say anything about "Constant Improvement".

A business manager not focused on improvement becomes an administrator at best and a bureaucrat at worst.

Before improvement/change for the better can take place two thing must happen; first there must be an acceptance or acknowledgment that a business doesn't have to be sick in order to improve, there is always room for improvement.

Then there must be a commitment made as to who will do what when...and the efforts must be tracked and measured.

Change always generates resistance, expect it in others and in yourself. Tell the affected employees of the changes to be made and then ask why the changes won't work...take notes for this will become a "to do" list.

Keep changes small so that people can succeed, but once they mastered a change introduce the next small change...no stress no change.

And of course pay people for doing what you want done...like thinking and coming up with improvements.

An old axiom says that "People respect (do) what is inspected (measured) not what is
expected" .

Can you imagine the chaos that would result if traffic cops were pulled off the roads? In much the same way business managers need to be told that a primary function of their job is to think, to always be looking for ways to save a step, a minute or a penny...and then they must be measured.

Over the years I found that this method for organizing and documenting the knowledge needed to do things as right as possible the first time... worked with any business function.

The Five Organizational Ps

Purpose: Every business function must have a clearly stated purpose which answers the question, "Why incur the costs that go with the function?"

Policies: Goal driven guidelines for each major component within the function.

Process: The step by step method for achieving the goals established by the policies.

People Requirements: The right people for the job based on the process.

Process Monitoring and Performance Measurements: Monitoring key steps in the process to ensure quality and measuring against the goals established by the policies.

If the established goals are not achieved either the process is wrong or you have the wrong guy in the job.

Financial profit is necessary for any business to stay in business and the best way to improve on profit is to do things as right as possible the first time. We will never achieve perfection because things keep changing and that's why Policies and Procedures are never done and we need to place a cover sheet on them that says "UNDER CONSTRUCTION".

One Size Does Not Fit All

Every person on the planet sees things differently, His Holiness, The Dalai Lama says that there are six and a half billion of us and six and a half billion versions of reality and if you're married you know what the Dalai Lama is talking about...it's the same with companies. Businesses are a collection of many different people, none of whom define the business but collectively they make up the business. And what works at one company may not work at another... every company and it's people are unique . The process for best business practices must be based on each company's understanding of what is... is.

In Closing

It was time to rotate the tires on the pick-up and for an oil change and lube, I knew it was time because of the sticker on the corner of the windshield. I've learned it's best to make an appointment rather than just show up at the tire place and have to wait if they're busy...guess what? ...no phone number on the sticker. This is a national tire chain and yet I had to wait and remember to look up their phone number when I got home. If I had been able to call them from the pick-up at the time I'd noticed the sticker I'd might have been able to get in sooner, and at my age they were lucky I didn't space it out altogether. I mentioned all this to the asst. manager when I was checking in and he got it at once...he pulled out a note pad and wrote it all down saying as he did so ,"This is one for corporate, we all use the same stickers." Good for him...now lets see if Big O corporate gets it.

When people are told that on-going improvements are desired and that they will be measured on coming up with them, they become different people.

They find that they are capable of thinking outside the established box and that it gives far more meaning to their work lives, than just a paycheck.

And it drives down the cost of doing business for everyone in the supply chain.

Abe WalkingBear Sanchez is an International Speaker / Trainer / Consultant on the subject of cash flow / sales enhancement and business knowledge organization and use. Founder and President of www.armg-usa.com, WalkingBear has authored hundreds of business articles, has worked with numerous companies in a wide range of industries since 1982 and has spoken at many venues including the Shakespeare Globe Theater in London.

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When most small business owners think about taxes, they think about Federal income taxes. But there are other taxes that I want to let you know about, so you’re not surprised if you have to pay them.

The first is self-employment tax. If you’ve ever worked for someone else, you know that social security and Medicare taxes get deducted from your paycheck. When you’re self-employed, you don’t actually get a paycheck.

Here’s what happens if you’re a sole proprietor. Following the IRS rules and regulations for calculating income and expense, you report your results for the year on your personal 1040 by filling out Schedule C.

Then you take the net profit and put it on Schedule SE for self-employment tax. After a small deduction, you calculate 15.3 % as your self-employment tax. This is double the rate of 7.65 % that’s deducted from employee paychecks because as a sole proprietor you’re both the employer and the employee so you have to pay both parts.

You get to take half of the amount of self employment tax as a deduction from your income on the front of your 1040. This has the effect of reducing your taxable income.

The self employment tax itself goes on the back of the 1040 in the section called Other Taxes on the line that says self employment tax. For the 2006 filing year that was line 58. This tax gets added to your Federal income tax and any other taxes you owe and is paid when you file your 1040.

If you (and/or your spouse on a joint return) have had Federal income tax withheld during the year that adds up to more than your total taxes for the year (which includes self employment tax), you’ll still qualify for a refund.

If your business is operated as a corporation AND you’re active in your business, you should receive W-2 wages and you won’t be subject to self employment tax on your earnings. Distributions from S corporations are generally not subject to self employment taxes.

If your business is operated as a partnership, you might have some items of income that are subject to self employment tax and some that are not. These items will be reported to you on a schedule K-1 that is part of the business tax return.

Sales tax

Many States have sales taxes. If you sell products to customers, you’ll have to charge them sales tax and pay it to the State. In some cases, digital downloads are considered products as far as the sales tax rules are concerned and certain services might also subject to sales tax. In Indiana, where I live, the rules are put out by the Indiana Department of Revenue. There will be a similar agency in your state who you can contact to find out the rules.

Local Taxes

Some cities and school districts have local taxes that you might have to pay. Some of these depend on your type of business. There might be additional sales taxes, property taxes, innkeeper’s taxes, or food and beverage taxes. Check with the authorities in your area for details.

And then there’s the often dreaded Estimated Taxes

This is a subject that confuses many people.

First, let’s try to understand the reason that the estimated payment system exists. Our system of Federal taxes is a “pay as you go” system. When you think about it, that makes sense. The government needs money all year long to pay for various things.

When you work for someone else, taxes are withheld from your paycheck each pay period, so the government gets its money over the course of the year. If you’re a sole proprietor, this doesn’t happen, so you’re expected to make estimated payments.

As with many IRS rules, there are some exceptions, and some penalties if you don’t pay enough or pay on time. There are some cases where you might not be required to make estimated payments (and you won’t have a penalty if you don’t), but it would still make sense to make them anyway, to avoid having to pay a large amount on April 15th.

If you have another job in addition to your self-employment, you can increase your Federal withholding on that job to cover the amount of the estimated taxes that you would otherwise have to pay. And if you’re married and file a joint return and your spouse has wages from another job, he/she can have additional Federal withholding taken out to cover the estimated payments.

Or, you can make quarterly payments using Form 1040-ES. You can also sign up to make the payments on-line. You might also need to make estimated payments towards your State taxes.

Payroll

If you have employees, you’ll need to pay various Federal, State, and local payroll taxes. But we’ll have to save that conversation for another time.

The most important thing you need to understand is that it’s your responsibility to find out what taxes your business has to pay. And that the laws vary from place to place and by type of business.

A good source of information is an accountant who specializes in consulting with small businesses.

Sheryl Schuff, CPA, is a Certified Public Accountant, author, and consultant who teaches entrepreneurs how to get their businesses organized, keep good accounting records, and maximize their business tax deductions. She is President of Schuff & Associates, PC and has been in private practice for over 30 years. She recently started an information products company www.TaxesForSmallBusiness.com to provide individual training materials for small business owners.

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Whatever you believe is true...at least to you.

Averages, don't you love them? What mama ever said to her children that the goal in life
is to be "average"?

Lowly manager...Largest asset

Sometimes it's more but on "average" 40% of a business' assets are in the form of
accounts receivable...short term money due from the sale of a product or service. In direct
contrast to the size of the asset that they are responsible for creating and managing,
credit managers are most often lower echelon managers who are at the very least one
step removed from the corporate decision makers...and their paycheck reflect it.

Forget the traditional organization chart with branches that in turn branch off and so on.
Instead of organizational charts think of totem poles...the carved columns erected by
the Native Americans of the Pacific Coast.

Totem poles are representations of men and animals and of their relationship. Now
forget about corporate titles, initials after names, and the size of the paychecks earned
by different business managers; instead focus on their ability to influence profitability.
Where would credit managers sit on the totem pole; close to the top, in the middle,
at the bottom...if at all?

The Pay Back

When allowed, encouraged, and supported by "upper management"; credit managers
can and should seek to find ways to say yes to new profitable sales, to keep existing
credit customers current and buying and to identifying and communicating cost reducing
opportunities for improvement through out the entire business chain of suppliers,
sellers and customers.

A credit application can represent the successful result of marketing and sales efforts,
a customer wanting to buy, or a risk for non-payment...of loss if the customer fails to pay.
Corporate attitude will determine how performance is measured and if DSO (days
sales outstanding) and % bad debt are used the message to the credit manager is clear,
"be real careful who is approved for credit and if a credit customer fails to pay within
terms ..throw them on credit hold/stop". The end result of focusing on and measuring
for risk will be great DSO and bad debt numbers ...but at what cost/loss?

Instead of measuring for risk a company should measure for profit and if it does credit
approval becomes the process of finding a way(s) to say yes to profitable sales . The
profit measurement looks at the % of applied for dollars approved, or exceeded.
Measure for profit and past due A/R management (it's not collections) becomes the
"Completion of the Sale" with the goal being to keep credit customers current and
buying. With repeat sales often being the most profitable, companies should measure
for % of credit customers current...and buying. If the total credit line (never credit limit)
for all credit customers is $10,000,000...what % of the total line is being utilized?
...and are those customers with an unused line being encouraged to buy more?

A secondary goal of Completion of the Sale (past due A/R management) is the
early identification and control of the small % of past due that represent a potential
for loss...type two financial serious and type three avoiders.

The largest percentage of past due A/R are tied to something going wrong. On
"average" 70% or more of past dues are type two system related...something went
wrong somewhere. In the process of identifying, fixing and communicating those
things/processes that have gone wrong; the credit area can help drive down
everyone's costs. Constant improvement in how things are done provides a
payback far greater than more new sales, repeat sales, and improved cashflow
combined.

Numbers and results

Payment on account and expectation fulfillment are linked. If a customer orders
a green "whatever" and is shipped a blue "whatever" the seller shouldn't expect
to be paid. Employees are kind of like that; they tend to go with the flow , with the
expectation. If credit managers are low paid, if they are thought of as the "ugly
step-child of accounting" and if their performance is measured by DSO and bad
debt loss...not much is being asked nor is likely to be delivered. On the other hand
if a company measures for profit...for new sales, repeat sales and improved
efficiencies...cash flow and bad debt will take care of themselves.

Total Cost of Business

On "average" 25% or more of the total cost of doing business is tied to inefficiencies,
to things not being done as right as possible the first time. And not to be repetitious,
but the credit manager in a company is like the man following a parade with a shovel
...when something goes wrong the customer doesn't pay and in the process of fixing
things the credit manager interfaces with just about every aspect of business; and if
asked the credit manager can point out improvements that drive down everyone's cost
of doing business.

Summary

Whatever you believe is true and it's the same for companies...whatever they measure
for defines their thinking, their attitude.

The full profit potential of a business is influenced by its attitude toward the credit
function and to Credit's placement on the corporate totem pole.

And if your company still measures for DSO and % bad debt...your attitude is showing.

Abe WalkingBear Sanchez is an International Speaker / Trainer / Consultant on the subject of cash flow / sales enhancement and business knowledge organization and use. Founder and President of www.armg-usa.com, WalkingBear has authored hundreds of business articles, has worked with numerous companies in a wide range of industries since 1982 and has spoken at many venues including the Shakespeare Globe Theater in London.

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This article is by our guest writer Sandra Hajda, a freelance journalist, publisher and avid investor. Sandra resides in Melbourne and can be contacted at hajdasandra@hotmail.com.

It’s increasingly recognised that shrewd investment is essential to achieving a high standard of living, especially after retirement. The web is awash with stories of middle income-earners (teachers, laborers and IT professionals) who have created extraordinary wealth by studying the markets.

The average investor can expect to live more comfortably (not everyone will rake it in like Rene Rivkin!). But financial terminology is prohibitive, to say the least: a minefield of jargon, abbreviations and subtle distinctions that may take years to master. Here’s our helpful introduction.

Bond Investing

A debt instrument. When you buy a bond you become a creditor- the idea is that someone uses your money to raise capital (for their business, say). The bond is a promise that you will be repaid with interest by a specific date (maturity). Popular index: Merrill Lynch Domestic Master.

High Yields

Feeling brave? Looking for high risks with high potential returns? Then you want high-yield bonds. High-yield is basically a rating: it means a bond is regarded as ‘risky’, with high probability of default (the bond equivalent of bankruptcy- you get zilch!). If there’s no default, the payout will be oh-so-sweet.

Money Market

The market for borrowers and lenders whose transactions are settled within thirteen months: your short terms investments. If you’ve ever invested in a Money Fund (particularly Repurchase Agreements), handled a Certificate of Deposit, or made a deposit in US dollars outside the United States, you’ve participated in the Money Market.

Investors

Anyone-or anything- that makes an investment; individuals make up only a tiny percentage of active investors. Venture Capital Funds, Investment Banks, businesses, Investment Trusts, Hedge Funds and Mutual Funds are all investors, and most are prepared to invest on your behalf.

Equity Funds

These funds invest in equities, better known as stocks. The goal is long-term growth. The Money Market can offer immediate liquidity, Government Bonds offer safety, and regular Bonds give maximum income, but Stock Funds give the highest probability of a big payout. If you’re willing to wait.

Market Timing

Market Timing is the strategy used to buy or sell; it allows you to profit or lose. Many sophisticated theories (such as Time Zone Arbitrage) have tried to predict the market, but most analysts regard investment simply as a form of gambling.

Investing for Beginners

First choose a good broker. Ask yourself: do I want someone selecting my investments? If so, use a Full Service Broker (eg. Morgan Stanley). They’ll set you up with a package of bonds and stocks. Feeling independent? Sign with a Discount Broker, watch the indices yourself and make the decisions.

Hedge Funds

A hedge fund attempts to offset losses by ‘hedging’ its investments; Short Selling is the major strategy used. The hedger sells an asset he doesn’t then own, hoping to purchase it later once the price has decreased. By ‘shorting’ hedgers can profit from price decreases as well as price rises!

Emerging Market

The markets of developing countries, including China, India, South Asia, Mexico, Latin America and some of Eastern Europe. Political events play a bigger role in influencing the markets in these countries; theoretically you could profit by reading the papers and selling assets quickly when you smell political upheaval.

Investing in Gold

Can be done by purchasing shares and derivatives or by literally owning bullion! The gold price is influenced by changes in sentiment, gold hoarding and the activities of the International Monetary Fund. Thought to preserve wealth in the face of inflation, but won’t offer the long-term returns that stocks do.

Now that you’ve done the groundwork those rambling financial articles won’t seem so daunting. Happy investing!

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Bankaholic: Entrepreneurs are the brave souls who make our economy go, or at least they were when our economy was actually going anywhere. Especially in this currently questionable financial climate, starting your own business is undeniably a dicey proposition. Start-ups go out of business all the time, often before they even have a chance to even really star up at all. The main culprit in the savage slaughter of these young establishments is the same perpetrator behind the bulk of our fiscal difficulties: Debt.

As an emerging entrepreneur, it is very easy to quickly accumulate debts that are substantial enough to kill your burgeoning business before it even gets off the ground. But it does not have to be that way. Take the time to examine your business workflow and you will likely discover a number of extraneous costs that can be eliminated to improve the health of your bottom line.

Here are eight common practices that lead to common results; learn to avoid them and you will be uncommonly successful.

1. Not sticking to the necessities.

As good a place to start as any, this is an all-encompassing, catch-all principle. Be a good bootstrapper by spending money only on what is absolutely necessary to operate your business.

2. Trying to do too much too soon.

If you jump the gun and attempt to launch too many projects at the same time, your limited capital will severely limit the time and budget that can be devoted to each distinct venture.

3. Not designing for scalability.

There is little worse than achieving initial success only to be undermined by your initial lack of vision and poor preparation. If your business design cannot be scaled up when you hit it big then you may be forced to absorb all sorts of unexpected expenses as you are attempting to redesign from scratch.

4. Failing to delegate.

Always remember, you’re the big idea man; don’t spend your time performing tasks that could be done just as well by a cheap hired hand.

5. Buying in bulk.

If you are starting a small business, don’t worry about having a year’s supply of copy paper on hand the first day that you hang up your shingle. You will have all sorts of expenses in the early stages of your start-up and you will need all of the ready cash you can keep your hands on.

6. Paying your bills late.

Whenever possible, meet your expenses with the cash that you have one hand. Rack up big bills on that shiny new business credit card and you could end up putting as much money towards accumulated interest and late fees as you are towards growing your business.

7. Throwing away your receipts.

It is difficult for many entrepreneurs to learn to separate their business expenses from their personal expenses, and this can end up costing a new business owner thousands of dollars in lost tax deductions. Be fastidious about saving your receipts and you will be in much better shape come tax time.

8. Failing to collect accounts receivable.

Sure you want to be the nice guy as you are starting your new business, but you need to make sure that you get paid as well. With the available tools for notifying clients of payments that are due, there is no excuse for not being on top of your accounts.

8 Easily Avoidable Causes of Business Debt [Bankaholic]

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Entrepreneur: Many financing efforts fail because of avoidable mistakes that are made in pitching potential lenders, structuring the agreement or managing the money once the deal is done.

Steering clear of these missteps can increase your chances of success, both in obtaining startup funds and keeping the money flowing. Be sure to avoid these blunders:

Half-baked business plans

There's nothing worse than going into a money meeting unprepared. If you haven't put the time and energy into writing a full-blown business plan complete with elements, such as a cogent business description, financial projections and a competitive market analysis, the people with the cash won't put the time into evaluating your proposal.

Focusing too much on the idea and too little on the management

It's not enough to convince potential backers that you've invented the next must-have gadget or can't-miss clothing store concept. You also need a team that can generate the revenues to repay a bank loan or provide an exit strategy for a VC or angel investor. Many business novices ignore the second part of the equation; that can doom their money quest. Showing that you have recruited a top-notch salesperson, a skilled marketer, an accountant with startup experience, other key personnel, and even outside experts like an attorney or business coach who can supply professional guidance is essential to finding a funding source.

Not asking for enough money

In a 2004 U.S. Bank study of reasons for small business failures, 79 percent cited "starting out with too little money" as one of the causes of their collapse. That's often because entrepreneurs who are wet behind the ears don't realize that they should calculate their borrowing needs based on their worst-case scenario instead of their best-case forecast. If you're underfunded, you won't have a cushion to tide you over in the event of slow initial sales or unexpected market conditions.

Having too many lenders or investors

One of the hazards of securing financing from multiple sources is managing too many relationships and expectations. It takes time away from your core business. These not-so-silent partners may have conflicting interests or demands and the consequences can be devastating. This is particularly true when you raise money from friends and family.

Failing to get the proper legal agreements

This is arguably more important than a prenuptial agreement for a couple with significant individual assets. Every lender or investor eventually will need his money back, and a legal document covering everything from the terms to the timing can avoid the kind of acrimony just described.

Poor cash flow management

Too many new business owners burn through their seed money too quickly and fail to reach cash flow-positive status in a timely manner. Some causal factors, such as late product deliveries and economic downturns may be beyond one's control, but the executive team is clearly at fault for others, such as unnecessary spending and overly optimistic expense/income forecasts. Financial sponsors don't take kindly to that sort of mismanagement. And if they turn off the tap, all of your hard work may go down the drain.

The 6 Biggest Mistakes in Raising Startup Capital [Entrepreneur]

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Businessknowhow: Why don't more people start their own business?

If you answered, "lack of funds" you're right on the money.

In various ways, money - getting enough to start the business and worry about not making enough money to replace the income and benefits from a full-time job - is one of the biggest deterrents to would-be business owners.

Nevertheless hundreds of thousands of individuals start businesses each year. How do they do it? Where do they get the money to get started? Here are ten solutions for startup funding for a micro-sized business. Some are nearly risk-free. Others involve significant financial risk and should be used with caution.

1 - Start part-time.
2 - Start the business from home.
3 - Get advance commitments for work.
4 - Get a part-time job.
5 - Live frugally.
6 - Use a credit card.
7 - Apply for a home equity line of credit.
8 - Apply for business loan.
9 - Ask Your Bank About an SBA-guaranteed loan.
10 - Borrow from family and friends.

Where to Get Money to Start a Business [Businessknowhow]

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BusinessKnowHow: Everyone has to decide for themselves what level of sacrifice and risk they're willing to undertake in order to enjoy the satisfactions of working independently. Knowing some strategies for managing the risk will allow you to make a well-informed decision.

Of the seven strategies included below, the first two suggest ways to gradually transition from salaried to solo, instead of diving off the edge. The second two are ways to stretch the dollar; and the final three are ideas for getting started without stopping.

1. Continue to draw a (reduced) salary.
Asking yourself why and how your company will profit from retaining your skills and experience for a transitional period can provide the basis for approaching your employer. Be sure to do your homework first, however, and be able to back up your request with a solid rationale.

2. Develop another income stream.
If you need to leave your present employment, is there a skill in your toolbag that you can resuscitate and put to work without a significant expenditure of time or energy? Is moonlighting or freelance work an option?

3. Reduce expenses.
Doing a careful analysis of your expenses and choosing what you can forego for awhile can often save thousands per year.

4. Borrow.
It isn't necessary to wait to borrow for start-up costs until you have a well-documented idea to submit for a business loan. Refinancing a home or taking a line of credit are relatively low-cost ways of generating capital. Depending on your credit rating, you can also get time-limited low-interest loans from credit card companies.

Get started on your new business idea while you're still employed. Several of the all-important first steps (below) can be started while standing in the grocery line or running on the treadmill. They involve asking yourself some questions and doing some informal research to get crystal clear about your idea. This can take weeks off your actual start-up time.

5. Identify your niche.
Think about the services you're uniquely qualified to provide, as well as the ones you most enjoy providing.

6. Create your marketing plan.
While what you need from a marketing plan will get more sophisticated as your business develops, for now it simply means answering the question, How is my business going to make money? What is the product or service you're going to sell? How will you describe it so people quickly recognize the value?

7. Manage fear!
For most people, anything involving money involves some level of fear. It's important to acknowledge to yourself and to others that you are taking a risk, and you've decided it's a risk you want to take. So consider the fear natural, and find ways to manage it.

7 Financial Strategies for Transitioning from Salaried to Solo [BusinessKnowHow]

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StartupJournal: For a young business, it can be alluring: Find an "angel" investor to swoop in and help fund your growing company. With millions of small businesses and only a few hundred organized angel groups, where do you begin?

WSJ.com spoke with Knox Massey, a longtime angel investor, about getting started. Mr. Massey, a former senior salesman at AOL, is executive director of Atlanta Technology Angels, a private angel group that invests up to $4 million each year in young technology-focused companies.

Here is Mr. Massey's advice on what a small-business owner should – and shouldn't – do when searching for angel funding.

* Research the investors
* Don't expect to get funding right away
* Network
* Treat your initial interactions as the first step in a long-term relationship
* Don't forget about your long-term plan
* Look at your investors as potential mentors.

Wooing Angel Investors: Some Do's and Don'ts [StartupJournal]

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Business Opportunities: Greg Ford, managing director, Sage accountants division comments, "The research confirms what we have believed for quite some time, in that accountants can't be bracketed into one stereotype. We are seeing the rise of a new breed of accountant, one for whom technology and an entrepreneurial spirit is extremely important in the running of the practice they work for or own. We feel that accountants should always be regarded in this manner, recognising that these new breed are looking for ways to help diversify their business."

Supporting the theory that accountants are aiming to diversify their business, a healthy proportion considered that technology is an important revenue opportunity. Nearly a third (28%) regard technology as a big source of potential income, whilst 52% acknowledge that it has certain benefits. Indeed 40% of accountants admitted that they regularly use online news sources and blogs for work purposes.

Zoe Walsh of TPH Accountants adds, "The accounting profession is becoming increasingly entrepreneurial, and the stereotype of an accountant is changing fast. Accountants are looking for more ways to diversify their offering, and are increasingly giving general business advice to those wanting to set-up in business as well as the traditional accounting services. As a result the skill-set of an accountant is changing, making them an important part of the business lifecycle."

There is a New Breed of Accountants [Business Opportunities]

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Mind Petals: Plan Heaven is a site focused on linking entrepreneurs with investors. Never used their service, but I think that it has some cool features than may be worth exploring.

For those of you aggressively pursuing investors and trying to raise some capital for your startup, spending the monthly $49 for the capability to share video presentation of your idea, a business plan, and the chance to go one on one with a Angel / VC might not be such a bad deal.

What I really like about this service is the “video” option. You and your team can record a video presentation of what you are doing with your startup and upload the video to the site. Plan Heaven will then update potential investors with your video and see who bites at the opportunity to learn more. Personally, if I shot a video for this, I wouldn’t release any proprietary information — just keep in short, simple, and give ‘em just enough for them to want to learn more.

Plan Heaven: Matching Entrepreneurs, Investors, and Resources [Mind Petals]

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About.com: When getting funded, the due diligence process can be excruciating for the business. But if you know what to expect, it will be far less painful. Venture capitalist Ziad Abdelnour of Blackhawk Partners recently sent the following letter out to his list explaining their due diligence process in more detail. While each investment group may have its own variations, this offers tremendous insight from an investor's perspective.

If you ask ten funded entrepreneurs what happened during the VC/private equity due diligence process, you will get ten different answers. Some will say they lost valuable months answering endless questions for groups that never produced a term sheet. Others may admit they gained valuable insights to their business.

I am uncertain when the due diligence process gathered so much mystique, but among entrepreneurs, there is still an urban "myth status" about what happens behind close doors.

We believe it shouldn't be a mystery.

Due Diligence Is No Mystery [About.com]

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 The ARCA Launch for the Google Lunar X Prize » The Aeronautics and Cosmonautics Romanian Association (ARCA) has announced that it will be ready to launch it’s 92-pound rover called the European...

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