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Four Ways to Befriend Your Former Company When Starting a Business

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Former Company When Starting a Business

It is a huge challenge for an individual to quit his job and launch his own business. However, the task can get less burdensome if the individual decides to start their venture in an industry where they already have knowledge, connection and credibility.

In such a situation, your former company can either become your key asset in the new venture or a potential competitor in the industry.

For instance, Ian McAfee in 2009 left his mis-level executive job position from a reputed forex brokerage company to start his own venture in the same industry. Ian with his two business partners started Shift Forex in less than $15,000, a company that provides consultancy services to other forex companies. In the first year itself, Shift Forex earned total revenue of $200,000.

When Ian was asked about the success of his company, he said that he owes the first-year success of his company to his former company and by maintaining a strong relationship with it.

We believe he is not the only one.

You too can gain success in your venture and maintain a healthy relationship with your former company. We are here to help you achieve the same. Here’s how you can turn your former company into an asset that will help your new venture in its success.

1: Show Respect

While you are still working for a company, it is your sole responsibility and a personal choice that while you are working for them,

  • You do your best to serve your purpose in the business
  • Practically, not having any real conversation with your company’s clients, vendors/ suppliers and fellow employees (except for your co-founders) about starting your new venture.

To show respect towards the company you are working for, you have to remember the above two points until you have officially left the job. If the management gets to know about your new venture from the clients or other employees, there are high chances of ending your relationship with your former company on bad terms.

It is important that while you still work for them, you are limiting your activities to researching, strategising, planning and securing funds. Ultimately, it is your lookout on how you avoid the temptation of speaking about your new venture (our suggestion: self-control).

2: Share Your Plan When You Quit

When your company hears that you are quitting your job to start your own venture in the same industry, they might worry that you are planning to steal their customer base or provide some identical services at a better rate.

While few things may be similar, but your former company will definitely have a different value proposition or a target audience. So, when you explain your plan to your former company while quitting would make them feel less threatened by your venture.

Although they would see your company as a potential competitor in future, but your actions will demonstrate a high degree of integrity. On the other hand, if they have a strong obligation against your plan and believe that they have some legal authority to prevent your new venture, it will provide you a window of opportunity to work out a friendly compromise.

Most companies are supportive when their former employees are starting a new venture. If you are lucky enough, maybe your former company would be supportive towards you too.

3: Offer to Help With the Transition

The job position that you are currently working on may have major responsibilities and leaving the job position would mean that your department is left helpless until it finds your alternative. What you can do is, while leaving you can offer to complete certain targets or handle few responsibilities for limited period (of course, as a paid candidate).

Even if your former company does not choose to take your offer, it sends across a message that you really care about the company and what to continue having a good relationship in future.

In case of Ian McAfee, his former company and he had discussed about projects Ian was responsible for finance press. There were certain projects near completion and that would bring in huge profits from the company. So, Ian agreed to finish projects he was responsible for as a consultant.

4: Let Them Know How They Can Help

One of the major benefits of leaving a company on good terms is that you can always ask them to help you in your new venture. Your company would have a good position and establishment in the market and could provide your company with references or even refer you few clients.

Your former company can also help you during financial crisis by referring you few alternative finance sources. They may also provide you legal aid, marketing and sales advices and help you build your way towards success.

In Ian’s situation, his company was comfortable and trusted him with relationships because of the way he handled his department. This was despite the fact that he started a new venture in the same industry and could be a potential competitor later in future.

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4 Questions you should ask your traffic ticket lawyer before your court date

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traffic ticket lawyer

If you are a person who is involved in a traffic ticket case then you will have to take help of the attorneys of these traffic ticketing. These traffic ticket lawyer San Francisco will help you out in getting out of these problems and cases. They will do every possible thing that they can do to help you in getting rid of these cases. But before going to a court case you must ask your lawyers some questions. The questions that you will ask are as follows:

Whether they will fight for your traffic ticket with the help of the adorable law firm.

If you are involved in such a case then you must be aware of all the problems that can be faced by you. Even the safest drivers that drive safe find themselves sometimes for paying for the traffic ticket. Even sometimes the ticket has higher price tag then what the piece of paper represents. These traffic ticket cost may be faced by any kind of people. If you have the ability to fight for your case then you will definitely get success in that. For all this, you have to consult your traffic attorneys so that they will help you out in getting rid from the case. The traffic ticket fixers los angeles are the best fixtures for the people. You will ask your attorneys about all the traffic ticket fixtures of Los angles. Also before fighting for the case you will have to ask your lawyers about all the things and documents that are to be needed for fighting a case. This is what you will ask your lawyers before you start up a case.

Fines and Costs.

If you are involved in a case then you will take the help of the traffic ticket attorneys and before you start up a case you will ask your lawyers about the fines and costs that are to be paid by you during the procedure of the case. The traffic ticket fixers that are to be paid by the person who is involved in a traffic ticket case are as follows:

  • County penalty assessments are the first thing that should be paid by the specific person who is involved in such a case.
  • State penalty assessments.
  • Emergency medical services penalty assessments.
  • Court facility services penalty assessments.
  • DNA identification fund penalty assessments.

These are the fines and costs that are to be paid by the person who is involved in a traffic ticket case or problem.

You will ask the attorneys about how will get rid of these case or problems.

They will help you out in every possible way they can do before their help they will tell you how you have to deal out with this problems. Following are the tips to deal with these problems.

They will tell to represent yourself properly in court and not plead with guilty.

Plead not guilty and hire representation this will help you to navigate the legal process of the ticketing case that you are suffering from.

These are the tips that the officers will give you to get rid of the case. These are the following things that you can ask your attorneys before starting up a case.

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Business

VAT Fines and Penalties in UAE

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VAT Fines and Penalties in UAE

A full list of penalties has been approved by the authorities in UAE regarding VAT. Now, nobody will be able to avoid VAT registration in UAE no matter what he does. If he is eligible to pay, he will have to pay it without finding any other way of escape.

Pay VAT or pay penalties

If someone is having enough amount of taxable goods and supplies, he becomes eligible to PAY vat. If such a person doesn’t register for VAT, after getting caught, he will get punished or he might have to pay fines as well. this is why it is better for the person to pay VAT tax Dubai rather than finding escape ways. Always keep ready vat accounting and auditing / VAT bookkeeping. Go to this link https://farahatco.com/blog/methods-vat-accounting/ and find more info.

A proper list of the penalties has been approved which will be implied on the ones that will get caught violating the tax laws.

No penalty will be less than 500AED and it will not more than the triple value of the transaction of the business that is under consideration at the moment.

List of penalties

If someone fails to keep the records that are needed for the procedures of the tax, he will have to pay the fine of AED10,000 at is first time violation whereas he will be fined AED50,000 if he repeats the violation again.

If a person is not able to submit the data in the Arabic language to the authorities who asked for it, he will be fined AED20,000

If the person is not able to submit the application of registration within a specific time period, he will be fined AED20,000

It is as important to submit a deregistration form than it is to submit a registration form in a specific time period. If someone doesn’t comply with the commands of the authorities, he will be fined AED10,000

Amendments in the tax record are also to be informed to the authorities. If nobody does that, he will have to pay AED5,000 at his first attempt to violate the tax law. If he does the same again, he will be fined AED15,000

A legal representative will be fined AED20,000 if the authorities are not notified about the appointment of a legal representative.

If the tax representative doesn’t file a tax return in a particular time limit, he will be fined AED1,000 for is the first-time violation but if he repeats it again, he will be charged AED2,000 within 2 years.

People need to understand how important it is for them to pay tax and comply with the tax laws no matter what. If they do not do so, they will have to face penalties which they wouldn’t like at all. so, they should make sure that they comply with all the rules and regulations of tax laws. Contact Farahat & co. for free advice.

All mentioned above is not just it. there is a lot more people might face I they do not pay the tax to obey the rules of the tax laws. so, if you want to be safe, obey the rules. It is your duty being a resident in UAE.

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Strategic Financial Tips for Successful Enterprises

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Strategic Financial Tips

Every company needs solid financial management to stay in business. This entails planning, controlling and effective management of the financial aspect of the market. This is because it takes more than a good business impression to stay in business. There tactical financial management tips that include;

Financial Planning

This requires an accurate record of all resources available in the company. Every enterprise needs to have a capital budget for purposes of proper financial planning. This enables the company to allocate resources in order of priority. Several aspects need to be considered when planning finances they include

Actual financial supervision requires an enterprise to invest in a reliable system that meets the specifications of the business it operates. This enables the observation of vital data in the company. The system should be easy to understand and for other staff to perform. It is critical to keep checking if the required data is being collected over time for purposes of studying your financial trends and making decisions.

Another important aspect of financial planning is the management of financial risks. Through a well-documented risk management framework. This can be complied with by the help of a governance and risk compliance team. It contains a list of all risks related to the business.Their financial implications and how to mitigate these risks for instance through insurance.

Use of Financial Information to Manage the Enterprise

These are financial statements that every company needs to have.These should be accurate and precise to the enterprise. They include;

  • Cash flow statements
  • Balance sheets
  • Profit and loss figures and statements
  • Changes in equity statements
  • Wages and salaries statements

A qualified employee will come in handy in the interpretation of these statements. Alternatively, the company may contract a qualified GRC team to read and interpret the reports and give financial advice. For example, the company might have made so much profit, and there is the need for expansion.

Team Work

All the employees working for the enterprise should have some financial performance of their firm.This enables them to get motivated and build confidence especially if the company is making a profit. All employees should be allocated financial targets so that they have a direction of working towards success. For instance, the head of human resources could be assigned an economic goal to reduce the wages by 2%. Performance evaluation within a stipulated period is necessary to keep the team members on course. They also help to evaluate how the company is performing financially.

Financial Control

This is action based on reliable and well researched financial data and interpretation. The enterprise can use tools that are not capital intensive to provide financial information. Cloud-Based software is such one tool.It offers real-time data relevant to the business, for instance, daily sales and expenses. Besides, it provides actual time data anywhere; this can guide the company in decision making. There are other aspects of financial control namely;

Tracking of Invoices

The company should have well-stipulated terms and conditions for payment of invoices.They should be communicated to all their clients for awareness especially when there are any legal aspects related to the fees. The cloud-based software can be used to track payments of invoices according to the set deadlines.

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