What Are The Impacts Of The Freedom Of Information Act To A Business?
Working on your business vs working in your business
In Australia over 97% businesses are small to medium businesses. Roughly half go out of business in the first five years!
There is little reason to expect the world wide trends to be any different.
Its easy to start a business. All it takes is an idea, something to annoy you in your existing job, a market downturn, a moment of entrepreneurial valour, a touch of envy when you see someone making a killing at something.
Why dont most businesses make it?
One reason is that business owners lose sight of the importance of working ON your business and not in it.
Working on your business, means just that, spending time working on developing your staff, systems, business plan, budget, products, doing your own accounts, sorting out legal issues, vision casting, developing a marketing plan, and so on. It is strengthening the foundation upon which your business will sit.
Working in your business means doing work for your clients that generates income. It means attending to short term and urgent matters.
Its easy to talk about working on your business rather than in it. A lot easier than actually doing it!
Imagine you start a business as a lawyer, and you have experience. Since you know what you are doing, you can service clients and provide excellent services without much thought. Now imagine you are so busy you need to hire your first employee – a junior since that’s all you can afford. How do you ensure that the work they provide to your clients is up to your standard? What systems and procedures for work have you implemented? What about review procedures? It is at this point that many business owners, have an entrepreneurial seizure. They decide that every employee is an idiot, that they are the only person who knows how to do anything, and many decide to get small again, to have no more staff than required, and to do it all themselves.
That my friends, is what you call a job, and is very different from what I would call a business. After all, the risk of starting your own business is that you might find yourself working for an even bigger idiot than the one you thought you were working for before! and this time your stuck together!
When starting a business you should be honest with yourself about whether you are starting a business or simply starting a job where you are self employed but have no intention of building an organisation that will service customers and generate income primarily through employees and a system of doing business that you oversee.
The fact is that the fruits of business for people who have a self employed job are small. You will most likely find someone out there who also wants to buy a job if you want to sell, but the second you stop working you stop earning, and rather than increasing your freedom, you will probably end up increasing your working hours.
The fruits for people who build a successful business are abundant.
1) Selling the business
If you can build a business that profitably employs a number of people, you will most likely be able to fetch a very attractive sale price for the business.
At the moment in Australia, if you meet certain criteria, you can potentially sell your business and receive 75% of the sale amount tax free.
2) Freedom from the business
If you can implement systems and procedures for your employees to follow you will move towards a position where the business can run with out you and you will be able to enjoy moments of freedom from the business – such as taking a holiday and not having to sort out problems while you are away.
3) Income
Its better to make 15% of the income of 10 staff, than 100% of the income of yourself. Further, once the business is setup, you should earn income even if you decide not to do any client work yourself.
4) Influence and a chance to do good
There is a fantastic opportunity for business owners to improve the world. They can create workplaces which have sustainable work/life balance and allow people to raise their families and have a life outside of work. They can share their profits with their employees. They can be generous with charities and causes they are passionate about. They can wield influence and apply their skills to governments, schools, churches, media outlets etc. They can improve the lives of their customers and shareholders.
What you need to do to work on your business
1) Time
Ensure that you take time out specifically to work on your business. If you paid yourself $300 per hour for working on your business, and only $10 per hour for working in your business, how would that work out for you compared to your current drawings?
2) Systems
You need to understand clearly how your business makes money. Once you know this, you need to systemise your processes. Your business will only be as good as your systems. Do you go back and eat again at a cafe that continually produces inconsistent food? I don’t.
3) Money
This is where most people make a fundamental mistake. Most business owners are completely ripping their company off when you compare what they actually do in their business to their salary. You are going to need to keep your hands out of the till and invest in your business, and this will require a sacrifice.
4) People
People can be difficult. There are some keys you must understand for working on people in your business. Firstly, some people will not be right for your business no matter what you do. Secondly, when you hire someone, it is going to cost you money before they make you money. Third, people make mistakes. The better the systems and procedures you surround them with the higher quality the outcome you should expect.
You need to spend time developing, managing and motivating your people, as part of working on your business.
There is an important distinction between delegating work to employees and abdicating. The difference is selective supervision. In the early stages of employment employees should be carefully supervised, with their freedom being extended over time as you are confident that they know what they are doing and can follow your procedures.
5) Advisers
Even advisers need advisers. I am not aware of successful entrepreneurs who have built huge successful businesses without a good team of advisers behind them. In my own experience, I get some of my best ideas for the business when paying an advisor to sit opposite to me. I suspect it has something to do with the fact that at that point of time, by having them there, I am being forced to work on my business, and not in it.
Its time to start working on your business, not working in your business.
Adrian Pinkewich is CEO of Now Accounting and Tax Express www.nowaccounting.com.au www.taxexpress.com.au
A Second Citizenship Enhances Business Approach
A second Passport or better even a second citizenship one that you can choose. Dual nationality has always been held by wealthy people with a knowledge of world history. They know of the dangers of placing an entire future in the hands of politicians. Patriotism might be OK if governments were consistent’s and let you be free. But socialistic Big Brother bureau(c)rats now have the power to run your life from cradle to grave. Most of them think that all people who own businesses. securities, gold, foreign bank accounts or property are criminals who should be relieved of them and what little freedom they still have left. It is therefore imperative for the security of anyone of substance or ambition to have at least one other passport and nationality.
Second citizenship can be something like a global insurance policy that entails any individual to make use of the dissimilar parts of two countries for a better set of options, mostlikely finacially. It can become quite apparent in small nations with a not-so-bright socio-economic condition, where individuals often find it easier to make a better living in another country.
A second passport can give you peace of mind. It can help save you taxes. It also expands your travel opportunities. In some circumstances a second passport could even save your life. Here more specifically are some of the reasons someone might want a second passport.
Residence.
Residence gives you the right, without having to ask permission, to live andwork in the country of your choice.
Security.
“Just in case.” The world is an unstable place. Anything could happen – although it probably won’t. Against the day when it might, however, a second passport, or second nationality, means that when you decide you’re no longer happy in your normal place of residence, you do not need to apply for permission to reside somewhere else, because you already have the right to do so.
Travel.
A second passport can make it easier for you to travel to many countries, especially if you now hold a restricted passport such as a Hong Kong Certificate of Identity, or a Taiwanese, Israeli or South African passport. Depending on your choice of second passport, or second nationality, the process of gaining entry to many other countries can be made much more simpler.
Safety.
Even if you hold one of the world’s most respected passports~ such as that of a US citizen, there can be times when you wish you were able to show some other piece of identification. For example: when the aircraft in which you are travelling is hi-jacked by anti-American terrorists.
Business and work.
Another passport will more often than not give you the right to work and do business in its country of issue without obtaining a work permit, and similar advantages above and beyond those of your current national status. Citizenship of a member state of the European Economic Community gives you the right, under the Treaty of Rome, to live, work and/or establish a business in any other member country of the EEC.
Taxes.
A change of residence or citizenship (depending on your current nationality) can, if properly handled, save a high taxpayer a significant amount of money. There are many reasons why you might want a second passport. But the process of obtaining one from most countries usually requires 5 or 6 years’ residence in the country concerned. Unless you really want to go and live there right now, that price may be more than you want to pay. You may have to give up, in whole or in part, your present career and life pattern. Moreover there are often many hurdles to surmount in obtaining the initial right to reside without which the qualifying period of residence cannot even begin; so the number of people who do qualify is small compared with the numbers of people who would like to do so.
A different way to acquire a second nationality is simply to buy a passport. Libertarians may find this distasteful on the grounds that we should be free to live and work anywhere in the world without restriction. Often, too, a large chunk of the price goes to useless government officials (direct bribery), or is spent by the government on grandiose projects (indirect bribery).
In reality, you can buy a passport from any country – it is merely a question of price. The laws of the US, for example, which contained at the time no provision for investor immigration or business immigration, did not prevent people like the Australian Rupert Murdoch from becoming a US citizen. If you have lots of money and good lawyers you can get in anywhere.
Countries where citizenship is not ostensibly for sale nevertheless compete quite blatantly for the patronage of wealthy individuals. They create provisions in their immigration laws for the admission of business migrants with wallets fat enough to provide governments with help in getting re-elected by claiming to have saved or created jobs by their wise policies. Examples? Canada, Australia and New Zealand. Other place less emphasis on the immigration aspects of inward investment but, as a by-product, immigration possibilities are nevertheless there – they have to be, to enable the investor to keep a close eye on his investment, or he will not part with his money.
Examples? The Philippines and the UK. Some countries look to import the spending power that persons in retirement can bring in response to offers of immigration rights – often on condition that they are not allowed to compete with the native workforce, which has the votes. The Philippines, again, is an example.
There are other countries that are less dishonest – or their officials are more straightforwardly corrupt – so that their passports are more readily available. In seeking a second citizenship, you should understand that there are many such products on the Taxes. Every country has its own citizenship rules. Some countries welcome individuals with nationalized ancestors. Others give passports to those of a certain religion. Some for simply buying real estate, or through so called ‘Economic Citizenship Investment Programs’. The rules and the opportunities are endless. Though the easiest and – quickest! – way to secure citizenship is through simple purchase – many governments issue passports to gain extra revenue – the question is, which government and at what cost?
The Second Passport Program is specifically designed to give the client a gateway to freedom which will afford the client the secrecy, privacy, and confidentiality that he needs in order to begin a new life in a new country or to travel in privacy. This program is also designed to put you in control of your own personal and business assets in such a manner that absolutely “nobody” can ever touch, remove, extract, place a lien, sue in court, foreclose, confiscate, attach, steal, divorce petition, or acquire alimony, to mention only a few items. A Second Passport will put you outside of the jurisdiction of any U.S. or State court and proceedings. Jurisdiction is the KEY to freedom. You can learn how to utilize and exploit this to your advantage.
Where you go and what you do, should be your business and not that of the (IRS) or your government or any other government. We know which, and for how much, at any given moment!
Arnold Heinz writes articles concerning governmental restrictions. Visit www.second-passport-citizenship.com for further information on second citizenship
Medical Billing As A “Work From Home Job” Vs. “Business Ownership”
Medical Billing as a “JOB-Working from home” Vs. “Business Ownership”
As someone who is very involved in the industry today, and follows all news and forums related to the medical billing industry, one constant question seems to continuously come up… “I have completed a course in medical billing and/or coding and I cannot seem to find a job.” Or I hear/see someone saying they have taken or want to take a course in medical billing and then work from home. Let’s take a realistic look of the probability and job market of a position as a work at home employee for a medical practice.
In today’s economy the unemployment rate is soaring. Businesses in general are making cut-backs in staff, salaries and benefits. Healthcare providers have been feeling these economic crunches for years with cut-backs in Medicare, Medicaid and other insurance carriers. The healthcare crisis in the U.S has been a long-standing issue among providers for quite some time. What benefits will a physician see by hiring someone (as employee) to oversee their revenue and cash-flow? NONE. In fact it will cost the provider MORE and here is why:
Taxes – As an employer, the physician is still libel to pay both state and federal income tax Software/Business Supplies, Equipment – your employer (physician/provider) will be responsible for all equipment/supplies, such as computer, practice management software, internet connection, claim forms, coding books, postage, envelopes, phone lines and fax line. As your “Employer” he/she must legally own these supplies/equipment Liability & Accountability – When you go to work in an office there is a procedure in place, whether it’s punching a clock or just beginning your day at the place of your employment. Asking an employer to just “trust” that you will be there for the hours you are being paid for is asking for instant trust/faith. Add to that the liability that comes with the duties of a medical biller and patient privacy along with HIPAA rules and regulations and you have an employer who has now doubled his liability with someone NOT working within his office. In turn the employer (provider) needs to have additional insurance to protect themselves from errors & omissions. Continued education – This is an ever-changing industry with constant requirements for keeping up on both state and federal mandates in a highly regulated industry. As an employer, he/she would be responsible for such things as seminar attendance, continued education and certification up-keep, coding books, publications, etc.
Now, let’s take another approach and examine the benefits a provider/physician would see if they were to hire a “Third Party Billing Company”:
Everything above that was noted as being the reasons why a physician would NOT hire an employee to work from home…becomes MOOT.
As a business owner you would be responsible for all of the above items.
We cannot say there are NO work-at-home positions out there, because that wouldn’t be honest. But realistically the provider / physician who has an employee working from home MOST LIKELY:
Has a history and good standing with the employee Has extenuating circumstances behind the reasons for allowing the employee to work at home
The fact of the matter is that these circumstances are few and far between.
What’s in it for me if I did start my own business?
GOOD Question, let’s now discuss the BENEFITS of being your OWN business, benefits that are not only for YOU as a business owner, but your “CLIENT” the healthcare provider by reducing his overhead costs, increasing his revenue, and at the same time MAKING YOU MONEY!
Make your own hours – This is probably one of the best perks to being in business for yourself. You can take on as many clients as you want in order to maintain the hours you want to work, what’s better is that you can arrange your schedule around another job, a hobby, or your family. Be your own Boss – Who wouldn’t want to be their own boss? Enough said on that top topic! Set your own Goals – Whether you want to supplement a spouse’s income or grow your business, you get to decide this. If your goal is to be a single business owner/operation you can plan to take only as many clients as you want. If you want to grow your business to create more free time for yourself you can do that as well. Create your own Salary – Another great perk… you decide how much you want to make. You create your fees according to what you want to make and also keeping in mind your competitive market. Creative Freedom – I love this one. A medical billing clerk that works a 40 hour week usually does the same thing day in and day out. As a business owner you can be creative with your job description and the services your business will offer. To be competitive you can offer other services to healthcare providers that ultimately result in an increase in revenue for both YOURSELF and YOUR CLIENT! There are so many additional services a billing company can offer that will not only profit the healthcare provider but provide additional revenue and job stability to the business owner! Security/Stability – This perk will depend on YOU. If you create a goal and a good business plan for success and you maintain a good reputation with your clients, you will have security and along with security you will create the sense of accomplishment most successful business owners strive for. There will always be a need for doctors, people will always be sick and need medical care and with that you can build the success of your business around those securities.
To start your own business you need to first be committed, goal oriented, creative and yes there has to be start-up funds. The success of your business will be what you want out of it and what you put into it.
Now let’s be realistic. One thing I pride myself on is my honesty, pride, and integrity for this industry. It’s one of the reasons I wanted to write this MUCH needed article to hopefully shed some light on the truth behind some of those ad’s that advertise you can make money from home in your pj’s just as soon as you purchase their package! Does that mean all business opportunity packages are bad? No, not at all. A business opportunity can be exactly that… an “Opportunity” to be your own business and it can be profitable The key is to choose the right solution for you, and then going after your goal. Research is vital. Being realistic, and understanding how this business works FIRST is very important and hopefully we have dispelled one of the biggest misconceptions.
This is a great time to start a medical billing company!
I don’t consider myself an expert on economic or political issues; however I have taken an extreme interest in today’s politics given the economic situation we are in.
In the past several months I have spoken with many providers who are feeling the crunch of the economy, many of them cannot afford to add staff and some are now considering outsourced solutions, we are seeing an economic trend like we did in the late 80’s and early 90’s when the home based business market was booming. Its different this time, our overall economy is in danger; the healthcare industry is a mess as it’s been for years, but yet… IT REALLY IS A GREAT TIME TO BE A MEDICAL BILLING COMPANY!
By Linda Walker
Copyright 2009 All rights Reserved, article may not be reprinted w/out express written permission
to link to the article directly, use this URL: http://www.billerswebsite.comjobsvsbiz.htm
Linda Walker is the owner of PMRNC – Practice Managers Resource and Networking Community, an online medical billing resource for medical billers. She has been in the insurance and claims industry for over 20 years.
Conservatives: where does it say in the constitution that business enterprise has the same rights as a citizen?
because that’s what every corporation is allowed to do here: if one forms a corporation, than that corporation, for legal purposes, can act as a citizen.
now where is that protected in the constitution? or is this more typical capitalist/conservative vitriol in adding stuff to the constitution that isn’t there?
NO WHERE IN THE CONSTITUTION DOES IT SAY COMPANIES CAN HAVE THE SAME RIGHTS AS CITIZENS!!!
@anthony: but at the same token, the government can’t just grant citizenship to non-living entities.
@mark: it’s a private institution, they can give aid to whoever they feel, if it’s non-profit.
