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Project Spending: Investment and Insanity

For anyone who has worked in retail, you know that customers have a variety of ideas as to what “expensive” means. Terms like “sale,” “deal,” and “cheap” are all a matter of perspective. When I worked in retail, out of all the people who know what they wanted, there were three general ways to make a purchase:

1) spend whatever amount of money for the best product
2) spend a medium amount of money for a decent product
3) spend as little money possible for a minimum quality product

Though I was always an advocate of getting the best, long-lasting product, as long as people understood what level of quality they were buying, I was fine.

I think these types of people everywhere. When it comes to hobbies, talents, work, and relationships, quality depends (in most cases) on the time and effort put into that activity.

I think project managers can be categorized the same way:

1) those that invest large amounts of costs and resources into producing top quality results
2) those that invest medium amounts of costs and resources for medium quality results
3) those that invest the least amount of costs and resources for minimum quality results

I think it is very important to note that these categories aren’t necessarily ‘good’ or ‘bad.’ Each aspect can be positive and negative depending on the situation. Sometimes, a project’s quality is less important than saving time and money, and, sometimes it’s the other way around. Overall, a manager must have the skill of knowing how to prioritize costs and resources.

Another important thing I learned in my retail experience is that there was one other category of people that stood out among the rest: the person who wouldn’t spend a dime unless it was the best product listed at the same price as the cheapest. The latter was hardest to confront for I couldn’t explain that it was impossible to live up to their expectations.

I think project managers, team members, and executives alike are capable of thinking the same way. These individuals might put in as little effort as possible, yet expect that the project will produce top possible quality. Such expectations are a surefire way of destroying a project. In addition, this obliviousness to reality can further damage the team and even the enterprise because the decision maker can refuse to take responsibility for his or her actions. To Albert Einstein, this would be the definition of insanity: “doing the same thing over and over again and expecting different results.”

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Focusing on Business Registration

Have you ever wondered why so many people toy with the idea of starting a business? Are they tired of running errands for someone else, or are they simply tempted by a flexible work schedule? Some opportunists want fame and recognition, while others hope for personal financial gain. On the other hand, there also are individuals who were born with an incredible entrepreneurial instinct. They master the skills to
increase business success with ease, yet may not always be recognized by their peers or superiors for their astonishing accomplishments. As a result, the only way these gifted closet-industrialists can achieve happiness is by starting their own business.

A step-by-step guide on how to start a business would be a helpful tool for all these aspiring citizens who want to join the exciting world of trade. A comprehensive pamphlet would give insights on the various steps that need to be taken and can help determine which registration forms need to be filed. There is only one small problem! If this document must remain in brochure form, it would only be able to give a generalized overview of requirements and could not detail all formalities linked to each specific type of industry.

To capture all the particulars of each single business field, legal writers would require publishing entire books and not simple leaflets. Starting a business involves dealing with Federal, State/Territory and local government agencies, deciding on an available business name, having a business plan in place, and settling on a business structure. The most favorable business structures are:

o Sole trader – a person conducts business as an individual
o Partnership – two or more individuals, corporate or other entities, agree to carry on business together for profit.
o Trust – this structure involves a trustee (either an individual or corporate entity), who holds certain assets in his or her name for the benefit of the business beneficiaries.
o Company – this is a legal entity separate from its owners, or shareholders, and the directors, or those in charge of managing the business affairs. Company applications are registered with the Australian Securities and Investments Commission (ASIC)

When creating a legal entity, for which you will be held responsible, you may require expert advice and assistance. It would be in your best interest to shop around and not hire the first business registration consultant that shows up during an online search. Invest the time to locate a reputable corporate services provider, because in the end it will be worthwhile. Agencies, such as ‘Quick companies’, are thoroughly
familiar with the Australian business law. In addition, they can also offer fast and professional assistance for all your other business needs including: business name registration, product disclosure statements, transfer Journals and precedent share transfer documentation, and applications for units. The list of services goes on.

In an effort to their clients reach their goals and objectives, these representatives of the Incorporation Industry generally work closely together with accountancy practices and law firms. Having expert advice at hand helps these firms to streamline their products and completely customize each order. They can even go so far as to generate Company, Trust and Superannuation Fund documents with the client’s firm logo and
name. This will give the files the appearance of being produced in the client’s office.

It has long been proven that, standing out and showing individualism can mean the difference between failure and success in these turbulent economic times. Remember that when you are ready to register your business and are looking for a helping hand!