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Virgil E Knedlik, CPA
7 Deadly Business Sins
7 Deadly Business Sins
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Purpose of this survival manual:
I cannot count the number of times – over almost four decades – when I have heard owners of businesses, or their managers, ask the three same questions:
What do I need to do to be successful?
Can I ever be entirely certain that I have determined all of the taxes that I must pay?
Is there any single book that lists every government agency with which I must deal?
For reasons examined more fully below, the honest answer to each of these uestions today is – all across the United States – and likely always hereafter will be: NOT COMPLETELY!
Magic beans grow only in fairy tales, and a silver bullet exists solely in the movies. In the world of business, reality is that government agencies increase and that their regulations multiply.
However, despite a resulting inability to provide the answer to these questions that my clients actually desire, useful information can be supplied to limit problems resulting from uncertainties which are part of owning and operating businesses and to aid in the successful management of them.
What follows are the identification of and advice about the seven deadly business sins, as well as the thirteen common business taxes, to help you avoid major problems as far as possible – based on my almost 40 years of knowledge, observations and experience – by asking the right questions, and by better determining if you are getting the correct answers needed by you.
Thus, while no single publication can answer all crucial business, financial and tax questions, the purpose of this manual is to provide information that is important for helping you to understand the seven deadly business sins and thirteen common business taxes that can each kill any management failing to handle them.
As we go through this survival guide, we will also discuss some additional items that I believe you will find helpful in better understanding the huge challenges from operating any business today.
My goal in writing this guide is, first to help you formulate your questions, second to help you understand whom to ask, and third to help you know when you are getting correct answers.
REMEMBER - The right answer to the wrong question is, always the wrong answer.
I cannot count the number of times – over almost four decades – when I have heard owners of businesses, or their managers, ask the three same questions:
What do I need to do to be successful?
Can I ever be entirely certain that I have determined all of the taxes that I must pay?
Is there any single book that lists every government agency with which I must deal?
For reasons examined more fully below, the honest answer to each of these uestions today is – all across the United States – and likely always hereafter will be: NOT COMPLETELY!
Magic beans grow only in fairy tales, and a silver bullet exists solely in the movies. In the world of business, reality is that government agencies increase and that their regulations multiply.
However, despite a resulting inability to provide the answer to these questions that my clients actually desire, useful information can be supplied to limit problems resulting from uncertainties which are part of owning and operating businesses and to aid in the successful management of them.
What follows are the identification of and advice about the seven deadly business sins, as well as the thirteen common business taxes, to help you avoid major problems as far as possible – based on my almost 40 years of knowledge, observations and experience – by asking the right questions, and by better determining if you are getting the correct answers needed by you.
Thus, while no single publication can answer all crucial business, financial and tax questions, the purpose of this manual is to provide information that is important for helping you to understand the seven deadly business sins and thirteen common business taxes that can each kill any management failing to handle them.
As we go through this survival guide, we will also discuss some additional items that I believe you will find helpful in better understanding the huge challenges from operating any business today.
My goal in writing this guide is, first to help you formulate your questions, second to help you understand whom to ask, and third to help you know when you are getting correct answers.
REMEMBER - The right answer to the wrong question is, always the wrong answer.
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