16 Nov 2018
Why is it so important to fail at something before we can succeed? Whether you simply drop the ball, or experience an epic fail, it is almost a necessity to see that failure is part of the process and to see it as a tool as opposed to a roadblock. For over 25 years, Group 11 Advisors and our affiliate, Talley LLP has had the pleasure of working with many successful entrepreneurs and world championship athletes. Here are a few of our favorite lessons on failure we’ve picked up along the way.
Success grows from failure. Bill Gates is one of the most recognizable figures in the tech industry, and is on Forbes’ list of wealthiest people on the planet. Many people attribute his success to having had a great idea at just the right time during the technology boom. But the reality is, Gates experienced a sizeable failure before he ever dreamed up Microsoft. Originally, Gates and his business partner Paul Allen created a product called Traf-O-Data, which analyzed data from traffic tapes. The device had some serious kinks and the company never took off, but it was seminal in preparing Gates to make Microsoft’s first product several years later.
Failure can simply mean a change in direction is required. Love Ben & Jerry’s ice cream? You’re not alone. Here is a story of two gentlemen that completely reversed course in their lives yet managed to become admirably successful. Mr. Ben Cohen dropped out of college, while Mr. Jerry Greenfield failed to get into medical school, and both managed to become and remain wildly successful after attending an ice-cream making class and putting together a $12,000 investment.
Don’t give up. Despite now having dozens of financially successful and popularly titles in circulation, Stephen King’s first novel, Carrie, was nearly a failure. The novel was rejected 30 times before it was finally accepted and published, leading to King’s breakout career. King considered quitting, but his perseverance (or arguably his wife’s) kept him going.
At Group 11 Advisors, we understand the challenges facing both professional athletes and entrepreneurs when it comes to generating and protecting income earned in the ring, on the field or in the boardroom. Whether you’re looking to improve your tax position, build your brand through a business transaction, or wish to guarantee a legacy for your family, Talley & Company is uniquely equipped to provide the technical and managerial expertise to help you plan, negotiate, structure and execute upon your goals.
The U.K. said it will move ahead with plans to introduce a first-of-its-kind tax on locally generated revenue by large technology firms, representing the most tangible attempt yet by an industrialized nation to transition its tax code into an increasingly digital era.
Britain’s chancellor of the Exchequer, Philip Hammond, on Monday unveiled a 2 percent tax on the revenue that big search engines, social-media platforms and online marketplaces earn in the country.
Such taxes, which are separate from corporate income taxes many companies already pay, are generally known as digital taxes and could add billions of dollars to companies’ tax bills. They seek to impose levies on digital services sold by global companies in a given country from units based outside that country.
As large tech firms have grown into global, digital consumer-service giants, governments outside their home jurisdictions have struggled with the digital nature of their wares in coming up with an appropriate level of local tax to levy.
Big American tech firms have been criticized for reporting relatively little of their profit in local jurisdictions, opening them up to scrutiny. An international effort among rich nations to help standardize how and where to tax these digital services has been progressing slowly. The U.K. on Monday said it could no longer wait. As part of its annual budget, it said it was moving ahead with a plan to begin a digital tax for large tech firms by 2020.
The new digital U.K. tax puts pressure on other big countries, including the U.S., to speed up the global effort. The Organization for Economic Cooperation and Development, a forum of wealthy countries, has been leading the international digital-tax talks.
Only broadly experienced tax advisory professionals can provide a truly global perspective so you can preserve, enhance and pass on to the next generation the assets and wealth that you’ve worked hard to build. Talley welcomes the opportunity to discuss with you the current opportunities available to you and your family. For more information, contact us today.
19 Oct 2018
It’s not unusual for entrepreneurs to face a multitude of unique challenges every day that can stretch their ability to stay productive. When you have employees relying on you and a mountain of deadlines to meet, shutting your door and curling up into a ball in the corner is not an option. Besides money and health, time is the greatest commodity an entrepreneur can have. It makes sense, then, that the most successful business owners have figured out how to work more efficiently with the time they do have. Listed below are some productivity tips that we’ve picked up along the way.
“Eat your frog” first. Wait, what?! Mark Twain said it best: “Eat a live frog first thing in the morning, and nothing worse will happen to you the rest of the day.” In other words, spend your morning working on something that you don’t want to do, which requires a large amount of concentration. By doing so, you’ll get the more tedious task done, freeing yourself up to move on to the other pressing items on your to-do list.
Want to be productive? Don’t multitask. Multitasking in the morning when you have lots to do, tons of energy, and a venti-sized cup of coffee with a double shot of espresso in front of you, is tempting. However, doing so can set your whole day back. Research conducted at Stanford University confirmed that multitasking is less productive than working on one task at a time. Researchers found that people who are regularly bombarded with several streams of electronic information cannot pay attention, recall information, or switch from one job to another, as well as those who complete one task at a time.
Take care of yourself. This is both the most important and the most overlooked tip for any entrepreneur to follow. All the business and productivity advice in the world won’t help you if you’re already stressed out, sleep deprived, and running yourself into the ground before you take that first sip of coffee or tea in the morning.
Whether you’re looking to improve your tax position, build your brand through a business transaction, or guarantee a legacy for your family, Talley is uniquely equipped to provide the technical and managerial expertise to help you plan, negotiate, structure, and execute your goals.
To learn more how Group 11 Advisors can help your business become more productive and profitable, contact us today.
12 Jun 2015
With almost 400,000 employees worldwide and holding more patents than any other U.S. based tech company, IBM is one of the most recognized brands in business innovation. In 1964, IBM solidified its place in the tech industry, producing approximately 70% of all computers, but has struggled in recent years due to missing a key technology shift in an increasingly mobile and online business environment. Though IBM has made strides to keep up with the times by shedding low-margin hardware products and re-inventing itself as a business technology solutions provider, sometimes even those in the business of innovation can fall victim to the status quo.
IBM Bans Uber. Earlier this year, IBM issued a firm-wide ban on reimbursement for use of Uber and other ride-sharing services over safety and security concerns, noting that such services might carry inadequate insurance, fail to conduct background checks on drivers and were even illegal in some cities.
IBM’s ban on ride-sharing services did not sit well with Max Black, a global business consultant with the company and early adopter of Uber rides for business travel. He posted a petition on IBM’s internal social network, arguing that Uber saved IBM money, improved accountability and was not a safety risk. His final point struck a major chord with IBM’s top brass: “We are being hypocritical…IBM is in the business of preaching mobility transformation to its clients, but we are effectively outlawing for our employees one of the best examples of mobile innovations.”
Within hours, hundreds of comments from fellow co-workers flooded in, expressing their unanimous support for IBM to lift the ban on Uber. The result: 16 hours later, head of HR and senior VP Diane Gherson reversed the ban on ride-sharing services.
The real lesson? Don’t let the status quo impede innovative thinking. Accept that complacency is a business killer and be open-minded when looking at new processes, procedures and business tools that challenge the “we’ve always done it this way” mentality.
Leading-edge businesses are partnering with Group 11 Advisors and its affiliates to take advantage of our wide range of services, such as bookkeeping, financial reporting, technology advising, tax planning, and estate planning. Group 11 Advisors can help you design and execute fully customizable solutions to fit the unique needs of your business.