Daily Archives: August 5, 2011

Struggles You May Face With Home Party Businesses

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Running a home party business is fun, but it can also be very challenging. There are certain obstacles you will face that you need to prepare in order to succeed. Be aware that these struggles face almost everyone who is running a home party business.

Staying Motivated

One of the biggest struggles with running a home party business or any business, is staying motivated. Without a boss looking over your shoulder it is easy to fall off task or procrastinate the things you need to get done. There are several ways to overcome this. One is to hold yourself accountable to someone, so you know each day that there will be someone checking up on your work. Another great idea is to ask yourself why you are working. If you have a concrete goal such as to pay off a loan or pay for a vacation, it will be easier to succeed than if you just tell yourself you want to make more money.

Working From Home

While many people tout this as their dream life, working from home can be extremely difficult. There are countless distractions and the TV or household chores seem to be constantly calling your name. It gets even more difficult if you have children. To combat this, try to set some time for yourself each day dedicated solely to work. If you can, get your spouse to watch the children during this time. Try to work in a quiet spot with no distractions, so you can have an easier time accomplishing the tasks you need to do.

Finding Clients

You probably won’t have any problem drawing people to your first few parties, but after that what do you do? You may find yourself hitting a rut where you aren’t making any sales and you have trouble finding new customers. To avoid this, it is crucial to pick a product that you will love selling. The more enthusiastic you are about your products, the easier it will be to find repeat clients.

These are all common obstacles to anyone running a home party business, but they can all be overcome if you prepare for them. In home party businesses are extremely popular and you will likely have more free time than you would if you were starting a catering business from home, so persevere and you will get yourself into a groove that works for you.

FINRA Gift Policy Fights Fraudulent Business Practices

Market makers on Amsterdam Stock Exchange

Image via Wikipedia

FINRA is the acronym for the Financial Industry Regulatory Authority. Although the name sounds governmental, FINRA is actually a private corporation that oversees brokers and markets dealing with stock exchanges. The goal of FINRA is to ensure ethical and fair trading practices throughout the nation. One of the ways FINRA works to meet this goal is through establishing policies around corporate gifts. The main point of the FINRA gift policy is that business related gifts should be under $100 in value.

The reason it is important to monitor corporate gifts is because they can lead to fraudulent behavior. Almost all publicly held companies are required to maintain a corporate gift policy to avoid potential fraud. Fraud occurs when a large dollar gift sways a business partner, customer, or vendor in a business decision.

A possible example of fraud can be seen in a relationship between a large broker and wealthy investor. The investor may want to ensure a certain stock does well for his own financial purposes. The investor might offer the broker season tickets for his favorite professional sports team or an all-expense paid ski week in Colorado. In exchange, the investor might want the broker to encourage clients to buy or sell stock the broker would not otherwise endorse. This represents a type of financial fraud.

Everyone can agree fraud of this type should not be allowed. However, when it comes to monitoring gift compliance, many companies run into trouble. Most companies must prepare a financial disclosure statement of some kind on a quarterly or yearly basis. Depending on the company, corporate gifting may need to be a part of this statement. Publicly traded companies often have hundreds or thousands of employees, and gathering data about gifts can be an enormous task.

Employing the use of an expense and finance tracking software will help companies keep track of spending. This includes expenses related to corporate gifts provided by employees within the company. Corporations may also require each team member to utilize the software to report gifts they received from outside sources such as vendors.

Careful record keeping through the use of good financial compliance software will help companies maintain compliance with FINRA gift policy and procedures. It will also make preparation of financial disclosure statements less stressful, more accurate, and lower labor costs associated with reporting.