Whether you are a business entity or an individual, financial freedom is everybody’s goal. Some people and businesses as well reach that peak of success, but some may never get there. There are many factors and forces that influence financial markets. Most of the factors cannot be altered by an individual because they are beyond human control and prediction. Something like natural disasters, earthquakes and terrorist attacks affect the market trends significantly and may send lots of businesses into losses or see many people lose jobs. Even if some things are beyond your control, there exist people with vast knowledge in the financial market who can give you advice on the right actions to take as a business or even as an individual. Some other experts have specialized in protecting your investments by studying the financial world. James Dondero is one such expert who makes sure that you always have the necessary funding and resources to survive even the toughest of times.
As a small business owner who is new in the field of business ownership and management, the following things will help greatly in keeping your boa afloat:
Give contracts instead of full-time employment- this is not just a strategy that will help you save a lot of money that your business has not even made, but this is also one of the emerging trends in the financial world. Most people are now defining their working hours, and employers must embrace this trend when applicable. There’s no need to offer a full-time job for say an analyst yet you are still small; let the analyst work for one or two days in a week. This will cut operational costs and help you expand.
Cost efficient prototypes before full engagement- building a prototype or producing a few samples and getting them to the market is the way to go. Before you invest a lot of money on housing and other things, just get a few of your products or services to the market, and if the outcome is positive, then you can venture with confidence.
Get a certified accountant – Hiring a certified public accountant will kick off your company in the right way. An experienced CPA like James Dondero has helped many firms in keeping appropriate financial records. It may seem expensive depending on the level of qualification of the employee, especially because as a small business, few financial transactions are taking place. The importance of using proper financial books should not be overlooked. QuickBooks should be used to avoid procrastinating and piling up the work. From the accountant, you will get viable tax planning advice and you will also take your accounting online through the services of experienced personnel.
So who is James Dondero? Apart from being a CPA, he is also a co-founder and the current president of Highland Capital Management that is located in Dallas. John has over 30 years of experience, a journey that started back in 1984 when he worked as an analyst at Morgan Guaranty Training Program. He specialized in credit and equity markets. James’ success path began at the University of Virginia where he got his degree in Accounting and Finance from the school of commerce. Dondero is also a certified management accountant who has served as a member of the American Banknote and MGM Studios boards.