Educational Goal - Achieving a Master of Science in Accountancy

I set out over 7 years ago to achieve a MS degree.  I was not sure if that was possible or if I was capable but I work in a shrinking industry and I knew I would need some alternatives.  Considering that I had not even achieved a Bachelors degree this was more of a dream then a goal.  Part of achieving any goal is setting a plan.  That plan started with earning the bachelor degree in Business with a concentration in Finance, which I did in 2011.  Soon after that I began to work on my Master of Science in Accountancy.  Follow this link The Master Plan to check on the progress.  It includes the upcoming schedule and a breakdown of cost.  In January 2013 I will be taking 15 credits (full time) for the first time in my life and I am very excited.  Taking classes, especially master level classes in a subject that is not included in the work you do is very difficult.  I have been able to do it so far but the opportunity to focus on the subject of my future work is exciting.  Of course it is scary to leave a secure position but I am very excited about the opportunity.  The fact that my wonder wife Elizabeth and my awesome Mom support me is very helpful and makes it all seem possible. 

Many Streams make a River

This is a lesson that I learned from my boss.  Consistant improvement should be a target of everyone.  That we do not need to wait for a big action or a huge change but through our daily efforts improvement would be the goal.   At different times in our lives these types of lessons can take on new meanings.  As I have thought about starting my own business I considered this concept of many streams making a river to mean that many streams of income can make a river of a company. 

At first I had considered a tax preparation business.  But I worried that it is seasonal so the income just wouldn't be there year round.  The two options were try to make enough money in the tax season to sustain our family or to find other sources of income.  The second seem to be a better choice simply because the former would require the hiring and training of many employees and marketing expenses would be far greater among other things.  Then I considered, and even started, my own Management Consulting Company.  But with no time and less money that never even got it's first marketing program off the ground. 

By bringing together the concept of many streams makes a river into the business planning process I realized that what I needed to achieve the flexibility that I want, that is a flexible schedule, I need to develop a good portfolio of services.

The portfolio is still under development and currently includes:

• Accounting Services
• Tax Preparation Services
• Quickbooks Training & Professional Services
• Investments

If each of these could develop into their own stream of income then the business could be sustained for a long time. 

Another blog that discusses the topic from a different viewpoint. The Survival Mom

Tough Decision - Updated 7/22/2012

"High achievers spot rich opportunities swiftly, make big decisions quickly and move into action immediately. Follow these principles and you can make your dreams come true." Robert Schuller

"It is not always what we know or analysed before we make a decision that makes it a great decision. It is what we do after we make the decision to implement and execute it that makes it a good decision."  William Pollard

These are two quotes I came across while pondering a decision that I need to make.  The first quote makes me wonder because it seems that the big decisions, what I call life altering ones, make me pause.  I would not say that I make them quickly.  I study, ponder and pray before making the decision.  I completly agree with the second quote because once you make the decision, as Jack Welch would say, it is important to start to make it the right decision. 

The decision that I am facing is how to leave a good job and take the risk of entrepreneurship.  That entrepreneurship could take the form of starting my own business or becoming an agent with an insurance company, they help you start your own insurance agency.  The other issue is a timing issue.  If I am to start either an agency or a business then when to do it is an additional consideration. 

The specific choices that face me now includes both aspects but before I get into that I want to discuss why there is a need to change jobs/careers at all.  First and foremost the change is driven by a strong desire to relocate to Indiana.  Their are several reasons that I want to move to Indiana, that is where my Mom and family is located.  For me, the way of life is better for my family then it is here on Long Island, NY.  As a proud member of The Church of Jesus Christ of Latter Day Saints I was happy when the churched announced a temple would be built in Indianapolis, IN.  Once we move, we will be about 30 minutes from the temple.  I would love a life where my wonderful wife Elizabeth and I could attend the temple weekly! 

It seems to me that there are three main options.  All of which have thier own risk!  The first option is our original plan which is to wait to make the move until January 2013.  At that time I would leave my current work, register as a full-time student in my Masters program and move.  This would allow us to save more money to prepare for the move and it would allow me to accelerate my timeline for completing my Masters degree and saves money because I would be able to continue my in-state tuition.  But it comes with its down-sides as well.  In those first months after the move we would have no income and while our expences would be low we would have to figure out a solution for health insurance.  As I have begun my research I have found that to be a much bigger challenge then I had planned.  Additional considerations are that I would have to stay in my current position for seven more months and with a lot of changes coming up I feel bad making decisions that affect people's lives when I know that I won't be here to help them through the transition.  I manage about 36 people and dramatic changes will happen to them and to programs around them and at the moment those changes take place I will be announcing my departure.  I worry that will damage my reputation in the company.  I have worked hard to earn a good relationship with many people and I do not want to lose that.   

The second option, which has presented itself in the last few days is to make the move starting in early September.  This comes with me starting a career as an Insurance Agent and continuing my Masters studies.  The good news here is that the move could happen sooner and I could work with my employer for a quick transition and then new people would make the decisions that will carry on after my departure.  Second, we would get to Indiana several months earlier than planned and I can begin to build a business, Insurance and Accounting & Tax Preparation.  The concern here is that I have no sales experience and starting both of those requires me to learn how to find and keep customers. 

The third option is much the same as option two, but just is me working with the insurance company to be patient which would allow me to give a longer period of notice, like two or three months.  But really following the same plan as option two. 

I am reminded of the story of David and the Giant.  But I feel like I am one of the soldiers that watched him sling the stone at the giant.  He had the faith in the Lord that the Lord would protect him.  I have faith, strong faith, but at times like this, when I let doubt creep in, that my faith is tested.  Elizabeth and I are fasting this weekend.  We pray for the Spirit to be with us and help us make the decision and stand confident having the faith of David. 

Tough Decision Update! 7/22/2012

The udpate is that the more things change the more they stay the same.  After the prayers and fasting and talking it came down to stay with our original plan.  So we are planning on moving back to Indiana (Pendleton) in January of 2013.  I will then go to school full time for one semester and try to get as much of my Masters degree finished.  In addition to that, I will be starting the Endurance Accounting & Tax Preparation service business with much happiness.  I have no idea if I will be successful as an business owner, but I am excited to try.  If you want to follow the planning for that please check out the "My Business Plan" section.  The decision is done and I am again at peace!

The Start Up

Courage is a trait that I have admired for a long time.  Starting your own business takes courage.  Over the last two years I have watched two people summon the courage and accept the challenges of starting their own businesses.  While I see them working many hours and struggling with some things I have been incredibly proud of their success.  The success is not measured by the simply the dollars but it also includes the pride and confidence on their faces as they talk about what they are building.

Watching them, along with having a desire to relocate, has inspired me to begin my own business.  Over the next few months I will be blogging about the steps I am taking as I begin to develop my business plan and make decisions that will form the foundation of the business.  The business will be Endurance Accounting & Tax Preparation Services.  Endurance will provide accounting, bookkeeping, and tax preparation services to small-to-medium sizes businesses and to individuals.  My goal is to help people find ways to keep more of what they earn and not sacrifice time away from their families.  There are entrepreneurs out there that spend to much time on the administration and accounting for their business which takes time away from their family.  In my opinion there is no greater success than watching your loved ones, wife and kid(s), smile, laugh, and love.  While helping others achieve more time with their family I also hope to achieve the same with mine.  I have a great family that I love and I am motivated to be successful so I can have more time with them.

Over the next few months please watch my blog grow and as I blog about topics that relate to the business plan, I will use those posts to build my business plan, which can be found on the tab "My Business Plan."

Balanced Scorecard

I have been interested in and have been using a balance scorecard since 2006.  I was taught about balance scorecards by a professor at the University of Chicago School of Business.  I took some Executive education courses.  This professor studied under Robert Kaplan (The person that developed the Balance Scorecard approach) in the late 70s and early 80s.   The story he told us was that prior to the balance scorecard companies were measured mostly by their financial statements.  If they were profitable they were considered good and if not they were not good.  They began to wonder if there was a better way to measure a company.  Good financial performance today does not ensure stable financial performance in the future.  However, if the company had a set of broader measurements not only could you understand the health of the company today it would also keep you informed about the trends that would predict future performance.  So hence the Balance Scorecard was developed.  The balanced scorecard is used to monitor and track four areas of company performance.  The four areas are financial, customer, internal processes, and learning and growth.  You can imagine also by the name scorecard that its design is to track a score associated to specific measurements. In other words, we want to keep score!  So the four areas provide the "balance" and the targets and measurements provide the "score." 
An example is that a training team tracked student satisfaction in their in-house Instructor-led training programs.  This fits under the customer category and they placed a target of 91.25 out of 100 as their goal.  Each month they would report as one of the items on their balance scorecard the student satisfaction rating.  This helped management know monthly if the trend was toward increased student satisfaction or decreased student satisfaction or if student satisfaction was flat. 
Well, I hope you have enjoyed this brief overview of the Balance Scorecard.  Please feel free to comment or ask question. test