The World's Best Book Summaries
How do you turn a profit in business? What are effective profit-making strategies? Turning a profit can be difficult because many strategies can actually decrease your business’s value. Thankfully, Geoffrey G. Parker, Marshall W. Van Alstyne, and Sangeet Paul Choudary have strategies that will guarantee your business earns more money. Find out how to earn profit in business below.
Ever wonder how likely you are to get picked for an IRS audit? How can you avoid it? Avoiding common IRS red flags, like large unexplained deductions or mismatched income reporting, can significantly reduce your chances of an audit. Good bookkeeping is essential. Read on to learn more about how to keep your tax return squeaky clean by avoiding these nine IRS red flags.
How can tax deductions save you money? What are some examples of deductions that might apply to you? Both common tax deductions like those for dependent care and lesser-known deductions like those for energy efficient home improvements can lower your taxable income, meaning you’re taxed on a smaller amount. Understanding what you can deduct can help you save more money this tax season. Let’s explore how to determine which common tax deductions you qualify for and how to claim them on your tax return.
What’s a win-win negotiation? What are situations where a win-win negotiation is necessary? Many people think of negotiation as a ruthless showdown between competitors, but it doesn’t have to be this way. Herb Cohen asserts that the most productive negotiations are win-win, in which two parties find a solution that’s better than what either would have come up with had they stated a list of demands. Keep reading to learn how to get a win-win negotiation that pleases everyone.
What are the fundamental business principles your company should focus on? When should you draft a company mission statement? To ensure that your company has a clear identity to guide its business model, business expert Claire Hughes Johnson recommends that you codify your company’s key principles in a set of guiding papers. These should include four components: your company’s mission, long-term targets, key values, and team charters. Learn more about these basic business principles to get you started.
Do you know how to win a negotiation? Does your negotiation partner want to be the only winner? Herb Cohen contends that sometimes, it won’t be possible to craft a win-win negotiation. When you suspect someone wants to be the only one who wins, it’s time for you to step up and take the win yourself. Let’s look at five tips that’ll help you win a negotiation.
Do you need other people? Are you a giver or a taker? Do you tend to run ahead of others and leave them behind? Many leaders think in terms of what’s best for themselves and base their decisions on their personal goals and opinions. John C. Maxwell writes that, to be an effective leader, you must prioritize your team’s needs over your personal ambitions. Keep reading for Maxwell’s advice on how to practice selflessness in leadership.
Do you have positional authority? Do you have moral authority? Which is more powerful? As a leader, you must develop your influence over others. To do so, you must gain moral authority—respect and recognition for exemplary personal qualities, values, and actions. Having positional authority may force people to follow you, but earning moral authority makes people want to follow you. Read more to learn how to earn moral authority as a leader.
Do you want your business to be environmentally friendly? What can businesses learn from Patagonia? Patagonia’s mission is to make the best product, to cause no unnecessary environmental harm, and to use business as a force for solving the environmental crisis. If you want your business to do the same, you can follow Patagonia’s business principles. Continue reading for six environmentally friendly business practices to build a sustainable company.
What’s considered a high-quality product? What are three traits every good product must have? A crucial part of Patagonia’s mission is to make the best product possible. This means creating a product that’s functional, durable, and repairable. Dive deeper into the principles of a high-quality product, according to Patagonia’s founder Yvon Chouinard.