Regardless of what business you are in, you will need a decent sized bookshelf. I know that most home based business owners will focus on computers and desks without seeing the need for a boring bookshelf. However, I want you to think about this for a moment.
Running a business means you are expected to know about every aspect of your business and in fact, by law you cannot claim ignorance of information to protect your business. What this means is that you need to have the required information readily available before making a decision. To ensure you have the information when you need it, you will need a bookshelf.
Even if you only buy one book for each business function you will have at least 12 reference books. Think about the different areas of business management; Advertising, Sales, Customers, Products, Safety, legal, employees, financials, technology, administration, risk management, research, competitors, and your industry manuals.
Now include all the required Legal Acts and compliance standards for your business type; OHS Act 2004, Australian Standards, Code of Practices, Contracts, Industrial Relations, Payroll, Insurances, Taxation, Fair Trading, and Refunds.
Can you see a pile of books and guides building on your office floor somewhere at this moment?
I haven’t even included the forms, checklists, audits, business monitoring, and administration books yet that you will need as well. A large collection of lever files and folders will need a place to stay. I am amazed at how many people think running a business doesn’t mean they will read more books than they ever did at school. On average you will read a book each day, more at the beginning of course, but you will devote large periods of time to reading every day of your business life.
Why is this important to understand for business owners?
Not only will you have to store these books somewhere, but you will need to buy them as part of your business life. Business management books can range from $20 – $160 depending on the topic covered. In my experience of reviewing business plans I see little evidence of budgeting for books.
An average home based business will need to spend around $300 per year on textbooks alone, more if you work in a fast developing industry. Throw in a few Australian Standards, guides for safely performing specific business operations that are legally enforceable documents, that can cost between $20 -$120 each, and you have another $500-$1000 yearly expense. Check out the vast number of Australian Standards on the Internet to see what I mean.
I hope that you can see why a bookshelf or three are critical to your business success or you will be knee deep in books and folders towering all over your floor.
I bet you thought your days of reading books were over when you left school.
Before you say, “I don’t need all those books.” Keep in mind that legal action and fines can cost you an average of $18,000 straight of your bottom line each time you didn’t know what to do.
Article written by Paul Baker: Avatar Business Intelligence