Posts tagged ‘Corporate Environment’

Go on, admit it, when you’ve bumped in to a Utility Warehouse distributor or an Aloe Vera fanatic at a networking meeting you have turned your nose up.  You considered your business more complex, more entrepreneurial, more successful – a proper business; after all these people have been dissolutioned by nothing more than a new variety of pyramid scheme, right?

 

Missing a trick?

Multi-Level Marketing (MLM) or Network Marketing is a huge industry that is here to stay.  Company’s embrace the extremely effective and efficient way MLM gets products or services to the end user.  This creates higher margins that these ‘simple’ structures carefully distribute to everyone involved.

MLM businesses can be run on your own, or with your partner, full time, part time or in the ‘nooks and crannies’ of life.  It can provide you with an escape from your day to day life, a chance to meet lots of new friends and access to a huge amount of business training, but most of all MLM can provide you with an opportunity to take control.

My observations

  1. MLM participants are highly motivated, sociable and generally happy, contented people.
  2. Although you are running your own business on your own terms (subject to some guidelines set out by the MLM organisation you have chosen) you are never on your own.  The amount of support, training, friendship, storytelling and sharing of techniques is amazing.
  3. People who have not succeeded in MLM have not had the vision (dream, goals etc) to motivate themselves to plan and then put consistent effort in to generating opportunities.  Consistent could mean as little as 10 minutes a day – a ‘phone call, a blog post, a coffee with a potential team member.  How much time you devote is a personal decision, but consistency is key to momentum.  The other problem is unrealistic ideas about how quickly MLM can change lives, as with many things in life, MLM is a marathon not a sprint.
  4. Some serious amounts of money are being generated by people that are accessible to everyone.  MLM is not a corporate environment with a ‘fat cat’ board, the high earners in this industry understand that sharing experiences, coaching and encouraging participants helps everyone to achieve more.  The basic principles of leverage and synergy.

Embracing MLM

Next time you meet a MLM participant, remember that they have drive, passion, self-discipline and the spirit to take their destiny in to their own hands.  They are highly motivated team players who bend over backwards to help others and spend countless hours honing their skills.  Isn’t that person someone you would like to get to know?  Or perhaps someone you would like to work with?

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.

The designatory letters DChA are used by holders of a Diploma in Charity Accounting, a qualification awarded by The Institute of Chartered Accountants  (ICAEW) who hope that it will inspire confidence that the holder of the Diploma has the knowledge to make a real difference to the prosperity of an organisation through understanding of charity accounting and financial management.

Prior to 2007 the diploma could be achieved through study and examination or by submitting evidence of experience in advising the 3rd sector.  The ‘experience’ route is no longer available.

At the time of writing this post, around 700 accountants in the UK hold this diploma (listed here) and just over half of these are working in practice as auditors / independant examiners and advisers.   The remaining mainly being financial managers working with in the sector itself.


As a trustee, what does using an accountant with the Diploma mean to you?

  • Confidence to trust them to provide specialist financial care with knowledge of your sector and its inherent challenges
  • Reassurance that they understand the complexities of Charity Accounting
  • Non-financial matters such as governance are addressed with practical solutions
  • Information is presented in a straightforward and understandable manner
  • Value for Money services with fixed fees and experienced resources to keep fees to a minimum
  • You can get on with running your charity knowing that you are in safe hands!

In my opinion providing services to not-for-profit organisations takes additional expertise as the sector has specific accounting requirements as well as a different type environment in terms of targets, principles, reporting and management needs.  Often the people working within this sector do so for low or no monetary reward and do not necessarily have the same skills of someone who has been involved in a corporate environment.  Therefore the level of support and the approach taken to professional advice should be different.

To get the most value from your professional advisers, it is essential that they have carried out adequate and relevant professional development (CPD) and have experience in your industry.


Update:  In August 2010, ICAEW announced that in response to demand the DChA experience route is being re-opened for senior professionals in charity accounting to gain recognition for their expertise.

The information provided in this blog illustrates my opinions and experiences, it does not constitute advice and I do not accept responsibility for any actions taken or refrained from as a result of reading this post.