Tag Archives: financials

Freshbooks, fantastic billing system; Accounting system not so much.

freshbooks-fantastic-billing-system-accounting-system

I love Freshbooks. I use it in my own business. It’s a fantastic billing system. It has been responsible for reducing my accounts overdue by as much as 30%. But I was a little disturbed when I received an email from the head of Freshbooks announcing that from this day forward Freshbooks would be known as “Cloud Accounting". What? I kept reading, quite puzzled. Read More »

Are you past determining your business success based on your bank account balance?

determining-business-success

Some of us start our business with a particular purpose in mind - to solve someone’s problem, realise a brilliant idea or make money from a hobby. The way you begin doesn't determine business performance, but can determine the stage of financial knowledge you are at. There are five stages of business financial knowledge. It doesn't matter whether you've been in business for one, three or five years; you could be in any one of the five stages right now. And it’s up to you how long you stay in each stage. Read More »

Get to the why, what’s driving your business?

driving-business

I often get asked, “What numbers should I be looking at?” My answer is always all of them, but for some that’s just too much. And dependent on your industry the answer can also differ. But really there is a first step that business owners need to make – and that is understanding the story behind your numbers. Okay, stay ... Read More »

Are you being resourceful or resourceFULL?

resourceful-resourcefull

As we get into the business growth groove we usually start to consume more resources either in the normal course of business or in attempts to get to the next level. Sometimes we are so busy in the growth mindset that we automatically invest in more and more resources without properly evaluating what we are doing. We can lose sight of being resourceFUL i.e. making the most of what we have and making sure each dollar is purchasing maximum value. I'm not talking about being stingy but taking a step back and evaluating what resources you are investing in and deciding whether: Read More »

Are your numbers pie in the sky?

numbers-pie-sky

I love a new calendar year – it’s so exciting with so many possibilities. I particularly love the planning process which I find invigorating and motivating. I enjoy planning for the New Year and setting bold goals for my life and my business. I always come up with some numbers to go with the process, for example, a revenue goal of $250,000 for the year. Then bang! The New Year starts and we’re off! Read More »

Grow Your Business Through Regular Review and Planning

grow-your-business-through-regular-review-and-planning

There's no point spending time creating plans for these areas of your business if you’re not going to review their status. This is your reminder to review, but where to start? Start with your goals. What were your goals? How are they tracking? Perhaps you wanted to attract four new clients per month, launch a new product line or increase your average daily sale by $X amount. Whatever the goal, it must be tracked so that you can see its impact on the financials. Read More »

What Should You Be Accountable For In Your Business?

accountable-for-in-biz

There are certain tasks that as a business owner, you should delegate. Bookwork is one of them – I highly recommend that you have a bookkeeper to take care of your bookwork. This could include:• Processing of invoices for both suppliers and customers • Processing of payments for both suppliers and customers • Processing of payroll • Reconciliations • ReportingDoes ... Read More »

Are You "Present" In Your Business?

present-in-your-biz

Do you have your mind on the job, so to speak? I'm not asking whether you worry about your business, we all do that. I'm asking whether you allow yourself to think, strategise, improve your business, allow it to grow through you? Read More »

Your Financial Plan doesn’t have to be painful

your-financial-plan-doesnt-have-to-be-painful

The mere mention of a financial plan can send business owners into a tailspin. It doesn’t have to be this way, it can be as simplistic or as complicated as you make it. A financial plan will help you determine what revenues you can, will and/or need to achieve based on the expenses you will incur. They can be in ... Read More »

Planning as simple as three words?

planning-as-simple-as-three-words

There are many things you should plan, but what should you plan for your business? Planning comes in many forms, and combined can provide you with a blueprint to keep your business moving forward. I consider there to be a few areas within your business that can benefit greatly from planning including a financial plan, marketing plan and a resources plan. Read More »