Being in business is a tough place to exist. It’s not for everyone. It’s not an easy place to make your mark on the world. And it’s for that reason that most people will never, ever make a go of it. So, next time someone tells you that they run their own business don’t point your nose to the sky; instead give them a pat on the back and ask them their story. I bet they can tell you a lot about how to get things done.
Archive for category Your Business
Tough
Mar 1
In the few years that I’ve been in business I’ve learned the value of a good accountant. I’ve had the accountant that has a lack of foresight and didn’t share my vision, I’ve had the accountant that knew his stuff but never returned a call. You get the picture!
Your accountant is one of the most important cogs in your business machine. Find an accountant who understands where you are now, where you are going, and believes that you can get there. Your accountant must be accessible and quick to help you when needed, s/he must have in depth business accounting and taxation knowledge and be able to apply it to your circumstances. And s/he must be able to speak your language.
Take your time to find a good accountant and pay your accountant well. This is not an area of your business in which you want to scrimp and save. Don’t waste money on mediocre accountants.
Make yourself redundant
Jul 28
I learned something amazing this week! They don’t need me.
I know that we all want to be needed (especially at our our businesses) but isn’t it better that we aren’t? I mean, who actually wants to have to go to work? Wouldn’t we all rather go to work because we want to rather than have to?
Last week I was interstate undertaking training. This week I’ve been struck down with tonsilitis. Two amazing reasons not to go to work. And what has happened? The business made more sales in these last few days that ever before over a similar period. A great result.
Now, I am going to take some credit. I designed the systems (not all by myself). The thing is without me in the background tinkering away the systems were allowed to run free and magic happened.
So, my question to you is: can you get more from your business by making yourself redundant?
My son is almost 14 months old. I have noticed a lot in those 14 months but one thing that always strikes me as amazing is his absolutely single-mindedness. If he is intent on climbing upon a table or finding a particular toy, he will apply himself completely and no distractions will stop him. He won’t notice if you poke him or call him or present another toy. if he’s on the path to something, no obstacles will stop him.
We – as entrepreneurs – could learn a lot from this approach. Once we set our minds to something we should not let anything stop us from achieving that aomething. Managers, workers, anyone can learn from this. Remove distractions or ignore them.
Money, money, money
Jul 14
Cash is king!
In small business you have to know every single detail about your cash situation. Understanding profit and loss statements, your general ledger, debtors, creditors, ageing etc. etc. is all well and good but none are nearly as important as cash.
Many a “profitable” business has failed due to lack of cash. Don’t be fooled by the reports that your bookkeeper, accountant or software provides you. They may not tell the whole truth. Accounting is just a way to represent the business from a certain perspective it is not all encompassing.
Before you get terribly excited by all the groovy accounting tricks you can use be sure that you know how much cash is coming in and how much is going out every day, week, month and year. Be sure you know how much cash you have that is immediately accessible.
It’s worth saying again: cash is king!
