Buy Now My Library About Chat with Amanda Login

Productivity and Profit

Jun 13, 2019

I recently was talking to a client about productivity and the need for being really efficient about how the work is being done. 

This is a service-based business, it's kind of a consulting business, hourly rate, day rate type exercise.They had a job, and just for the purposes of this conversation, it was a $50,000 project. The plan was for $30,000 worth of consulting fees, a certain number of days. The project was done, the delivery was done. The contractor who was doing the days was monitored, and conversations were being had to make sure that the number of days on the job were as per budget and what was planned, and get to the end of the project, and yes, confirmed whatever the number of days were. Yes, those were the number of days. Great. Client thinks project has gone really, really well, we've made the gross profit we thought, and we had a $50,000 project. We've spent 30,000 on our contractors. We've made $20,000 gross profit, which can then be used to pay some overheads....

Continue Reading...

How to get Paid on Time when Selling to Small Businesses

Jun 11, 2019

I regularly get asked the question “What do I do with xyz company to make sure I get paid, they owe me $$$, and it’s way overdue?”.

I also have situations where clients don’t pay me on time, and I understand the time and emotional costs in chasing up the payment not to mention the potentially disastrous impact it has on your cash flow and ability to pay the bills. While the Australian Small Business and Family Enterprise Ombudsman has been working hard to get Small Businesses paid faster by large corporations, it’s still up to you when you’re selling to Small Businesses.  

These three key areas will make a big difference to your outstanding invoices.

1. CREDIT CHECKING BEFORE PROVIDING CREDIT.

When we apply for credit with our suppliers, the chances are we’ve had to fill in an application form with details of our financial viability, references and possibly provide a directors personal guarantee. 

We need to apply this same...

Continue Reading...

Break Even for Product Based Businesses

Jun 06, 2019

In a product business, you've got a more complicated calculation than service businesses. You probably know that, but the starting point for everyone is knowing how much money you need to pay your personal bills.

Starting off, looking at your home budget, how much money do you need to pay or contribute to the household costs? Rent, mortgage, fire, electricity, utilities. Internet, motor vehicles if they're not in the business, holidays, entertainment, food, that's an important one, and kid school fees, kids' clothing, extra curricular activities, holidays. Everything that you would normally spend at home, you need to work out what that is. If that's split amongst different members of the family, what your contribution needs to be for that.

If you're already drawing a particular set amount out of your business as a salary wage or drawings, depending on your business structure, that's great. But just double check that you have got the right number for the purposes of your household,...

Continue Reading...

Do You Know your Minimum Income Required to Pay your Bills?

Jun 05, 2019

We all know that sales are the backbone of a business, but do you know how much income you need to keep the business going? 

When you start out in business the key is to focus on sales, sales and more sales whilst at the same time there are bills, bills and more bills to pay usually requiring you to use some of your savings to pay the bills.

Over time as your business grows, there will come a time when the income is sufficient to pay the bills. Happy days. The next step at this point is to start to pay yourself a salary (or start drawing from the business if you’re a sole trader) and then as the business grows more, you’ll employ staff to support you.

KNOW THE MINIMUM INCOME YOU REQUIRE.

At each phase of your business, it’s important to know what your minimum income is. This is what accountants call break even as it is when your income equals your expenses. However, there is a trap for young players in this definition as it doesn’t take into account...

Continue Reading...

For a Sale to be Complete, the Money Needs to be in your Bank Account

May 30, 2019

It’s time to review the payment process in your business to ensure the money is in the bank.

Selling when you get payment at the time of sale is the best possible way to set up your business, and it doesn’t matter whether the sale is cash or on a credit or debit card. But for some businesses, particularly when you are selling to another business, it’s quite likely that you will be asked to provide an invoice and payment will be made at a later date.  

There are a few traps for the uninitiated in business with this scenario:

DON’T JUST PROVIDE AN INVOICE TO EVERYONE WHO ASKS FOR ONE.

Firstly, you should be asking them to complete a credit application where you can ask a series of questions about their business, get directors guarantees and ask for references.

Once you have this information, phone the references, do a Google search and see whether you can find out any information about them, good and bad, take into account your instincts if...

Continue Reading...

Introverts need people too!

May 22, 2019

I spent the month of October traveling around, attending conferences, surrounded by people, and at a certain level, that is very tiring. You've got to be on your A game the whole time, talking to people, making new friends, making new connections, introducing yourself, all those things that introverts tend to struggle with. It's just full on. It's all day, every day, and it's very tiring.

Then I've come back, and I'm back in my office, where I work by myself. I have a team but they're remote, so they all work from their homes, and I'm now working by myself again, and I'm finding it a bit of a challenge.

I'm finding that it's a bit lonely. I'm finding that I get through part of the day and I think, "Gee, I want to have someone to talk to."

I want to have that human connection and interaction, and I found last week that I didn't even leave the house.

I do work from home, so it's a separate office. It's kind of in the basement, and the living quarters are upstairs, so it's a...

Continue Reading...

5 Tips to Deal with the Stress of Travel

May 15, 2019

I love to travel, and I’ll use any excuse to get on a plane.

So, if there’s an interesting conference in an overseas location or a speaking opportunity I’ll be itching to go, and even better when I have clients in far-flung locations around the world. And the sad thing is, it doesn’t even have to be an exotic location, although those are more interesting and fun.

OVER THE YEARS, I’VE TRAVELLED FREQUENTLY FOR BOTH BUSINESS AND PLEASURE, AND I’VE DEVELOPED MY FIVE MUST DO’S TO REDUCE STRESS FOR ANY TRIP I TAKE, WHICH ARE:

1. Arrive at the airport well before your departure time. I got caught out once arriving at a US airport for a domestic flight to Los Angeles with a connecting international flight back to Australia.

We arrived about an hour or so before the flight to find a very long queue for the check-in machines. By the time we got to them, it was just under an hour before we would travel, and we were told that because we were flying...

Continue Reading...

Being Organised

May 15, 2019

Organisation is essential. Not just in your business but especially around your numbers. Putting a system in place to get a clear and accurate picture of your numbers at any moment.

I'm guilty of having papers everywhere and of having a desk that it's neatly organized in its piles, and I do know where everything is, but it's still this clutter on my desk, and today I've been forced to tidy my desk because I have a client coming in to see me and that means that I want to make the place look nice. So I have tidied my desk. I now can see the desktop and it feels so much better. I still have the papers, they're still in piles, they're just not on my desk, and when I need them I can go and get them and bring them onto my desk, work on them and then put them back again.

I was thinking about how that relates to our numbers, and it's exactly the same thing. It's about being organized and having particular places for paperwork.

If you're a paper type person, it may be that you have either a...

Continue Reading...

Love Is In Your Business

Feb 14, 2019

Around Valentine's Day, we all think of love as relationships with loved ones... but you have a relationship with your business too.

You need to love and be in love with your business for it to thrive, and survive into the future.

I'm sure when you started out, you were super excited, passionate about it, loved what you were doing. That's why you started, right?

After you've been in business for a little while are you still jumping out of bed with the same enthusiasm?

Do you still love what you're doing with the same passion and energy that you started?

Probably not as after a little while reality kicks in.

The reality of having enough money to pay the bills.  The reality of the hours you need to put in to make it work.

In order for a business to succeed you have to love your business, and you need to learn to love your numbers too.  Because the numbers are everywhere.

Numbers are part of everything you do - they're the lifeblood of the business.

Whether...

Continue Reading...

The New Kid On The Block

Jan 31, 2019

How do you feel when you walk into a group where you don't know anyone?

Whether that's a networking event, chamber of commerce, a new job even, or in my case what I'm talking about is a MasterMind event.

I went to the situation I'm talking about a few months ago.  I walked into the room and I didn't know anybody. What was interesting at the time for me was that everybody seemed to know everybody else. I was the new kid on the block.  They hadn't seen each other for quite a while and they were all hugging each other and all, "Hi, how are you," and, "Oh, it's so great to see you."

The excitement level was great - everybody was welcoming each other warmly but ignoring the few of us who were new.

I think interestingly because it's a high-performing group, the majority of people that were new were fairly introverted.  Speaking to some of them afterward about this was quite interesting because I thought I was the only one.

I thought I was the only person who felt like...

Continue Reading...
1 2
Close

50% Complete

Two Step

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.