Home About Books Speaker Courses CFO Podcast Media Awards Blog Manage Your Cash Flow Login

Happy New Year – It’s Time for New Financial Goals

Aug 15, 2019

It’s time for new financial goals as you celebrate the old year and plan the new year.

Congratulations, you’ve survived another financial year and today is the first day of a new one. Is this year going to be different from last year, or will it be the same again… It’s time to review the past and reset your financial goals for the new year.

A new year is a great time for a reset of your business. However, I recommend a reset at least every quarter with a major reset at the beginning of a new year.

WHAT IS A RESET?

For me, it encompasses a few parts. Firstly, it’s time to reflect on what I’ve achieved. I review the last month, quarter, year and usually take a few minutes to go back a few years to consider just how far I’ve come. I take a look at what I’ve achieved, what I haven’t achieved, what I’ve done differently, and what new skills I’ve learned. Then I also take a look at what is still on my...

Continue Reading...

Are your Financial Reports Giving you Useful Information

Aug 08, 2019

Do you look at your financial reports with bewilderment, frustrated that you’re not getting information that is useful for you to manage your business?

The answer may just be that your accounting system has been set up to make it easy for your accountant to produce financial statements, not for the easy production of management reports.

Management financial reports are fundamental to success in business.

If financial reports are set up to provide you with the information you want and need to be looking at, they are a fountain of information and insights into what’s happening in your business: the good, the bad and the downright ugly.  

Does your profit and loss statement show just a couple of lines for income and then the expenses listed alphabetically from A to Z? If the answer is yes, it’s time to shake up your reporting.

HERE ARE THREE WAYS TO LOOK AT YOUR FINANCIAL REPORTS:

INCOME.

Think about the different income streams you have in your business,...

Continue Reading...

5 Tips to End the Financial Year Strong

Aug 01, 2019

In the next couple of weeks, let’s make sure you end the financial year strong.

Another financial year is almost over, where did it go? How was the year for you, good, bad or downright ugly? With just two weeks to the end of the year, it may be too late to have a chat with your accountant to do some tax planning unless you already have, but there’s still time to take action on a few things.  

MY FIVE TIPS WHEN THE END OF THE YEAR IS THIS CLOSE ARE:

1. CHECK YOUR PROFIT AND LOSS STATEMENT.

First of all, you need to know whether you’ve made a profit for the year or not, and how much that profit is. It’s worth having a good look at each line in the profit and loss, making sure it makes sense, and nothing looks out of place.

One way to do this is to compare this years’ figures against last years and look for the anomalies.

Unfortunately, though, the profit showing in your profit and loss statement may not be the figure that you will pay tax...

Continue Reading...

The 3 R’s of Small Business – Routines Rituals and Rewards

Jul 25, 2019

What’s your plan to achieve your goals, does it include routines rituals and rewards?

Are you a planner or a go with the flow type of person? There’s no right or wrong here, it’s just a question of what works well for you and whether there’s an in-between where you get the benefit of both styles of living.  

I’LL CONFESS, I’M A PLANNER.

I’ve always been a planner but in recent years, I’ve taken on a bit of the go with the flow style. When travelling, I’m the one who plans what we’ll do each day on the trip, and whilst sometimes the plan would change due to weather conditions, we pretty much did exactly what I’d planned.

More recently, I’ve not done the day by day plan but rather got a list of places to go and see and put them in priority order and if we don’t do everything that’s ok, or we might find something more interesting to do instead.

So, it should be no surprise that I also plan my...

Continue Reading...

The Contradiction of Capacity and Flexibility

Jul 18, 2019

In business, we need both capacity and flexibility, but there are times when they just don’t mix.

Strategically in a serviced based business, we want to be highly productive and utilise the capacity we have available in the most efficient way possible to make the most revenue.

Whilst productivity at 75% or 80% sounds like there’s flexibility, the reality is that the other 20% to 25% is spent in admin tasks, internal meetings and a plethora of small tasks. And these aren’t considered specifically client delivery tasks.

Recently, I was asked to do some work which I knew would take me close to a day and a half. The challenge was that I already had work planned for the next day and then two full days of meetings. For me, there was no question about what to do.

The decision was simply to put off the work I’d planned for the next day and prioritise this new work. It needed to be done urgently and I would keep working until it was done, which on that particular...

Continue Reading...

There's Money to be Found in the Differences

Jul 11, 2019

There’s money to be found in the unnecessary costs of your business.

Checking and reviewing your numbers is key to making decisions, but there are also benefits to looking at the numbers from the viewpoint of seeking out the differences.   

Differences can be found in several ways:

1. COMPARE THE LAST MONTHS’ PROFIT AND LOSS STATEMENT TO THE MONTH BEFORE.

What numbers look the same, and what numbers look different? For those that are different, do you know why they’re different? If you can provide an explanation, that’s great, but if not, delve deeper into the numbers to see what caused the difference.

THERE’S MONEY TO BE FOUND.

I was talking to the co-owner of several tourist accommodation properties, and she told me the story about when they’d bought a new property and got the first energy bill.

The energy bill was ten times the amount they were paying for another existing larger property they owned. Something was definitely...

Continue Reading...

Are you Running your Business Blindfolded?

Jul 04, 2019

Look to the future with planning to ensure you are running your business successfully.

When you think of taking a holiday, you make decisions about where you want to go, what you want to see and what you’ll do during the trip. Even if you decide to go where the whim takes you, you’ll still see the signposts along the road and make decisions about which way you’re going to go.

Business is no different to planning a holiday, you need to have a plan on where you want to go and how you’re going to get there.

Firstly, you need to set financial goals, this may be a revenue target, or a profit target or capping expenses at a particular figure, it’s your choice what is important to you.

Using those goals put them into a budget projection and fill in the rest of the details with the cost of sales, expenses and other payments. You may do this initially using annual figures and then break them down into monthly figures taking into account any seasonal...

Continue Reading...

EOFY and it's Time to Reset your Business Goals

Jun 27, 2019

Taking the time to reset your business goals throughout the year can provide great value. 

The old saying is that time flies when you’re having fun, but I think that needs to be upgraded to time flies when you’re running a business. Weeks fly by, then it’s months, and before you know it, we’re almost at the end of the financial year and halfway through the calendar year. Yikes.

While a new financial year is a great time to set goals and budgets for the next financial year, the key is not to set them and forget them. Goals and budgets need to reviewed and re-assessed throughout the year.  

There’s nothing more discouraging than setting a lofty revenue goal at the beginning of the year, falling short of it on a monthly basis for the first few months and then feeling like a failure for the rest of the year.

DON’T DO IT. INSTEAD, RE-ASSESS YOUR GOALS, ADJUST THEM, DOWNWARDS IF YOU NEED TO, SO THAT YOU ALWAYS HAVE GOALS THAT FEEL...

Continue Reading...

Beware Tax Planning, It's not all it's Cracked up to be

Jun 26, 2019

Don’t Waste Your Money on Tax Planning Opportunities If You Don’t Need To.

The end of the financial year isn’t far away, and whether you’ve made a profit or suffered a loss, it’s time to focus on tax planning. Tax planning is all fine and good, but you have to have the cash flow or funding to reap the benefits of most of the opportunities available.  

Hopefully, you’re aware that as a small business, the ATO allows you to claim a full deduction for the cost of equipment, fittings, computers and so on up to a cost of $ 30,000 per item. 

Superannuation contribution limits are $ 25,000 for employees of all ages.

If you have a family business where both you and your partner work in the business, you have the opportunity to contribute $ 50,000 which includes superannuation guarantee on your wages.

LET’S SEE HOW THIS MIGHT LOOK FROM A CASH FLOW PERSPECTIVE.

1. Assuming that both family members take a salary of $ 90,000, that means...

Continue Reading...

Going Solo Seeking Help

Jun 20, 2019

I started reading the book, Lean In by Sheryl Sandberg, and right at the very beginning she talks about how in her early life there were lots of coaches and mentors for the men in the various corporates that she worked in but not so much for the women.

It got me thinking about my life and what I've done and how that makes you a different person. I started off my accounting career, I was the only woman accountant in an office of 50. The other women on staff where in those days secretaries or the receptionist. It's like world of men, young men, the old men partners. Like it was a male dominated world.

You know what, I had no idea about mentors or coaches, that they even existed until many, many, many years later. So last year I was on a panel with American Express with Jo Burston from Rare Birds and I can't remember exactly the name of her other company. She talked about how she had a mentor right from pretty much from the get go in her business and she's in her, I'm guessing thirties...

Continue Reading...
1 2 3 4 5 6 7
Close

Sign up to the weekly newsletter to get immediate access to the weekly blogs