Tag: Strategy
- Sharpen Your Numbers – FAQ: I want to go into business for myself, where do I start?Glen asks about how he can get started with a new business. Glenn suggests beginning by seeking advice from professionals like us. Start by consulting with an accountant to understand tax implications and record-keeping requirements specific to your business. It’s crucial to grasp these fundamentals before diving into your entrepreneurial journey. Learn more in this…
- The sixth cause of poor cashflow: tackling high overheadsIn the journey of managing a business, one critical aspect often overlooked is overheads, which can significantly impact cashflow. While business owners tend to be vigilant about expenses, the growth of a company can sometimes lead to increased layers of management and operational inefficiencies. Regular assessment of overheads is crucial for financial health. Here’s a…
- The Achiever MatrixAs business owners, time management is key to success. Ewen explains how using the Achiever Matrix can help you focus on what truly matters in your business in this short video.
- Self-Managed Super ScamsRecent news highlights the prosecution of self-managed super fund promoters by ASIC, marking a crucial step in safeguarding unsophisticated investors from fraudulent schemes. These promoters targeted individuals unaware of their deceptive practices, promising lucrative returns while misappropriating funds for personal gain. In one case, investors lost a staggering $25 million to a cryptocurrency investment scam,…
- The fourth cause of poor cashflow – your debt and capital structureExplore how assessing your debt and capital structure can lead to reduced interest charges and significant cashflow improvements for your business. Discover actionable strategies to consolidate debt, optimise capital injections, and manage personal expenses to alleviate cashflow pressure. Debt Assessment Begin by compiling a comprehensive list of existing debts, including bank loans, mortgages, finance company…
- The second cause of poor cashflow – your accounts payable processExplore how your accounts payable process can impact cashflow and financial stability for your business. Learn about the importance of reviewing Terms of Trade and implementing spending budgets to manage cash outflows effectively. Spending Budgets Establish yearly budgets to regulate spending and ensure alignment with financial goals. Control spending by monitoring department budgets and authorisations…
- The first cause of poor cashflow – your cash lockupWhen it comes to business, profit and cash flow are not one and the same. While profit reflects the revenue generated from your work or sales, cashflow is the actual money flowing in and out of your bank account. One of the primary culprits of poor cashflow is what we call “cash lockup.” Cash lockup…
- Step 10 of Building a Better Business: Building a Resilient Business; The Self-Care AdvantageMaintaining a full “well of happiness” is not just a luxury; it’s a crucial aspect of sustainable business success. Similar to the airline safety instruction to secure your oxygen mask before assisting others, you must prioritise your well-being continuously in business. Consider the activities that replenish your well-being – those that revive your energy and…
- Step 8 of Building a Better Business: Build Strong Networks for Referral Generation in Your BusinessReferrals are a powerful means of securing new business, and one effective way to generate them is by building strong networks. Networking and referrals offer a cost-effective strategy for business growth, with a potentially significant return on investment. Here are five ways to maximise referrals from your networks: Calculate the Lifetime Value of a New…
- Step 7 of Building a Better Business: Elevating Success through AccountabilityBreaking the cycle of unmet resolutions requires more than good intentions—it demands accountability. With approximately 80% of New Year’s resolutions faltering, securing someone to hold you to account becomes paramount for achieving your business goals. The key to completing committed actions lies in granting someone the authority to follow up persistently. Whether it’s a personal…
- Step 6 of Building a Better Business: Cultivating Leadership Excellence and a Resilient Workplace CultureElevating your leadership skills and fostering a robust workplace culture is pivotal for building a better business. A toxic workplace can hinder productivity, making it crucial to assess and enhance your organisational environment. Spotting Toxicity: Signs Your Workplace May Need Attention Lack of Trust: Is there a noticeable divide between owners and the team, fostering…
- Step 5 of Building a Better Business: Creating an Optimal Organisation Structure for Business SuccessAchieving peak efficiency and unlocking economies of scale within your business largely hinges on having the right organisational structure. This step can significantly enhance your bottom-line returns, outpacing mere revenue growth. A well-designed structure should foster revenue increase without creating operational bottlenecks and creating the optimal organisation. Your organisational blueprint should be a comprehensive guide,…