It’s time ! Time to get a grip on the financial aspects of being in business ! Let’s start this new year in the way you need to carry on.
Nothing detracts from business success and contributes to financial failure more than an a failure to manage the financial side of being in business. It’s not about being or becoming a bookkeeper or an accountant it’s about keeping records, regularly monitoring the financial position of your business, taking rapid remedial action when necessary, keeping a tight lid on expenses and bringing in all the money your products and services are worth.
Here’s how the Challenge is going to roll: every day for 5 days I shall greet you in the morning on Facebook Live and tell you briefly what you’re going to learn and what you need to be doing that day. You’ll have an explanatory workbook and clear actions to take. If you have questions post them in the group and I’ll answer them.
Scroll down and Complete the form below to let me know you want to join the challenge
Each day for 5 days we look at a key aspect of financial management. You need to show up each day and perform the tasks so that at the end of the week you’ve really started to get a grip on the financial aspects of being in business. No dipping in and out – it won’t work!
Day 1 – The Current situation of your business
Before we get tucked in to rocking your financials you need to know the current position of your business. To what extent do you have financial control? Is your business profitable or not ? What level of debt (if any) is your business carrying and do you need to take steps to reduce it? What cash do you have at the bank?
Day 2 – Income
Today we look at your income. How are sales doing? are there improvements you could make? do you need to retire some products/services or market them more actively? are you charging what you’re worth? are your clients paying promptly and if not are you chasing them for payment? How are you allocating the money that’s coming into your business?
Day 3 – Trim those Expenses !
Time to make a list of all your expenses and then review them. The chances are there are expenses you don’t need to be incurring or services you could acquire for a lower cost.
Day 4- Cash – the lifeblood of your business
Cash is the lifeblood of any business – including yours ! It’s time to do a bank reconciliation and prepare a cashflow forecast so that you know your current cash situation and what your cash situation is over the next 6 months. If there are months when you have insufficient funds to cover expenses we’ll look at actions you can take right now.
Day 5 – Staying on Track
You’ve done well this week and there’s no way you want to slip back into your old ways. You need to stay on track and this is where I’ll show you what records you need to be keeping and what you need to be monitoring on a regular basis.
Complete the form below to let me know you want to join the challenge.