Here’s Step 1 to Optimising for Profit & Cash
Here’s the first step you need to take right now to pull more time, money & freedom out of your business
I’m so thrilled to share with you the first step towards optimising your business’ profit and cash.
If you haven’t already I’d encourage you to take our Thriving Lifestyle Business Scorecard & see how you measure up in all 5 steps.
You don’t know what you don’t know & I promise, if you stick with me, I’ll show you how to make and save money using my 5 step numbers methodology, starting right now with step 1.
A word about my method. It is to some extent linear. That is, you must master each step one at a time. As you master each step you’ll start to see how they act like levers to increase profit and cash.
Numbers 101 is up to date, accurate, accounting records.
Here are my top tips for getting Numbers 101 right
- Use an accounting software like Xero (and expense AI like receipt-bank or hubdoc)
- Use a business bank account solely for business purposes (do not mix business and personal, do not treat your business bank account like a personal ATM)
- Keep your accounting records up to date & accurate on a daily or weekly basis
- Do not overdraw money from the business (draw less than the cash profit minus assets purchased & loan repayments, in wages or drawings)
- Reserve money for ATO, supplier & employee obligations (including employee leave, a hidden devil)
We see the consequences of ignoring Numbers 101 first hand. They are
- Business failure
- Business & personal bankruptcies
- Personal stress, the worst of them all
There is no successful business owner who doesn’t know and use their numbers. Your numbers are the foundation upon which everything else is built.
That’s why all Top CPA Accountants list Numbers 101 as Pillar 1 for success.
Now, before I go on I want to tell you that when it comes to Numbers 101, I don’t sugarcoat things. I’m going to tell it like it is because I don’t want you to be another business failure statistic and another stressed business owner who got it all wrong. Ok?
Numbers 101 is the first thing you need to get sorted out so that you can create your Thriving Lifestyle Business. That is, a business that
- Is optimised for profit & cash
- Gives you time, money & freedom
No business coach should even work with you until your numbers are sorted out. In accounting circles we’d call that “negligence”. How can you measure anything without the numbers? You can’t. You’re flying blind.
So what should you do if you haven’t yet mastered Numbers 101?
Ok, I’m so passionate about Numbers 101 & so I’m excited to help you. But before I tell you what to do, I want you to promise me that rather than getting overwhelmed, you’ll remember that help is available.
The thing to do now is to print out my top tips and use them as an action plan.
Or, if you’d like to talk, book a free call with me
I’ve been specializing in helping clients get Numbers 101 sorted for over a decade & I’d be happy to give you some free advice or help you too.
Because what we find is that once we help our clients get Numbers 101 sorted then it’s like a springboard for success. We can then start working with them in a way that translates to a 10x plus return on their investment with the ultimate goal of pulling more time, money & freedom out of their business.