Archive for the ‘Financial’ Category

Well, we’re into a new financial year and many of us I’m sure are hoping this next one is going to be better.  So what can we learn from last years figures and how can we use that to improve our results. We can’t improve what we don’t measure… but what should we measure? Every business is different however there are some standards that everyone needs to understand and keep a regular eye on… let’s explore a few…  Read the rest of this entry »

This book has sold millions of copies and is a ‘Bible’ for people who search for financial freedom.

It was twenty years in the making, and though it’s over 70 years since the book was first published, it is as relevant today as it was then. This book features in the libraries of all people who wish to learn the laws of success.

The message of this book, by Napoleon Hill, is simple – you can have anything you want in life if you desire it enough – while the essence of the book is Napoleon Hill’s famous statement: “Everything your mind can conceive, you can achieve”. Many people consider Think and Grow Rich to be the ancestor of all self-development or wealth creation books and presents the money-making secrets that can change your life.
Inspired by Andrew Carnegie’s magic formula for success, this book will teach you the secrets that will bring you a fortune. It reveals what the rich do that others do not, to succeed and will show you not only what to do but how to do it. It is about thought, and how that leads to action, which in turn leads to wealth. Once you learn and apply the simple, basic techniques revealed here, you will have mastered the secret of true and lasting success. And you may have whatever you want in life.

The formula to success has 13 principles:

• Desire
• Faith
• Autosuggestion
• Specialized Knowledge
• Imagination
• Organized Planning
• Decision
• Persistence
• The Master Mind
• The Mystery of Sexual Sublimation
• The Subconscious Mind
• The Brain
• The Sixth Sense

Hill’s passion and belief in his life’s work leap off every page. It’s hard not to get swept up in the enthusiasm for his principles. He shows you how to make them work for you, and how you need to change your thinking if you are ever going to succeed.
This book is one of the first motivational self-help books. You’ll be surprised just how much of the courses and books you see on this subject come directly from this book.
Napoleon Hill certainly knew his stuff, and wasn’t afraid to speak his mind, and because of that it is an interesting read. The book contains many practical exercises and questionnaires that help to keep the reader engaged. It provides goal-setting guidelines and helps you to make clear plans to follow. So when you read it, have your notebook and hi-lighter ready!!
For those that would like to read more – click here for a more comprehensive review of Think & Grow Rich courtesy of fellow ActionCOACH, Anthony McNab.

This book is designed to give you the inside track on everything you need to know about bumping up your business. It aims at providing you with an INSTANT guide on how to improve your profitabilty. Once you’ve read the book, you’ll know precisely what it takes to make your business very much more profitable than it now is.

Instant Profit explains why in business profit is king, and details the process through which entrepreneurs can expand their bottom line by increasing their profit margins, transaction numbers, and conversion rates.

Author Brad Sugars’ approach to increasing profitability centres on the idea that profit itself is a function of other business fundamentals. In the book, Brad outlines the steps needed to attain greater profitability through a narrative story outlining his business coaching relationship with Charlie, his auto mechanic and friend. Through the narrative, Brad details how entrepreneurs can increase the quantity and value of individual sales to ultimately affect their businesses’ bottom lines.

“Almost all business owners know that they need to be profitable in order to succeed, but few truly understand the factors that affect their profitability,” Read the rest of this entry »

Did you know that NSW is the 2nd most litigious state in the world behind California? Maybe I should share with you some key points from my workshop last week, where Matthew Tranter from Tranter Lawyers, spoke about the need to ensure that your assets are well protected.

We’ve all heard that prevention is better than cure, and the aim of Asset Protection is to stop potential litigants in their tracks by showing them that if they take any action, it is going to be fruitless.

Why do you need to protect your Assets…. Read the rest of this entry »

As mentioned last week, cashflow is the ‘lifeblood’ of every business and poor credit control will greatly affect your cash flow and your ability to pay your debts on time. By setting up strict credit controls and managing your debtors your chances of payment will improve if things go wrong for a customer.Last week we covered some of the credit controls you can put in place… this week is we will look at managing your debtors:

Manage your debtors… Read the rest of this entry »

Now more than ever businesses need to take control of their debtors.  Cashflow is the ‘lifeblood’ of every business and poor credit control will greatly affect your cash flow and your ability to pay your debts on time.  By setting up strict credit controls and managing your debtors your chances of payment will improve if things go wrong for a customer.

Set up Credit Controls.  These might include:

• Have a Credit Control process in place and follow it… set up a credit application form, which all customers must complete so you can ascertain who you are dealing with, the credit limit sought, directors guarantees, credit referees etc. Include the agreement terms and any penalties for late payment.
• Provide a written response to a credit application promptly either approving credit, declining credit or requesting further information. Things to included in a credit approval letter might be…. the amount of credit given, credit terms, guarantors (including guarantee forms), penalty/default terms and any other terms and conditions pertaining to the credit approval. Slow payers are much easier to follow up if trading conditions have been clearly laid out from the beginning.
• Look at requesting payment on invoice rather than statement.
• Mail/email invoices promptly to the correct recipient in the business.
• Make it easy to pay – have a facility for credit card payments, or automatic direct debit from the customer’s bank account or credit card on the day the invoice is due.
• Encourage customers to make payments directly into your bank account.
• Ensure you stick to the terms of trade you have set.

I came across an article in last week’s BRW magazine that I thought you might be interested in.

It covers the 10 key ways to bulletproof your business. To read it click here ….

How to Bulletproof you Business    Enjoy the article!

Here’s a tip with a bit of a difference…..

You may not be aware that the Federal Government announced an incentive for business investment just prior to Christmas. ….. Read the rest of this entry »

While our economy may not officially be in recession, many business owners and their customers are certainly beginning to be affected by the negative media – and many are taking action by tightening budgets and cutting back on their purchases.However, the slowdown in business presents quite a unique opportunity for small business owners, in addition to increased challenges. As more businesses are turning to business coaching as the better way to improve their companies, many owners are realising a greater number of positives than negatives in the current economic situation.
As a Business Coach I recognise the potential for small business to grow and get ready for the next expansion – even in a slowdown, and more money can be made in a slowdown leading into the next expansion than is made in a boom. Read the rest of this entry »

How can you make it through an international financial crisis without a bail-out all your own?

I thought I’d share with you here some interesting tips I read recently…

1 Conduct a financial overhaul: clear those credit card bills, reduce debts or maybe put any spare savings into clear loans or mortgages.
2 Review your portfolio: take stock of how long you plan to invest. Ensure it is adequately diverse and that it boasts top-quality investments.
3 If you are retired, ideally keep up to two years’ pension payments in cash investments. You also need to keep a diversified portfolio, with an appropriate balance of growth investments to see you through. Read the rest of this entry »