process

Spring Cleaning – Habits & Impulse Buying

Spring Cleaning – Habits & Impulse Buying

Except for the cleaning part, spring is pretty great. More flowers. More wildlife sightings. Fresh air. More cash in the bank and April showers bring May flowers! Life feels pretty good beyond the stagnant winter months, as cash gets flowing again. Boy! Wouldn’t it be great if every day were spring! Knowing the off-season will eventually come back around, I encourage you to take this opportunity to do the spring cleaning that often gets overlooked: Dust off the good money management habits Impulse buying is for the birds Clean out the junk drawer of seasonal debt Just as you would dust a shelf, throw out old rubbish, or organize your supply locker, now’s the time to spring clean your habits and impulses around money. Be deliberate and discerning about expenses and how you may stretch the dollar while more dollars are coming in. Having a “rainy day fund” is not just an old adage. Plan ahead and implement now while things are looking up. Here are a few tips to get you started: Follow a strict budget for each job you’re managing. Run weekly reports “budget vs actual” to stay on track with profit Set a financial goal for the Continue Reading »

Make your company run like ‘Clockwork’

Make your company run like ‘Clockwork’

Setting up any business system can be a challenge. They range anywhere from organizing employee’s job assignments effectively to creating cash flow projections. Handbooks and guides on how to do all this are plentiful, but if you’ve heard about Mike Michalowicz’s entrepreneurial journey, you’d know that his organizational techniques are more than just a little effective. Take a look at Mike’s tips on balancing four ways you can better streamline workflow and the overall health of your company. ‘The 4D Mix’ – These are known as the four different stages of a business’s activities: Doing, Deciding, Delegating and Designing. Whether there are a number of employees or it’s just a single owner of a company, the four D’s are constantly happening to keep things moving forward. The problem is, there isn’t a good balance between these actions and many people get stuck between the “Doing” and “Deciding” of things. Learn the true differences in the 4D Mix so you can experience a higher success rate when running your business. Doing – This is the act of actually getting a product to a client or servicing customers. Whether it’s planting and shaping a few wisteria saplings, or building unique birdhouses, this “doing” Continue Reading »

Three Business Reports for more Control

Three Business Reports for more Control

A great business needs great financial organization. Why? Because those who “wing it” when dealing with things like revenue and expenses, eventually find themselves in a downward money spiral—that is really hard to get out of. Any serious landscaper or interior designer will tell you to properly measure the ratios of products you’re using, in order to get the most out of them. Otherwise, it’s just money down the drain. Know where your money is going, how often and why. For instance, when you have a clear understanding of your cost of goods for the month, you will be able to plan with greater ease the number of products needed for the following months. Then you will be able to see amounts of money spent and where best to apply it within the company. To get more control of your finances, maintain these 3 monthly reports. 1. Income report – Also known as the Profit and Loss Statement, shows a business its revenues vs. expenses within a monthly, quarterly or yearly timeline. The end result will be your net income or net loss (not to be confused with gross incomes or losses). Net income is company profit made after all business Continue Reading »

Startups with Financial Discipline will Thrive

Startups with Financial Discipline will Thrive

A room full of entrepreneurs will agree, that sometimes all it takes is a really good business idea, and everything else just falls into place. However, most of the time, the idea has to be worked and re-worked in order to turn into a well-calculated risk! Growing a business happens in stages. Like a sapling freshly planted in the ground, a new business requires a lot of attention before it is financially self-sufficient or stable. The story of the entrepreneur losing financial ground in its first or second year is a reality that may be construed as apathetic ownership or just plane ambivalence. The bottom line is, no one expects it to happen to them—and they shouldn’t… If they are keeping track of their finances correctly and exercising a great deal of financial discipline, even the toughest soil can produce a flower. Best practices for startup, after your launch: Do another solid review of your business plan. It’s important to look past the initial excitement of “lift-off”, with another hard look at your destination. When products and services sell, clients begin to notice your brand more, and as the onset of a larger bank account begins to occur, it’s easy to get Continue Reading »