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3 systems to start this spring!

3 systems to start this spring!

Spring is one of the most energetically charged seasons! There’s a lot of movement going on, for entrepreneurs, and outside in nature. Everyone is coming out of hibernation and gearing up for a fresh new look both inside and outside the home. It’s no surprise then, that the business line is ringing more than usual and you are already feeling a bit behind. Now is the perfect time to get a hold of some good work-flow and internal systems to help aid you in the kick-off season! Here are 3 important systems you can use to do just that! QuickBooks Online – With QBO software you’ll never have to guess how much money you actually have in the bank. This powerful tool allows you to create financial reports, keep an eye on expenses and analyze overall profitability. …but only if you keep it orderly. It isn’t enough to have the software. Like everything else, it must be maintained for you to fully realize its value. 2. Profit First – A cash management methodology utilizing bank balance accounting, created and proven by Mike Michalowicz. Using this method allows business owners to put their “Profit First”, while still driving revenue. The great Continue Reading »

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 »

Are you a Profit First beginner?

The great thing about using the Profit First method, is once you start it’s easy to continue. Even if you got interrupted in the process, or somehow got off course, you can always pick up right where you left off. Because Profit First isn’t consumed with complicated accounting jargon and instead focuses on the business owner’s money habits and attitudes, the concepts remain easy and always available to implement. While everybody has setbacks, the Profit First methods do require follow through if one is to fully benefit, however. Following up with our blog Become profitable in the simplest way (starting simply with profit first) we discussed how to easily begin managing money that addresses cash flow issues by opening two separate bank accounts—one bank account for saving money to pay taxes and the other to build profit. Now that you’ve gotten a feel for separating your profits and money for taxes, forge ahead by opening three more bank accounts for deeper money management! The next 3 bank accounts for Profit First enthusiasts will be: Owner’s Pay — savings account Owner’s Pay is for the owner’s salary or regular recurring distributions. To keep this balanced system growing in a healthy way, continue to keep Continue Reading »