Ever wondered ‘Where’s the money gone”?

‘Where’s the Money Gone?’ traces the learning of a typical business person named Mike. Mike believed that to be successful he just needed to make a profit.

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Why have I got no money when my accountant tells me I’ve made heaps of profit?

By on November 12, 2010 in Melbourne Vlog Tour

One of the most frustrating meetings that small business have with their accountants is where they find out that they’ve made a big profit which means TAX to pay and they have no idea where the profit has disappeared to in their business.

In today’s Vlog, Andee points out why this could be the case in your business. He also examines the areas where the money may be hiding in your business and how to make sure you get the cash moving correctly.

The Vlog series comes from One Sherpa an online global membership community dedicated to helping small business owners succeed and prosper.

The series is filmed on location around Melbourne, Australia and answers questions commonly asked by small business owners.

This video is filmed from Gembrook and answers the question ‘Why have I got no money when my accountant tells me I’ve made heaps of profit?’

How you can avoid being locked in substandard thinking

By on November 9, 2010 in Good Business Ideas

How unique do you think you really are?

When I ask business owners this question they often tell me that they’re different but fail to show this in their behaviour.

They have not progressed in their thinking and therefore fail to reap the best out of their behaviour and the people who work with them.

Understanding the unique talents of people is fundamental to maximizing the enjoyment and value of running a business.

It seems to me that there are four different levels of thinking which drive how people respond to situations in their life and affect how they run their businesses.

FIRST LEVEL – this is where people believe that most people in the world are basically the same. Yes, there are small differences but men are basically men and women are basically women. At this first level these people spend a lot of time waiting for other people to grow up so that they can think ‘Just like me!’

SECOND LEVEL – People at this level believe there are a few people in the world that are a bit different. You know the quirky ones that don’t fit in with the crowd. These misfits are a relatively minor part of the community but most ‘normal’ people are basically the same and in time will think ‘Just like me!’

THIRD LEVEL – People at this level come to the realization that there are more people in the world who are different than the same. They begin to spot the differences and applaud them rather than waiting for people to change to be ‘Just like me!’

FOURTH LEVEL – People at this level finally work out that there is no one in the world that is ‘Just like me!’ They realise they are completely unique and therefore begin to appreciate and value the differences in other people. As a result they are able to honour those differences and have far more depth to their life and relationships. This allows them to leverage themselves by using the unique talents of the people around them

How do you feel about this?

What level of thinking do you think you’re operating at?

Video

How can I get more momentum in my business?

By on November 2, 2010 in Melbourne Vlog Tour

Many small business owners start their business hoping they will make it a success but after a while find that gaining momentum and making profits is not as easy as they first thought.

In today’s Vlog, we look at three areas to focus on to ensure that all your hard work doesn’t just go up in a puff of smoke.

The Vlog series comes from One Sherpa an online global membership community dedicated to helping small business owners succeed and prosper.

The series is filmed on location around Melbourne, Australia and answers questions commonly asked by small business owners.

This video is filmed from Kurth Kiln Lake and answers the question ‘How can I get more momentum in my business?’

One simple strategy when customers won’t pay you

By on October 21, 2010 in Cashflow

Many business owners have experienced the disappointment of supplying products and services and then not being paid. Not only is it frustrating, but very painful financially.

So what’s one simple thing that you can do to alleviate this situation?

Do a deal with the customer to pay you small amounts on a regular basis.

This is what the tax department will do with you,
This is what a bank will do with you and
It is exactly the same strategy you can use with your customers who are finding it difficult to pay.

If they completely stone wall you by avoiding paying anything the outstanding account sits around ‘like a bad smell’.

If you can get a small amount being paid regularly it is amazing how over time the amount diminishes and you get your money back.

One simple reason why you feel as though you’re sinking in your business

By on October 14, 2010 in Cashflow

When was the last time that you increased the prices in your business?

Here’s a simple example showing clearly what happens when you fail to get a price increase in your business.

Sales $100
Product Cost $ 50
Wages Cost $ 30

Margin $ 20

Let’s assume that inflation is running at 3% so the product costs rise by 3% and the wages rise at 4% and adjust the figures to take this is account.

The new figures will be

Sales $100
Product Cost $ 51.50
Wages Cost $ 31.20

Margin $ 17.30

This means that in one year, the margin in this business has fallen by $2.70 or 13.5% and the only way to make this up is with more volume.

This road is a very tough road because you make less out of more sales which gets very stressful and you feel as though you’re swimming hard to keep your head above water!!

Do you have an experience in this that you would like to share?