Updated: Jul 9
Tax and financial accounting advisory
I Have a Dream
We all have reasons why we went into business. We often see our business as a means to achieve our dreams. I was talking with an electrical contractor a few weeks ago. It was clear that his motivation was to be able to provide well for his family. Others of us might want freedom to pursue our passions.
Many of us might achieve our dream, but sometimes working in our business means we don’t work on our business and we experience frustration or stress. Even when our business is successful in physical terms it might have put on a few kilos.
The past few years in the Mid North Coast have been challenging with drought, bushfire, COVID lockdowns, and flooding.
We’ve been battered but we’ve got up and opened our doors again.
I don’t know if you’re like me but staring at pages full of numbers often isn’t very helpful in making business decisions. I worked in one organization where the profit and loss statement the Board had been getting before I started was 9 pages and meaningless as a tool for decision making.
The organization had 3 main sources of income and expenditure. I provided a one-page breakdown showing for each of these sources income and expenditure so the directors could make better decisions. To help draw attention both to areas that were going well and needed attention I used emoticons ☺ or ☹. I also use charts to identify trends.
My dream is that instead of businesses thinking of their numbers as figures for the tax return, that they look at what they mean for the business.
7 Critical Levers for Your Profit and Cashflow
How much money is owing to the business (receivables or debtors)
How much money is owing by the business (payables or creditors)
How much stock (inventory) the business is holding
The price you are selling goods or services for
The volume of sales
Cost of goods sold
Pain Points for Your Business
One size doesn’t fit all. Your pain point might be different to your neighbour’s. One of you might have slow payers, another might not be turning their stock over quickly enough.
Free Business Health Check
During July and August 2021 Success Tax Professionals Port Macquarie office would like to offer a confidential no-obligation free one-hour business health check to businesses in Mid North Coast to help you make sense of your numbers.
Ring 0481 039 851 or email firstname.lastname@example.org for an appointment.
BONUS FOR YOU:
COLLECT MONEY OWING TO YOU FASTER
Email email@example.com for a free flyer on how to get your money faster.
Do you have a tax or accounting question for John?
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