Is Your Money management keeping you struggling to make ends meet some months even though you’re flat out, working long hours?
As you know, you can be great at your job, have customers coming to you all wanting you to do work for them and still struggle to make ends meet some months. Now this just isn’t the way it should be!
The Good news is that with the right money management tools, you can forecast and budget to keep your business out of the red and put more money in your pocket!
Ensure the financial future of your business by knowing the critical numbers in your business!
The cold hard facts are that NO matter how great you are at your trade, without you having the tools and understanding of how to forecast the flow of cash in your business, you’ll keep struggling on the rollercoaster ride of some months good others not having enough to pay the bills.
There are 5 main money management tools that give you the power to see into the future and stop any potential issues before they become a problem…
- Profit & Loss statements
- Balance Sheet
- Your Breakeven Point
- Cash-flow forecasting
- Debtors & Creditors systems
It’s easier than you think to take control and manage your money and forecast into the future to take your business to the level of success you want!
The 5 money management tools mentioned above each have their own role to play in giving you financial freedom and the lifestyle you deserve and we’re going to show you how they work.
Profit & Loss & Balance Sheet
You can simply print these out of your accounting package and these 2 tools show you the “financial health” of your business.
The balance sheet gives you the “big Picture” of how your business is performing overall, while your profit & loss gives you an itemised picture of each expense and income source. This allows you to see where you’re getting the most money from and where your largest expenses are so you can plan changes if needed.
(MYOB and Quickbooks are the 2 most popular programs for our clients).
Your Breakeven Point
If you don’t know how much money you need to make to open your doors and do jobs for customers, you could be working for nothing or worse still end up paying for the privilege of working long hard hours. This is where our simple break even calculator helps you ensure you cover your costs to actually make money. You can do this over any timeframe you need. (Weekly, monthly, yearly)
This is possibly the most powerful tool you’ll ever use in your money management for your business. This is the closest you’ll get to having a “crystal ball” to predict the future in your business. Instead of making your business decisions on previous numbers you’ll be able to look ahead at your cash position over the coming 12 weeks to identify any potential bottlenecks with your cash flow and fix it before it becomes a problem and allowing you to make more informed decisions on your future growth strategies, marketing and sales.
Debtors & Creditors systems
Debtors can literally send you broke if you don’t have the systems to keep them under control and paying on time. If the people you extend credit to “string you out” past your trading terms, this puts you behind in paying your creditors causing you problems.
The longer it takes for you to get paid, your larger the cash gap is going to be. This is the gap you’ve got to cover from other money or call up your suppliers that have given you credit terms and say you can’t pay and none of us want to do that!
With the right tools you can forget tossing and turning worrying about not having enough money, trying to make ends meet and spending every waking hour in your business away from your family and friends. This is not the way it’s supposed to be…
The 5 money management tools mentioned here are only a small sample of the tools and systems Trades Coaching Private Clients and VIP members have access to, ensuring they achieve the level of success they desire.
Understanding the critical numbers in your business gives you the ability to work smarter instead of harder, plan and create changes that gives you a well run business that gives you More Time, More Money and the lifestyle of your dreams.
With the right tools and guidance you can have it all…
You can have a life as well as a business!
For more information on how you can grow your business, regain control of your time and get more from your business, contact us for an obligation free Explosive Business Growth Session with one of our business coaches.