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What is Success…and How do we Measure It?

I know what success means to me.  Success is – living the perfect day, each and everyday.

My perfect days is simple – it would involve an early start – exercise, fresh food, lots of time spent with my family, and working on my investments.

The way I measure my success in life is to see how close each day comes to my perfect day.

I’ve tried counting cash in the bank, houses, sports cars and boats.  I’ve been on numerous holidays and travelled the world.

I’ve been lucky enough to work in my “dream job” as a scuba diving instructor on the Great Barrier Reef.

I’ve been up mountains, boarded down them, run marathons and found my inner self but none of these things make me successful in my own mind.

Continue reading “What is Success…and How do we Measure It?”

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Begin – Again

I’ve often been compared to a cat by those who know me well, not the 9 lives thing, although I have got over a few scrapes physically – but more – my ability to bounce back and always land on your feet – even when up against the most trying circumstances.

But I live for excitement.  When I feel content I do something “stupid” and it all starts over again.

Hot Tin Roof
Hot Tin Roof

If you are in business, you are already a risk taker.

If you decide enough is enough and you want to close your business do it with a plan in mind.   There should always be a strategy even when all seems lost.  An insolvent business can be seen from many different angles.  With the right advice and a fresh start you can cut costs and shift your business model to a profit-making venture.

When you are living through a painful experience it’s often hard to enjoy the ride.  My advice is don’t worry what people think of you, don’t get too caught up in the opinions of others – just whisper to yourself that you can do it and go for it, again.

Next time around beware of the mistakes from the past, delegate the things you aren’t as good at and be very frugal with your spending.

Financial awareness both personally, and in your business is key to success.  Some of my clients believe they are financially inept because they get further and further in debt and lose control of the situation.

What they are more likely to be experiencing is denial and not wanting to cut back on spending and buying.In essence they have a bad habit that is fed with money. When the money dries up, the habit becomes a bigger issue.

Perhaps you are the type of business person that needs help to manage a financial budgeting.

Getting mentoring and coaching can take you and your business to the next level.  Andy Murray didn’t turnaround and transform his game on his own.  He had the best advice and coaching money could buy.

A good business is a place where customers can find the things they need, and discover the things they didn’t know they needed. A hub of information with a community feel has a really great feel good factor that helps bring customers back again and again.

Learn from the big success stories.  Steve Jobs didn’t have a sole focus on making billions. He wanted to change the world in which we lived and allow every person to create.

How could your business (mark II) give more to its customers?

Let’s have a chat and see what ideas come out of our discussion. 

I’ll start by asking what results do you want?  

Calling All Business Owners

Consider Yourself and what YOU want.

Ask yourself and your business the following questions…if YES is the answer to two or more – then please consider your next step, take action and call me for a free chat.

Cash Flow

  • Are you under constant cashflow pressure?
  • Is there a hole in your cashflow bucket?

Profit & Loss

  • Have you experienced a reduction in your gross margin in the last 3 years?
  • Do you make a loss or net profit less than 5%?

Overheads

  • Have you cut all of your overheads but still need to find some savings?
  • Have you reduced waste but still have high costs within the business?

Balance Sheet

  • Do you have a liability or debt within the business that is preventing it from growing and moving forward?

Products and Services

  • Would it be possible to increase profitability by focusing on the right products or services for your business?
  • Is it impossible to focus on higher margin products and service because current overheads are too high?

Customers

  • Do some, but not all of your customers generate profitable business?
  • Would it benefit your business if all your customers paid on time?

Suppliers

  • Do any of your suppliers provide unreliable and/or inefficient services?
  • Would it benefit your business if you could always pay your suppliers on time?

Quality and Performance

  • Are you and your staff, personally being affected by the current circumstances – and is this effecting performance?
  • At any point – has the quality of your product and service become affected by the current challenges in the business?

Future Direction

  • Would it benefit you and your business if you had a clear, concise, documented strategy for the immediate, medium and long-term?
  • Do you need to recapture your “Day 1” passion and drive?

Consultancy

  • Would the business benefit from an investment?

Financial Freedom – So What! – Then What?

Financial Freedom – So What! – Then What?

I set myself a goal, sometime ago after reading several “business success” books.

All the books I read seemed to have a theme running through them.

That theme, was heavily endorsed when I went to business seminars and networking events.

The Goal –

Financial Freedom! (or retirement) – a passive income that would generate wealth, even without me having to be present from 9-5.

I’ve never really launched myself into that goal.

I began to think that the Financial Freedom = Happiness, theory is a myth.   We talk about it as if it would be the solution to all our problems, it’s not!

Continue reading “Financial Freedom – So What! – Then What?”

Time to Wake Up and Smell the Tea!

We have a cash-flow problem, shall we reduce our margin to drive sales volumes?

Cash-flow management is about how money flows into and out of your business over-time. There are three types of cash flow – operational, investment, and financing – and the one of interest here is operational cash flow. Cash-flows in from sales, and out in payment of bills, including supplier invoices, wages and rents.

Margins need to be high enough to leave sufficient cash to pay all these and the timing of inflows and outflows needs to be managed to make sure enough cash is there at the right time.

By discounting margins to drive sales, you risk not having enough cash left to pay all these bills. This is a common problem with businesses at the moment, with everyone discounting like mad to try to maintain sales, resulting in insufficient cash to pay salaries and rents. People are literally buying the work to stay afloat.

Continue reading “Time to Wake Up and Smell the Tea!”