Small Business Tips

Key Numbers to Drive Profit

Do you ever look at the reports from your accounting software or are they meaningless to you?

A typical set of Financial Reports contain a lot of numbers but reading them can be daunting, hiding the critical numbers to success.

So what are the key numbers you should review that will drive your profit?
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Monitoring Working Capital Improves Cash Flow

A recent article by VECCI (Victorian Employer’s Chamber of Commerce and Industry) quoted ASICs figures showing that nearly 10,500 businesses entered external administration in 2011. Many were small businesses and analysts suggest the higher number of insolvencies is due to a crackdown from banks and the Australian Tax Office, which are pursuing unpaid debts and tax liabilities harder than before.
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The Difference Between Being "Reactive" and "Proactive"

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Business Coaching Winners - Yummy Mummy Day Spa

Yummy Mummy Pregnancy Day SpaOur most recent Business Accelerator Package winner was Amy Mitchell from Yummy Mummy Pregnancy Massage and Day Spa.

We were so excited to meet Amy and the team at Yummy Mummy - who run Australia’s only pregnancy day spa! Yummy Mummy's trained therapists specialise in taking care of pregnant women right from conception, through to birth and beyond - offering treatments that have been designed by pregnant women for pregnant women!

If you are pregnant (or know someone who is), we would highly recommend contacting Yummy Mummy for some pampering and pain relief to start feeling like a Yummy Mummy once more! Did we mention that they even have gift vouchers.....

The Yummy Mummy experience is presently available in Perth, with plans to come to Sydney and Melbourne soon. Amy is in the process of working through the first stage of the Small Fish Business Coaching system, and we look forward with tremendous anticipation to see Yummy Mummy expand Australia-wide, and maybe even internationally!

Stay tuned - we will let you know how it goes!

(Note: Pictured are Gillian (seated), Shannen, Amy Mitchell, Louise and Lee)

Kristian Reiss
Small Fish Business Coaching Perth
www.smallfish.com.au


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Are You "Road Blocking" Your Success in Business?

How many roadblocks do you have in your business? A roadblock is something that you use as an excuse as to why you are not getting the important stuff done. The important stuff is the money making stuff! That means getting on the phone to drum up sales or book appointments, or starting that big project that could help grow your business.
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Energy Sucking Black Holes in Business

I meet a wonderfully wide range of people in a typical week, and this one has been no exception. Despite the huge differences, a common theme has been emerging – the phenomenon of Energy Sucking Black Holes. We all have things we know we should do, but haven’t acutally done yet. There is a variety of reasons for this – we’re busy doing other things, the job is not something we enjoy doing or the project is just too big and scary to even think about. Sounding familiar? 
 
So this job sits on the ‘to do’ list… glaring at you! It starts to haunt you – it interupts your sleep and invades your private moments of solitude and reflection. It begins to take on a life of its own. As a consequence, whatever the reason you haven’t got around to doing this thing seems to become more real also – if the job was scary yesterday, its terrifying today! If you might have found 5 minutes to make a start on it yesterday, there’s no way you can do that today… you're just too busy!!!
 
You know the job is important, or else you would have crossed it off your ‘to do’ list days ago. Bad things will happen if it doesn’t get done. That makes you afraid. Fear breed paralysis. And saps your energy. Before you know it… you’ve created an Energy Sucking Black Hole. To an outsider, they’re easy to spot. The person your talking to is distracted. They’ve got 100 good reasons why the job hasn’t been done yet. They are busy doing other stuff. But you can see the energy being drained and performance drops. The spiral is self-perpetuating. 
 
STOP! Step outside yourself for a moment, stand next to me and look at the situation as an outsider. We don’t have the emotional baggage, things are much clearer from out here. How to tackle this sucker? Here’s a few techniques to get you started. 
 
Forget an A+, you just need a ‘Pass’. Perfectionists often set themselves very high standards. Often, this is a good thing. But not when it makes the bar so high you’ll never get over it. Aim to get the job done… just done. Nothing fancy, just finished. There is more good in a project finished to a reasonable level than the best project in the world never getting off the ground. 
 
Take a different approach. If the idea of walking into your office, turning on your PC and writing that report fills you with dread, don’t do it. Put on a Hawiian shirt, grab the laptop and find yourself at a table at that cool café on the beach. Or take some fancy note paper and a purple fountain pen. We’re after a result here, it doesn’t matter how it gets done. 
 
We all know how to eat an elephant. One bite at a time. So make your first step breaking this huge, scary monster of a project down into cute little bite sized pieces. 
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Economic Disaster My Arse, We'll Be OK

Seth Godin recommended his book, I just watched it on TED (there's a theme here, isn't there?) and it involves a discussion of abundance, which we state as one of our values - we come from a mentality that there's there's enough to go around so we'll share and be generous and we won't feel impoverished if we give stuff away.

Peter Diamandis (Abundance is our Future) talks about how the new and emerging technologies and the population shifts and other factors actually make it likely that we won't all collapse in a heap but that we'll overcome our hurdles and have a fun next decade.

In particular, this applies to our economy (watch for it, it's near the end) - there are some billions of people emerging from the third world into the information world and they'll be our consumers - there will be a huge fill up to the global economy, enough to counteract the global crisis that's with us now. So don't despair.
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