Knowing your numbers and being able to read your financial reports is a vital skill to have if you are to be successful in business. Making it a ‘habit’ of reviewing your reports at least monthly can make or break your business. If you don’t know or understand the financial state of your business, you are simply ‘flying blind’ and guessing at best, and it is very difficult to plan ahead.
I hear many small business owners tell me “But I’m not a numbers person!”. It may sound harsh, but my response is: Well you better start to be one and do some training and learning to help yourself, your business future depends on it!!!
The level at which you are able to read your financial reports will determine the level at which you are able to make timely, accurate, and crucial business and life decisions. At the end of each month, you, as the business owner you should be looking at a few areas. These include outstanding debtors and creditors, stock levels, and a simple profit and loss report.
Just looking at your bank balance or total invoices you have billed for the month does not give you the overall picture of your financial situation.
Review your reports by asking yourself questions like; Was this month as good as the same month last year? What are my percentages of expenses to sales? Are you on track for the budget projection? Have I covered my costs or just broking even?
Below are some top tips for keeping your business finances in check:
- Regularly review your financial reports – It is a crucial element in keeping you informed of your business performance.
- As the business owner, take a ‘wage’ for yourself each week. DO NOT live out of your business bank account! Spending on personal items and bills should come from a separate private account.
- Keep your debt level in check and don’t over commit or borrow to fund cashflow, unless it is very short term.
- Luxury or expensive vehicles and overseas holidays should be saved for (not borrowed for) and only purchased once we are in a good financial position and are making healthy profits.
- Search out professional advice and training if you don’t understand your reports or what numbers you should be looking at, prevention is far better than cure.
- Make sure your cloud accounting software (MYOB, Xero, Reckon, Quickbooks for eg.) is set up correctly and regularly reconciled to produce correct reports and timely data.
Don’t let the fear of looking at your numbers stop you from learning to understand them better or searching out advice.
Each one of us has areas we excel in and are good at and financial expertise is one area that is a strength for me. Marketing and sales, not so much, but I make it a point to keep learning in these areas of weakness. None of us are lone rangers in business. We all need help and advice from others who are experts in their fields. So search out the people you need, to help you with the things you struggle with, and watch how your business and self-development grows!
Remember, the way to get ahead is to get sorted and this applies especially to money in the business, as well as life in general.
Click here to schedule a free 30-minute call, to chat about how a Business Financial Audit can help you identify where you are now and where you want to be.
Ph: 0401 822 792
In the last five years, I have spent countless hours creating space for female business owners to be seen and heard. I am not a therapist, although sometimes my client’s joke that our consulting sessions often feel like “Money Therapy”. I am Diana Todd, an accountant and registered tax agent and owner of the online tax firm Balance Tax Accountants. One piece of advice that has stuck with me through my business journey is to be an excellent listener, and that advice is weaved throughout all the services my tax firm offers and is the basis for what I have shared in this article.
I have guided hundreds of female entrepreneurs through one of the hardest phases of business – the startup stage.
When I say the startup stage is one of the most challenging phases of business I am not sugar-coating it whatsoever.
If you survive the startup stage you need to celebrate, because that in itself is an achievement! I have seen several themes continue to show up for the vast majority of female entrepreneurs, and I am sharing 4 start-up money blocks and how to overcome them with you here today.
Keep your mind on your money and your money on your mind. These words are not only famous lyrics to a song, but the secret to overcoming the fear of managing business money. Did you know that not everyone was born a money expert? This is a learned skill that anyone who puts effort and energy into can master. Educate yourself with online resources and books. Surround yourself with the team of professionals who can teach you and show you how to be mindful and smart with your business money. Invest in accounting software to make looking at your business money easy, manageable, and fun. Who doesn’t love seeing that green tickbox when they have completed successfully reconciled their Xero bank account? Use technology to spend 20 minutes a week looking at your business money on a regular basis.
Show up for your business money and your business money will show up for you. Work good money habits into your daily routine. Complete one money-generating activity per day. This may look like sending a progress invoice for a project, chasing unpaid invoices from customers, or introducing new income streams into your business. Cash flow is the livelihood of a successful business, and in the start-up stage, this is one of the many hats that small business owners must wear.
Package Your Expertise. If you find that your community is asking you for the same advice over and over again, it means they value your opinion as an expert in your field. If it feels right for you and you want to share this advice, why not start charging for your knowledge? This could look like an online product or a 30-minute consulting session. Think about the time and energy you put into learning your subject. By sharing your valuable knowledge and experience, you are allowing others to avoid all the mistakes and road bumps that you ran into when starting, and helping them fast track their way to business success. Knowledge is power and a valuable resource, and you should be paid for your expertise.
Spend with purpose from the beginning. There is a limited budget or amount of funding that an entrepreneur has to work with to set up the business foundations. The mistake I see solopreneurs make is prioritising the wrong purchases in the startup stage. Remember, your business is all about your customer. What will it take or what foundation do you need to deliver your goods or services to your customers? Whatever is required for service or product delivery is what you should be prioritising when it comes to spending money in the startup stage. I often see entrepreneurs investing their precious startup money in what I would refer to as “extras” or “nice to haves” when it comes to business. There is a time and a place to be fancy, but if it doesn’t matter to your customer when it comes to making a purchase decision, then it is not a priority in the startup stage. Improvements and bells and whistles can always be added later.
Navigating the start-up stage of the business can seem daunting and overwhelming, but having the right finance support system, the right money habits, and understanding your customer will significantly increase your chances of achieving the business success you deserve.
If you don’t have a small business accountant or don’t feel aligned with your current accountant, book in free chat with Diana, or any of the Balance Tax Accountants services in under 5 minutes from the convenience of your smartphone at www.balancetaxonline.com.au. Relax, it’s Balance Tax!
List of acronyms and abbreviations for social media, business chats, and more…
Have you ever seen those social media posts or maybe in conversation with someone and they bang out an acronym as you think WTF does that mean? Well here have an A-Z list of some common acronyms and abbreviations, for you to turn to, save this link to your home screen for those “Ohh WTF” moments, you may pick up on a few that could come in handy. There are also some not so serious ones listed…
|AFAIK||As far as I know|
|AMA||Ask me anything|
|API||Application programming interface|
|ATM||At the moment|
|B2B||Business to Business|
|B2C||Business to Consumer|
|BFF||Best friends forever|
|BRB||Be right back|
|BTS||Behind the scenes|
|BTW||By the way|
|CMS||Content Management System|
|CPC||Cost per click|
|CTA||Call to action|
|DYK||Did you know?|
|ELI5||Explain it to me like I’m a 5y/o.|
|ESP||Email service provider|
|FOMO||Fear of missing out|
|FTW||For the win|
|FYI||For your information|
|G2G/GTG||Got to go|
|HTML||Hypertext markup language|
|IDC||I don’t care|
|IDK||I don’t know|
|IMHO||In my humble opinion|
|IRL||In real life|
|KPI||Key performance rate|
|LMFA||Laughing my arse off|
|LMFAO||Laughing my fucking arse off|
|LMFAOROTF||Laughing my fucking arse off rolling on the floor|
|LMK||Let me know|
|NBD||No big deal|
|OMG||Oh my god|
|OMW||On my way|
|P2P||Person to person|
|PML||Piss myself laughing|
|PPC||Pay per click|
|QOTD||Quote of the day|
|ROFL||Rolling on the floor laughing|
|ROI||Return on investment|
|RSS||Really simple syndication|
|SaaS||Software as a service|
|SEM||Search engine marketing|
|SEO||Search engine optimization|
|TBH||To be honest|
|TMP||Time for print|
|TOS||Term of service|
|WYA||Where you at?|
|Yolo||You only live once|
Best times to post on different social media platforms
Social media has become a global phenomenon that has made millions and millions of people worldwide to be engrossed in its use, but for a social media page to be a booming success especially in the world of entrepreneurship; one has to exhaust all the efforts to keep your audience. In this blog post, we will take a look at the best times to post on different social media platforms.
Facebook changed its news feed algorithm early last year to prioritize meaningful interactions from friends, colleagues, family connections. So content that drives genuine engagement is your best bet. The reason for the new feed algorithm is to make sure you’re posting at the right time.
Here are the best times to post on Facebook 2019
- Wednesday at 11 am and 1 pm is the best times to post on Facebook.
- Best day: Wednesday is also the best day to post on Facebook.
- Weekdays from 9 am to 3 pm is the most consistent engagement time to post on Facebook
- Sunday has the least amount of engagement for Facebook during the week.
- Early mornings and evenings, before 7 am and after 5 pm have the least amount of engagement per day.
Best times to post on Instagram
Instagram has become more and more important to brands, so here are the best times to post on Instagram. I hope they work just as great for you, as they did for others too!
- Monday: 7pm and 10 pm
- Tuesday: 3 am to 10pm
- Wednesday: 5pm
- Thursday : 7am and 11 pm
- Friday: 1 am and 8 pm
- Saturday: 12 am and 2 am
- Sunday: 5 pm
In addition to that, stats showed that the highest concentration of Instagram audience is on Wednesdays and Saturdays. The least attention is usually on Mondays because it is the first day after the weekend and people are usually busy setting themselves for the remaining week or completing some pending work.
Twitter presents a huge opportunity for businesses to connect directly with their audiences and manage customer care. This means how important time is on Twitter. In short, Timeliness is key on Twitter. While the social media network selectively highlights some activity out of chronological sequence based on user interest, most people are still interested to catch up on the latest posts and musings from their group of followed accounts. So, posting at the wrong hours could and cause you to miss out on a lot of your potential engagement.
So here are the best times to post on Twitter
- The Best Times To Post On Twitter Is Between 9am And 4Pm On Monday Or Thursday.
- Tuesdays And Wednesdays Are The Best Days To Post During The Week.
- Friday: From 8 Am To 4pm Which Is Most Consistent Engagement. While Saturday Gets The Least Engagement.
The best times to post on LinkedIn
Here Are The Best Times To Post On
- The best time to post on LinkedIn is 7 am, 10:45 am, 12:45 pm and 5:45 pm
Knowing the best times to post on each social media can benefit you a lot and take your business to another level.
How to start a blog.
Today, millions of people worldwide use the internet for a number of reasons; work, school, research, communication, etc. the internet does half the job. If there is one thing that the internet has made possible- it is for people to get themselves heard online. There are social platforms to connect with friends, online videos to promote one’s self, and of course, blogging for people who love to write or get there name out there.
Blogging has redefined itself throughout the years and bloggers worldwide have also evolved into a different class online. In short, blogging is basically writing about anything online likened to writing a journal, giving business tips, or promoting products and services. In this post, I will list the steps that you can follow on how to start a blog.
Find Your Blogger Identity
The first thing you need to know is to find your niche. What kind of blogger do you want to be or what type of business do you have? This is an important question that you need to ask before starting a blog. There are different kinds of bloggers online and they talk about almost any topic known to man. For instance, it could be something about fashion, movies, food, traveling, tech, sports, music, or about your day-to-day lives. A variety of writers found their niche by writing what they love and what they are interested in.
Choose A Blog Platform
After deciding on what kind of blog you want to put up, choose your blog platform that will host your blog website. There are a number of sites that offer free hosting like Blogger, Wix, WordPress, etc. these blog hosting sites allow you to have a blog for free and sometimes would even assist you on how to start a blog. These blog hosting sites even let you store the photographs that you want to include in your posts.
Choose the right blog hosting site that will suit your needs but if you have no idea, you can always read reviews online and see what people think about these sites.
In the blogging world, your name is your identity. Other bloggers will identify and associate you with that name. You have to think of your name as a brand, in the long run when your blog will have more loyal readers and followers they will promote you to other bloggers with that name. Therefore, make sure that the name you want to use is unique and represents who you really are or what your blog is about. Also see our “How to pick a good business name” blog post as it’s pretty much the same concept.
Get Yourself Out There
Depending on whether you write about a specific topic or you talk about personal stuff the main reason your blog is for sharing and being heard. Promote your blog to readers through social platforms, post up links of your new posts. Eventually word will get out of about a new blog until you hit your target audience. And, in the long run, the more your readership will expand the more you may even earn from it.
Blogging is open to anyone who wants to write, it doesn’t matter if you are a professional writer or you simply write to express yourself, just follow the above-mentioned steps to begin your blogging, and don’t forget to include some pictures because like they say, “Pictures speak 1000 words”.
Scheduling posts is a great way to get organised, you can schedule things in months ahead or keep copying and pasting the same post so it pops up every Monday, Tuesday or which ever day. So I’m going to show you how to do this step by step with a couple of pictures to make it easy for those that are unsure, are rather time poor or simply don’t have patients to sit there and figure it out, which is normally my case.
People use this to create a marketing campaign for a new product, service or event they are about to release, or they just want to put in something up for Christmas, Easter or The Queens birthday without even touching a computer or phone to create a post that day.
Scheduling posts in when you are inspired to sit down for a few hours and punch in heaps of posts may give you time to schedule in “social media free days”, unless of course you’re posting something where you have to respond straight away.
How to create a scheduled post on your facebook business page:
- Login and go to your business page.
- Select “Publishing tools” along the top bar, you may need to select the “MORE” down button to get to this.
- In the grey column on the left select “Scheduled Posts”, in the future you will be able to see every post you have created, you can also go back in and edit them at any time before they are published.
- Select the Blue button saying “Create Post”.
- Write content as you would normally, add pictures or a link as you desire.
- Ensure you have News Feed selected.
- Optional – select Instagram also if you have an account and if it’s a compatible post.
- Click the big blue “Schedule Post” to go through to schedule arrangements.
- Select the date and the time you would like it to be published, be careful of the time zone, incase you haven’t fixed this it’s in your “settings”.
- This will save, the box will then disappear. Refresh the page.
- Select the “Scheduled Posts” in the grey left column, the last post you created should be at the top.
- Back to step 4, schedule in another post.
So now you have the tools in place to schedule posts so you can book in time in your diary for a social media free day, spend time the loved ones, go for a swim or get your nails done. I once scheduled in 20 posts using my phone while getting my hair done, save yourself some more time by doing 2 things at once, because we know we can.
You’re welcome. fembuiz.com.au
One tough decision when looking to start a business is picking the business name. this is a key piece of your branding strategy, and not easy to change once you’re established. Your business name says a lot about you, and who you’re as a company.
So get your notebook out and write down 10 names you think that may be good for your business once you have finished reading this blog.
It may make sense to come up with something unique, something catchy, play on words. This is typically best served for a more light-hearted service industry, as opposed to something more like financial advising. In short, the business name should fit with the industry to some degree.
The best ways of picking a business name is to use something personal. For example, if your name is Henry, you may want to go with something like “Henry’s Repairs”. Often you will use family businesses that stick to this model, and it isn’t a bad approach. Usually this goes well locally, and if you or your family are well connected in the area, using your name works great for brand recognition. However, it often does little to tell new clients what your business actually does.
A popular choice for a start-up or small business is to focus more on what the business does. Something like, A+ Window Repairer would leave little doubt what you specialise in. If you can narrow it down this way, it may be effective for getting your message out in the business name itself. Whilst this does serve to reinforce your primary business it will also likely be replicated by your competition, so the name isn’t very unique.
A less personal option is to use a company name that is associative. This is about creating a feeling or association with how a particular word makes you think or feel and adding that to your brand. Think of positive objectives and these are some examples of things you may have found in a company name. words that make you think of dependability, trustworthy, or value may make for a good business name.
An alternative is to choose a business name that is freestanding. These names are in no way associated with what your business does, but just a word that is seemingly made up. For example, does Twitter really have a meaning? Now that they have established a brand it obviously does, but when they first picked the name it is likely that this was some abstract thing they chose. The criteria here is more fuzzy, because you are probably looking for something that just sounds right. Clearly that can be a moving and abstract target.
Picking a business name is certainly a vital part, especially if you are in the mobile food industry. Think about all the food truck names you have seen, many times you find things that are really clever and catchy.
You can also create a Poll on Facebook once you have put together a number of names and ask your friends which they prefer, don’t spend hours or days slugging away trying to pick the perfect name, I believe your friends will give you an honest opinion and make sure strangers can relate it to what your business does straight away.
And…. Don’t forget to check if the name is available or someone already owns it, if it’s not owned register your chosen name with ASIC the Australian Securities and Investment Commission.
Don’t be accidentally using someone else’s business name as this can get you into trouble with them and the law and could cost you a lot of money if you have to re-brand, protect your business name, also consider trademarking it but that can cost a-lot more, this is optional but gives you more protection.
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