Know-How Now!
Business Success Webinar Series.
Money Management Secrets
for Small Business
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Money Management Secrets
for Small Business
Suzi Dafnis
Australian Businesswomen’s Network

Money Management Secrets
for Small Business
Fiona De Zotti
Australian Businesswomen’s Network

Money Management Secrets
for Small Business
Karen Houghton
Moneypennys

Money Management Secrets
for Small Business
Recession
• When times are good running our businesses is easy!
• Good times can often hide the real weaknesses and underlying strengths.
• Is this time an Opportunity?
• Is it time to drive home your advantages. Is it time to lift the bar?

Money Management Secrets
for Small Business
Working with your customers
• Pricing
• Identify your best customers and most profitable service/product
• Be reluctant to give credit
• Reduce your credit terms
• Charge all new customers COD or get a deposit in advance of a project
• Progress payments
• Accept Credit card payments
• Invoice on bright paper and send chocolates or movie tickets or some reward to an accounts
dept. if your client is a corporate and the bill payer is not the person you are doing the work for

Money Management Secrets
for Small Business
Financial Focus
• Strengthen your balance sheet
• Too much debt incorrectly balanced
• Shareholder distributions/drawings too high
• Receivables/inventory not correctly managed
• Under-utilised assets
• Claim all tax deductions
• Bank and credit card fees – smart use of bank A/c’s and credit cards.

Money Management Secrets
for Small Business
Financial Reporting
• What you can measure you can manage
• Utilise an accounting software package – in-source or out-source
• Set a series of KPI reports with your bookkeeper, that work for your
business
• Build a cash flow and a budget, avoid surprises in seasonal
fluctuations and cash flow holes.

Money Management Secrets
for Small Business
Core Business Focus
• Be absolutely clear on what your core business is and focus only on
that.
• In tough times people look for non-core business to try and boost
revenue, distraction from main business.
• Stick to improving the productivity of existing processes around core
business.

Money Management Secrets
for Small Business
Overheads/Expenses
• Don’t cut back on discretionary exposés without good reason.
• Get a suite deal - find serviced office suites.
• Download free forms online.
• Get free software.
• Buy used equipment.
• Use independant contractors.
• Commission your sales force.
• Clean up your mailing list.
• Shop around for an overnight courier.

Money Management Secrets
for Small Business
Work with your suppliers
• Have great relationships with suppliers
• Make credit comparisons
• Form a buying alliance
• Pick up your own orders
• Time your payments
• Seek at least three bids on everything

Money Management Secrets
for Small Business
Advertising
• Piggy back advertising
• Be a Good Neighbour and split advertising and promotion costs
• Work your network
• Do you have a happy customer?
• Make a special TV appearance
• Offer expert advice
• Write a free column
• Start a blog/wiki

Money Management Secrets
for Small Business
Consultants
• Get the most from other consultants
• Hiring temporary employees
• Get free or low cost help
• Query your consultants – time/price/delivery

Money Management Secrets
for Small Business
Your Team
• Keep them in the loop – you don't want them jumping ship for lack
of info on business conditions
• Involve them, be honest, they are your key to success – involve
them in key strategy policy/decisions. If they feel secure and
involved they will blow you away when they step-up.
• They know your best clients who you can up-sell to/where costs can
be saved
• Not only will you grow, the bottom line, your staff will grow too.

Money Management Secrets
for Small Business
Networks/Other
Join an industry association for discounts etc.
• ABN – work your network, join a Goals Group , get focused and
accountable. Get supported, get out of the isolated lonely
wilderness.
Learn something new – Can you do it yourself?
• Or outsource….if it’s taking you too long, delegate it to an expert
use your valuable time to bill/generate income!

Know-How Now! the Online Community
What’s Next?
• Join the the Know-How Now! Community
• Start a discussion
• Participate
• Network
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Know-How Now!
Business Success Webinar Series.
National – 12 November 2008
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