Are You Ready To Have Your Own Business V 1.0

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About business owners, their challenges, what is required for a successful business and why there is a need to bring the business to the next level

About business owners, their challenges, what is required for a successful business and why there is a need to bring the business to the next level

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  • KEY AREAS TO BE COVEREDBusiness– who, what, when, where and how Money – Money in the business and money in your personal life Mental – attitude and character Emotions – how it affects youYou – your habit patterns
  • Identify the roles and responsibilities and pitch to the CEO/MD why you deserve an increment/bonus
  • EXAMPLE :SALES INFO – WHO, HOW MUCHDEBTORS INFO – WHO’S YOUR MAJOR CLIENTS, COLLECTION TREND – DETERMINING CREDIT TERMSCASH FLOW – COLLECTION, SUPPLIER PAYMENTUSE EXCEL/WORD/AUTOMATION/ ACCOUNTING SOFTWARE
  • EXAMPLE :SALES INFO – WHO, HOW MUCHDEBTORS INFO – WHO’S YOUR MAJOR CLIENTS, COLLECTION TREND – DETERMINING CREDIT TERMSjUSCASH FLOW – COLLECTION, SUPPLIER PAYMENTUSE EXCEL/WORD/AUTOMATION/ ACCOUNTING SOFTWARE
  • EXAMPLE :SALES INFO – WHO, HOW MUCHDEBTORS INFO – WHO’S YOUR MAJOR CLIENTS, COLLECTION TREND – DETERMINING CREDIT TERMSjUSCASH FLOW – COLLECTION, SUPPLIER PAYMENTUSE EXCEL/WORD/AUTOMATION/ ACCOUNTING SOFTWARE
  • ENTREPRENUER – PROFILE – MENTAL AND CHARACTER
  • Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in
  • Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in
  • Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in
  • Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in
  • Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in

Transcript

  • 1. ARE YOU READYTO HAVE YOUR OWN BUSINESS
    By :
    Joyce Lim
    Certified Financial Planner
    www.joycelim.net
    joycelim@joycelim.net
    25 June 2011
    Organized by Simply Empowering Enterprise
    All Rights Reserved
  • 2. THE BEGINNING
    …off to a great start….
  • 3. EVERYONE WAS GIVEN A CHANCE TO SHARE WHAT THEY DO
    INTRODUCTION BY PARTICIPANTS
  • 4. KEY AREAS COVERED
  • 5. Briefly….
    BUSINESS
    Who, What, When & How
    $$ in business & in personal life
    $$$$$
  • 6. EMOTION
    Briefly….
    MENTAL
    Attitude & Behavior
    YOU
    How it affects you
  • 7. Briefly….
    YOU
    What role you play….
    What are your habitual thoughts….
  • 8. BUSINESS SET UP- ORGANIZATION CHART
    Organization Chart - Do I need one?
    Which ‘hat’ are you wearing ?
    Yes !
    Even if I’m the only one in business…
  • 9. Organization Chart
    Gives clarity to the roles each function plays in the success of the business…
    If you did not achieve your target….
    CHECK WHO HAS NOT PLAYED THEIR ROLE !
  • 10. FUN TIME !
    PRACTICAL SESSION
    ..…time for some fun….
  • 11. ..group discussion time….
  • 12. ROLES & RESPONSIBILITIES
    Time TO
    present
    Each Dept/Function present : Why I deserve an Increment/Bonus
  • 13. PRESENTATION BY PARTICIPANTS
    The owners
    The lovely CEO Representative
    Where’s the finance dept?
    2 because there’s disparity
    The sales
    team leader
    The Admin & Operation – the under-appreciated one ?
  • 14. INFO & INFORMATION SYSTEM
    CREATE YOUR INFO SYSTEM
    CYS, ROY, EUS ????
    …Its actually(read downwards)…..
    …create your own Info system…
    …putting data in the order that makes sense….
    ** Ratio analysis
  • 15. INFO & INFORMATION SYSTEM
    CREATE YOUR INFO SYSTEM
    ** Ratio analysis
  • 16. INFO & INFORMATION SYSTEM
    CREATE YOUR INFO SYSTEM
    …just use simple worksheet
    & wordprocessor
    to maintain records ….
    ** Ratio analysis
  • 17. WHAT DO I WANT TO KNOW ?
    …HOW TO…
  • 18. WHAT ABOUT $$$$FLOW??
    ? Why no money in bank account - where did the money go
    ? How to optimize cash usage
    ? What about personal wealth
    TRACK CASH USAGE!
    …pay yourself a salary…
  • 19. ……HALF WAY THERE…..
    ….A FEW MORE ESSENTIAL POINTS TO SHARE ….
  • 20. Are YOU one ?
    …Creative
    …innovative…
    …disciplined &
    …persistent…
    WHO’S AN ENTREPRENEUR ?
  • 21. WHAT SKILLS AND KNOWLEDGE DO I HAVE OR TO ACQUIRE ?
    I don’t know how to sell... LEARN HOW!
    I don’t know about the business…but I have the capital… LEARN FROM EXPERTS!
    What am I good at ?
    BUILD ON IT !
    What am I passionate about?
    PURSUE IT!
  • 22. Build on your STRENGTH & Manage your WEAKNESSES
    ASSET
    LIABILITIES
    CASH FLOW
    EARNINGS
    RISKS
    VALUES
    SKILLS
    KNOWLEDGE
    TIME
    RESOURCES
    BUSINESS
    SELF
    ARE YOU READY…
    To face the truth about yourself?
  • 23. Are you ready to make the CHOICE– what are you willing to let go?
    ESSENTIAL
    ADDS VALUE TO YOUR LIFE
    CAN DO WITHOUT
    NICE TO HAVE
    NEED
    WANT
    …which has a stronger pull…
  • 24. WHAT’S MY HABITS AND BEHAVIOR?
    .. I make do with what I’m earning…no need to change..
    OR
    ….. I want to improve my finances, I’ll work on my skills and knowledge to earn more …...
  • 25. WHAT’S MY HABITS AND BEHAVIOR?
    .. I pay my bills before its due…..
    ..I settle loans faster to save interest…
    OR
    .. I spend..increases credit card balance…
    ..use personal loan to pay off..I’m still earning…can still pay…
  • 26. WHAT’S MY HABITS AND BEHAVIOR?
    .. I hardly have enough to spend, where to have savings ..
    OR
    ….. I put aside xx% of what I earn before spending…...
  • 27. WHAT’S MY HABITS AND BEHAVIOR?
    .. I spend on what I need…and little indulgences once in a while….
    OR
    …. Sale is here…..time to buy…got ‘discount’ …..I must be seen with the trendiest stuff…..
  • 28. WHAT’S MY HABITS AND BEHAVIOR?
    .. I invest when I have the money ..
    OR
    ….. I have a savings plan & I get advice from experts what to do with my money…
  • 29. ….what changes can I make…
    what’s the impact ...
    What would my current action lead to ?
    What’s the possible impact of those choices made today in my foreseeable future
    Your current actions
    determines your future !!
  • 30. ….my Story & my Emotions...
    Sad
    … (mostly) at early period of self employment…
    HAppy
    … getting lesser & lesser…
    Time sure flies !
    … at one point of time… find myself at a crossroad……
  • 31. ….my Story & my Emotions...
    Sad
    … (mostly) at early period of self employment…
    HAppy
    … getting lesser & lesser…
    … luckily someone came to the rescue…
  • 32. ….whatI’m currently doing...
    …I focus on my goals
    …with some guidance…
  • 33. ….a taste of success !…
    …What’s next....
    …come up with something
    totally new ?....
    …not really, just an
    enhanced version….
  • 34. BRINGING YOUR BUSINESS TO GREATER HEIGHTS….
  • 35. …MAKE YOUR MONEY WORK HARDER FOR YOU….
    ….INVEST YOUR MONEY….
    …PROPERLY…
    SAMPLE
    SAMPLE
    Is your $$ in the ‘right’ currency ?
  • 36. Last ……but not least ...
    …give to those who need, when you can do so…
  • 37. Be Happy, Healthy & Wealthy
    Best regards,
    Simply Empowering Team
    www.joycelim.net
    All rights reserved © June 2011