All Business Journey presentations, 12 June 2018
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With Jim Henderson, Simon Murrison and Aidrian Murphy
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All Business Journey presentations, 12 June 2018
- 1. The Business Journey June 12 2018
- 2. Social Media Follow: @TheBusJourney Hashtag: #SMEJourney
- 3. Business Journey Partner Susan Grandfield @SusanGr1
- 4. Business Journey Partner Jim Henderson @JimatHJP
- 5. Insight Inspiration Growth The Business Journey “Nothing Happens Until Someone Sells Something” 12th June 2018
- 6. Modernising Your Money ? The fundamentals in creating wealth, in my view, haven’t changed since Babylon times
- 7. Modernising Your Money ? “Nothing happens ‘til somebody sells something’…”
- 8. Adapted from Shirlaws Revenue Model as seen in the book “The Secrets of the Seven Alchemists” by John Rosling
- 9. Adapted from Shirlaws Revenue Model as seen in the book “The Secrets of the Seven Alchemists” by John Rosling
- 10. Adapted from Shirlaws Revenue Model as seen in the book “The Secrets of the Seven Alchemists” by John Rosling6 Questions to Ask Product how clear is my product / service? Positioning how strong is my message? Channels how are we at sourcing clients? Sales what is our conversion rate? Build how efficient are we at putting together our product / service? Deliver does the client see value in what they have received? Service do we have a client service programme?
- 11. Attracting More Revenue - Choices More from existing Clients Referrals from existing clients Marketing approach Building strategic referral Channels Scaled “Traction”
- 12. Attracting More Revenue - Choices More from existing Clients Referrals from existing clients Marketing approach Building strategic referral Channels Scaled “Traction” Insight Inspiration Growth Jim Henderson 07817 745958 jimhenderson@harrisonjamespartnership.com
- 14. Business Journey Partner Simon Murrison @simonmurrison
- 15. Time to ditch the carrier bag …
- 16. For those that don’t know who we are …. trying hard to ditch the suits also ..
- 17. First audience participation of the morning – who has more hair on their head ..
- 18. The answer .. What was the point of the photo?
- 19. 2nd audience participation of the morning – who hates going to see their Accountant?
- 20. Change is coming … (or is it here already) MakingTax Digital …VAT registered April 2019 … for the rest of us – always changing. … if mandatory registered must use software rather than HMRC portal But why let change in compliance force us to change …
- 21. It is already here … What if the information I was receiving from my bookkeeping system was in real time … … would my decisions be better … would I need to pay my Accountant just to process papers I can’t be bothered dealing with …..
- 22. Discussion time … How would a modern bookkeeping system help to modernise my business?
- 23. Feedback … Assist in investment Assist in cashflow planning Predict tax bills Plan for retirement Spend more time on the business rather than in the business.
- 24. Products in the market place … Kashflow Xero SAGE Online Quickbooks Freeagent
- 25. One stage further … shred the purchase invoice Receipt Bank Snap – shoebox clients
- 26. Obvious benefits … Internet based – raise invoices from your sunbed on the beach. Speed up cashflow – auto chasers Bank feeds – auto populate transactions Repeat / recurring transactions
- 27. Hidden benefits … API – integration … Paypal / shopify etc Year end accounts production (compliance) should be much quicker Reduce your Accountancy fees – or change the use of them .. Strategic investment …. Strategic pricing
- 28. Strategic Investment rather than Compliance cost … Simple CSV output … Understanding real / current numbers – not 9 months late tax numbers Insight .. API integration – budget / planning tool
- 29. Forecast: Year to 31st Jan 2019 Cashflow Forecast (Summary) Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Total Opening Cash Balance 12,186 4,904 58,581 59,027 44,973 53,790 57,927 50,487 51,053 56,716 55,929 75,683 12,186 Money In Due From Customers 87,489 87,489 Sales 16,373 20,498 17,473 35,149 23,861 20,998 20,261 25,448 27,670 40,953 33,308 281,991 Total Money In 103,862 20,498 17,473 35,149 23,861 20,998 20,261 25,448 27,670 40,953 33,308 369,480 Money Out Due To Suppliers 30,576 30,576 Operating Costs 12,328 12,770 24,047 18,850 12,242 20,957 12,213 12,303 20,977 13,717 13,384 173,787 Interest 506 506 506 506 506 506 506 506 506 506 506 506 6,076 Dividends 6,775 6,775 6,775 6,975 6,975 6,975 6,975 6,975 6,975 6,975 6,975 6,975 83,100 Total Money Out 7,281 50,186 20,051 31,528 26,331 19,723 28,438 19,695 19,784 28,458 21,198 20,865 293,539 Closing Cash Balance 4,904 58,581 59,027 44,973 53,790 57,927 50,487 51,053 56,716 55,929 75,683 88,126 88,126 Cashflow predictions 7 months ahead
- 30. Client Log-in Area Openspace / GDPR / Openpayslips
- 31. Get inTouch If you would like to chat about your business or your personal finances Call: 0141 290 0262 Email: simon@muwca.co.uk Visit: www.muwca.co.uk for more info about our services
- 32. GetSocial At Murrison &Wilson we embrace new mobile technology and social media. Find out our latest news and views, watch our videos or choose to keep in touch in a way that suits you best.
- 34. Business Journey Partner Adrian Murphy @MurphyWealth
- 35. Fintech and you
- 37. Supporting clients to achieve their goals by helping them create, protect and grow their assets…
- 38. Through long term investment planning, lifetime cash-flow modelling, tax planning and protection.
- 39. Going from…
- 40. Advising clients… …not their money
- 42. “What new technology does is create new opportunities to do a job that customers want done.” Tim O’Reilly
- 44. What is FinTech?
- 45. Computer software or other technology used to support or enable banking and financial services.
- 47. Satisfy a client need Makes their life easier Puts them in control
- 50. Robo-Advice
- 55. The future?
- 56. Any questions? 24 St Vincent Place, Glasgow G1 2EU team@murphywealth.co.uk 0141 221 5353
- 57. Dates for the diary 11 September 27 November
Editor's Notes
- Good morning, my name is Adrian Murphy, Managing Director of Murphy Wealth which is a premium wealth advisory firm based here in Glasgow.
- Most will know and understand us as Wealth advisors/or managers or IFAs and financial planners….but what does that mean?
- To us we believe its about…
- This is done… Dull and boring right?
- But there is much more to being a wealth adviser so we want to go from….this
- To this….where we are aligning strategic goals, business goals and personal goals
- So how do I think we’ll do that?
- Utilise technology….but as an enabler
- Some of the world’s best known brands and business only now only really exist online or in a digital world
- Specifically though what I’m talking about is FinTech. But what does that really mean?
- To us we believe its about…
- It means Financial Technology But really its…
- What all these do well is…. Let me explain by taking you through some examples…
- Cash-flow forecasting Budgeting Scenario Planning Links with existing software
- Links to your bank and helps you invest your spare change Really simple and interesting idea to encourage people to save, potentially addressing a savings gap
- The ultimate expression of Fintech Digital algorithm based financial advice You might be thinking ‘why am I encouraging my competition’ Not competition but complimentary Not Robo-Advice but Robo-investment As previously mentioned there is more to this than just investing Makes greater use of technology available and drive down cost of investment Investment management industry ripe for disruption We can envisage utilising such tools in our business and are already speaking to potential partners We will be able to offer more engaging and even greater value investment, coupled with the understanding and advice of a great wealth adviser
- This our Simply Wealth App that we launched at the end of last year. We were the first advisory firm in Scotland to launch the app, in partnership with Moneyinfo. It stores your entire financial life in one place.
- All your banking, mortgage, insurance, investment, credit cards are stored with all the relevant documentation in one place ready for clients to access when and wherever they want. At a glance clients can see what they own, owe, earn and spend.
- The great thing about this is that it’s a step forward for clients who use professional advisers. It provides even greater transparency in your dealings with us; it’s your money, after all, and if we’re both in possession of all the facts then we can make better decisions together.
- The financial services industry has a history of hoarding clients information and only giving them a glimpse of the whole picture from time to time, we want to democratise this information and put the client back in control.
- The future for advisory professional services is… Huge changes in the advice sector through consolidation and further professionalisation with a major focus on innovation and reform in the investment management industry Greater use of technology to engage with you in ever richer ways Greater access to investment and advice at a lower cost hopefully encouraging more saving Ultimately Fintech should improve everybody's lives and make managing your finances easier and cheaper. As with any form of advice its still worth seeking out the advice of the experts