Money Management Secrets for Small Business Slides Webinar

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Money Management Secrets for Small Business Webinar Slides

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Money Management Secrets for Small Business Slides Webinar

  1. 1. Know-How Now! Business Success Webinar Series. Money Management Secrets for Small Business sponsored by: presented by the:
  2. 2. Money Management Secrets for Small Business Suzi Dafnis Australian Businesswomen’s Network
  3. 3. Money Management Secrets for Small Business Fiona De Zotti Australian Businesswomen’s Network
  4. 4. Money Management Secrets for Small Business Karen Houghton Moneypennys
  5. 5. 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?
  6. 6. 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
  7. 7. 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.
  8. 8. 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.
  9. 9. 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.
  10. 10. 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.
  11. 11. 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
  12. 12. 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
  13. 13. 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
  14. 14. 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.
  15. 15. 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!
  16. 16. Know-How Now! the Online Community What’s Next? •  Join the the Know-How Now! Community •  Start a discussion •  Participate •  Network Thank you! presented by the:
  17. 17. MentorNet Grow Your Business with the Help of a Mentor. Imagine the success your business could achieve with the help of a Mentor. presented by the:
  18. 18. Know-How Now! Business Success Webinar Series. National – 12 November 2008 Get a Life Survival Strategies for Busy Businesswomen. sponsored by: presented by the:
  19. 19. Know-How Now! 2009 Business Success Webinar Series. What do you want to learn in 2009? Vote for the subjects youmost want to hear about. sponsored by: presented by the:
  20. 20. Know-How Now! Business Success Webinar Series. Thank You sponsored by: presented by the:

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