As the wife of a builder and trained as a Certified Practicing Accountant, my husband and I certainly declared for many years that next year was definitely going to be different with our finances, money and taxation.
Then we considered if we had $10,000 or $200,000, just sitting in a bank account, would we feel differently at tax time? So we stopped and reflected on the times we did have this money and then asked ourselves "did HAVING that money make a difference to us and how we ran the business?"
We recognised that having a map for our business's road trip made it easier for us to get there? Let’s say for example, you are a plumber and you have your own ‘Personal Profit Plan.’ From this plan, the numbers tell you to bring home $2000 per week to cover business expenses and a wage for personal expenses. Before you head out to work every day, you have a goal or ‘map’ to get your Personal Profit Plan to a profit every day.
Have you ever stopped and wondered how companies like ‘Apple’ keep growing and expanding? What mindset, plan and actions did they have in place that had them become one of the most successful businesses in the world today.
Here are five actions steps that if you apply them, will put you in a very different financial position come June 2015:
- Always have money. Put aside 10% of everything you earn.
- Create a “Personal Profit Plan’ that is your map to where you are going.
- Discover your ‘why’ in business. Money is not a WHY in business.
- Take action, NOW.
- Know what works for you. (You know more about your business than anyone else.)
You’re WHY is your inner GPS!
Kerri O’Shea has completed her Bachelor of Commerce and Certified Practicing Account qualifications. Kerri has over 20 years experience in working with business owners to ‘Grow Your Profits.'