10X Bookkeeping and Business Solutions

19/04/2022

Regina and I have established a bookkeeping and data analysis practice in response to demands we received from businesses wanting to get the most out of their business after Covid.

Just as we go to the gym to keep our health and wellbeing in check, we must also give our business a financial health checkup periodically, to keep it performing in optimum condition. Over the last couple of weeks, we have been working with our clients on their 2022 financials and it has been interesting to see what businesses are doing well and where there might be some improvements that can be made.

We encourage all of our clients to do a full review of their business at least once a year, but if you're not in the habit of doing that, now is a good time to start. Here are a few things you can do to give your business a financial health checkup:

1. Review your income and expenses for the year. This will give you a good idea of where your money is coming in and going out.

2. Compare your income and expenses to previous years. This will help you identify any trends in your business.

3. Look at your profitability. Are you making enough money to cover your costs and make a profit?

4. Review your debtors and creditors. Do you have a healthy mix of both? Are your debts manageable?

5. Review your cash flow. Do you have enough money coming in to cover your outgoings? Are you using any short-term borrowing to cover your costs?

6. Analyse your business costs. Are there any areas where you could save money?

7. Review your pricing. Are you charging enough for your products and services?

8. Review your marketing. Are you reaching your target market? Are you getting a good return on investment from your marketing activities?

9. Review your business goals. Do you have realistic goals for the year ahead? Are you on track to achieve them?

10. Create a budget for the year ahead. This will help you to plan your finances and make sure you are on track to achieve your goals.

If you do a financial health checkup on your business regularly, you will be able to identify any problems early and take corrective action. This will help you to keep your business healthy and profitable.

If you're not in the habit of doing a financial health checkup, now is a good time to start

We are always interested to hear from both our current and potential new clients, if there is a topic of interest that you would like to know more about, please drop us a comment below.

Where growth happens,

Peter and Regina

04/02/2022

Running businesses and managing time is often a massive struggle, and as a Bookkeeping Professional helping small businesses, I have battled with this concept on and off at times in my life, but I have finally mastered taming this beast.

Many of the small business owners I work with experience this time beast and there are many things they do that suck it up - Like doing their own bookkeeping.

And they always say they don't have enough of it.

It's hard to tame.

Let me share my strategy on how to tame this beast with you..

We only have a certain amount of time.

It is a commodity.

How we manage this and be good stewards of our time is something that we don’t often think about.

Managing others, and activities and filling our calendars and days up with STUFF.

But is being busy actually being effective in achieving our desired outcomes?

It's about becoming the Time Lord.

To be a successful Time Lord, you have to start at the beginning and learn the concepts of being a good Time Steward.

And you have to know where you are going first before you can set the activities to help you get there. Right?

You have to have a goal!

It is that simple.

You have to KNOW where you are going.

So let's take 30 seconds know to do that:

Grab a piece of paper and draw a large STAR at the top of the page.

This is your 10-year goal.

❓Where do you want to be?

❓What does life look like for you then?

❓How much revenue would you like to be bringing in each month?

❓What things do you want to DO?

Then work back to 5 years, 2 years, and 1 year.

Write it down.

Now we have this - we can start to look at how time fits into it and map our activities towards our goals.

Mapping means that we also have to make some sacrifices for some things that we may enjoy doing.

But aren’t inputting towards achieving milestones on the journey to where we want to be.

Every small piece of action we take every day that is 100% related to achieving our goal.

This is a small piece of action towards that long-term goal or result.

Think about it as compound interest right? Every small piece of action we take every day to the power of time achieves massive results long term.

So, time is an investment in YOU!

So - take action today.

⭐Set your goal

⭐Put away your phone and get off social media - make some sacrifices!

⭐Map your actions each day

Make it happen!

Do you want to be better with Time?

Want to chat about how I can help you with Time Management and Bookkeeping? Comment below or send me a DM and we will arrange a catch up - Happy to share 20 minutes of my TIME, to help you.

Yours In Time

Peter and Regina

18/04/2021

We’ve released the April editions of TPB eNews! Read about the support we’re offering to those impacted by natural disasters, the COVID-19 concessions we’ve extended, and the new guidance we’ve released about using client TFNs in emails. Find TPB eNews here: http://ow.ly/MthE50EnZG3

14/02/2021

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