Virtual CFO Services
Small businesses now have the opportunity to have their very own Virtual Chief Financial Officer which was previously only reserved for big corporates with deep pockets! Now every small business can have a strategic partner who is actively involved and a vital part of your business. Most successful entrepreneurs and business owners have an accountability partner who meets with them regularly. No matter whom you are, where you’ve come from, or what you have achieved, a good mentor is an invaluable asset in business.
Small Business Tax
Every small business needs expert tax advice, the appropriate legal structures and tax minimisation strategies in place. No business owner should be paying more tax than they are required to, nor should they be spending hours on compliance. Implementing proven strategies and planning around your tax means more cash in your pocket now and in the future.
Cloud accounting allows you to really take control of the numbers in your small business. If you are still using spreadsheets or desktop software to manage your accounts and invoicing, then you are doing things the long and difficult way. Not to mention, you are leaving money on the table. Xero, a cloud-based solution, has been dubbed ‘The Apple of Accounting’ as it has revolutionised this space by making your business numbers easier to understand. Looking to simplify? Speak with a member of our team now.
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This is part 2 of our 8 part series on the Awesome 8 areas of a business we focus on as Virtual CFOs. If you missed the first instalment click here to check it out. This post is all about profitability, what it is and how to improve it. If you have a basic understanding of how a profit and loss statement works, you’ll know that the “bottom line” is profit. It is what you have left after calculating all of your revenue then deducting all expenses. So it makes sense to maximise your revenue and minimise your expenses right? Damn right. So how do you do this?
Let’s talk about service based businesses. Generally very easy to start but very hard to scale because of the time, of the capacity limitations. There’s only say, 24 hours in a day, (it is inhumanly possible to work that much) but you can only work 24 hours in a day times by say an hourly rate; you cannot physically do any more work than that. So once you’re at full capacity whether that’s 24 hours in a day or 12 hours in a day or whatever the number is for you, once you reach that capacity, you are now maxed out. So the only way to go from there is to play with your pricing and packaging or to increase your capacity.
So, in order to build a good business, in order to build a better business, you need to become a better business person. Now, to become a better business person, you need get rid of some of those limiting beliefs and what you think you can’t do or the things maybe you’re telling yourself that you can’t do. You know, “I cannot do this” or “They do that, I won’t be able to do it.” So, in order to explain this, I want to tell you a bit of a story.
David Cervelli has built a business and career out of training high performance sales teams and executive coaching. In this interview, Brad Turville digs deep into the problems small business have with sales and strategies you can take away today and implement into your business. In this episode: