Fusion Blog

A Great Financial Habit That Requires Very Little Effort

Mon, 20 May 2013 06:54:00 GMT

A few years ago, I learned the lesson of “pay yourself first.” I’m sure you would have heard of this concept before – it is often quoted as a foundation principle for building wealth. Anyway, it was at a time when I was learning how to manage my finances better. I was a great spender… I loved shoes and clothes and nice cars and I was fortunate enough to be able to treat myself to these things. What I didn’t have was a great saving strategy.

When I first came across the “pay yourself first” concept is was an amazing lesson for me. I knew that I had to change my habits and I had to change them fast and thanks to three amazing books (Think and Grow Rich, The Richest Man in Babylon and Secrets of the Millionaire Mind), I managed to get myself on track relatively quickly. If you haven’t read those books I recommend that you take the time to do so - they are filled with timeless lessons that will serve you for the rest of your life.

Whilst the books made a massive impact on me, the one thing that made the difference was the actions I took. These were easy actions that anyone can do – these actions change your habits and financial outcomes and the best part is that because of technology it requires very little effort on your part.

In fact, it took just four steps for me to create and implement a new saving strategy that has been life-changing for me. Here’s what I did…

Action 1: I Opened a Hard-to- Access Bank Account

I set up a new interest bearing bank account. One that was difficult to access i.e. it was with a different bank to the ones I normally use, I had no ATM card and if I wanted to access the funds I could only do it online and I would have to wait several days. This strategy definitely worked for me – since that day, I have let the interest accumulate and I haven’t made a single withdrawal. This is my sacred Golden Goose Account.

Action 2: I Set-Up a Weekly Direct Transfer into my Golden Goose Account.

I immediately put in place an automatic direct transfer from my income account to my Golden Goose account. At first I set it up for 5% of my income (it's widely recommended that you save 10% of your income but going from zero to 10% can seem like a big jump at first - I started at 5% but soon got to 10%... see action 3).

Action 3: Increased My Transfer Amount Every Quarter

Thanks Dr John Demartini for this gem of advice. Basically every 90 days I would increase the amount I was transferring to my Golden Goose Account every week by just $25.00. By the end of year one I was saving $100.00 per week more that I was at the beginning of the year… in other words, I was SAVING over $5,000.00 more per year. I felt a huge sense of achievement.

Action 4: I Did Nothing!

From day one to today, I have treated this money as if it isn’t mine to touch. I get my quarterly statements showing me my balance and interest (I love this part!). Other than that I have done nothing. The emotional reward and boost to my self-esteem has been amazing. Don’t underestimate the power of feeling successful. Watching something you are building grow, gives you that all important confidence to take risks in other areas of your life.

The great news is that this massive change of habit required very little effort on my part.

So maybe it’s time to look at your saving strategy. Do you have a golden Goose Account that you never touch? Do have a long-term savings plan? Are you paying yourself first? Timeless advice I wholeheartedly recommend.

I have also implemented a few other financial management strategies that have been a game-changer for me and I will share those with you next time. Until then, have a great week and happy saving.

This article was provided by Anthea Moffat MBA (adv), Founder and Managing Director of Business Fusion and The Business Masters Club - businessfusion.com.au.

Click here to join the Business Fusion mailing list. You will receive complimentary access to The Online Resource Vault which contains live workshop recordings and workbooks from some of Anthea's most popular workshops. You will also receive a monthly newsletter full of ideas, tools and strategies to help you increase your success as an entrepreneur.

Are You a Strategic Entrepreneur?

Tue, 07 May 2013 16:00:00 GMT

My mother was a seamstress at the local hospital. Taught to sew by her own mother she felt very passionately that I too should learn these skills and so when I was a young girl she would patiently spend hours with me, teaching me everything she knew about sewing and dressmaking.

I still remember those times very clearly. We would first decide what we wanted to make and then we would go off to the shops to choose our pattern. Next we would study the pattern’s instructions and recommendations before heading back to the shop to choose our fabric. Finally, we would head home and begin the process of marking out the pattern pieces on the fabric.

And this is where I became frustrated because mum would take hours and hours measuring once, measuring twice and measuring again, just to be sure. “Come on, mum” I would say, desperate to get on with making my new dress.

She would look at me and say “Anthea, be patient, the key to getting what you want is to take your time, if you measure twice, you will only ever have to cut once.”

And I may not have realised it then but she was so right, if I took my time in the planning, the execution would be a breeze. A lesson which is as true for dressmaking as it is for creating a successful business.

Strategic entrepreneurs grow their businesses faster because they take the time in order to work out the smartest and fastest way to reach their goals. In contrast, tactical entrepreneurs are busy, busy, busy implementing the latest tactic without fully considering whether that tactic will actually help them achieve their goals.

So how do you become more strategic? Well the answer is simple – you need to regularly take time out of your business in order to review and plan. Ensure that every quarter you dedicate one day to the process where you complete the following:

1. Undertake a SWOT analysis.
2. Undertake a competitor analysis.
3. Review your financial performance and identify areas
for improvement.
4. Review and adjust your business growth strategies.
5. Review and adjust your budget forecast.
6. Review and adjust your cashflow forecast.
7. Review the performance of your marketing activities.
8. Review the performance and productivity of yourself and
your team.
9. Review the feedback of your current clients.
10. Identify your top 3 goals and focus for the next quarter.

Strategic entrepreneurs understand that taking this time out enables them to sharpen their entrepreneurial saw so that the execution of their plan is both faster and smarter. They gift themselves that precious planning time because they understand the rewards it brings.

This article was provided by Anthea Moffat MBA (adv),founder and Managing Director of Business Fusion and The Business Masters Club.

10 Quick Tips for Increasing Your Productivity

Mon, 29 Apr 2013 16:00:00 GMT

Time is our most precious resource. It doesn’t matter who we are or where we live, each and every day we are all given the same 1,440 minutes or 24 hours. We get to choose how we spend it. But with that gift comes a huge responsibility.

How we spend our time ultimately determines our results. The activities we do have only two possible outcomes… they will either move us towards or away from our goals.

If you want to achieve your goals faster you need to become more productive. Sadly, it is estimated that most of us are only truly productive for two hours each day. So here are 10 quick tips to help boost your productivity. Things I’m sure you already know. The question is…. are you doing them?

1. Plan each day.

What are the top 5 activities you must complete? Check that your list comprises of important tasks which are necessary for you to move forward with your goals.

2. Start with a clear desk.

Clutter on the desk soon becomes a distraction for the mind.

3. Start each day by completing at least one task off your to-do list (eat a frog) before you check your email.

It creates a feeling of achievement early. Plus, checking you emails first thing in the morning is a sure fire-way to get hijacked.

4. Take a break from the computer every 30 minutes.

You can use the timer on your phone. Get up and move around. This one is a gem – you’ll be amazed at how much more productive you become when you give yourself regular recharge breaks.

5. Practice single-purpose focus.

Don’t multi-task. Multi-tasking simply means that you are splitting your focus and both tasks will ultimately take longer.

6. Use To-Do Lists

Yes, that’s a plural – my favourites include: administration & accounts, marketing, projects, operations, team members (I have one list for each team member), this week, today, waiting for and personal.

7. Stop twice each day to empty your head.

You are amazing. You are so amazing that you need to stop and empty your head of all those ideas at least twice each da. This will free your mind so it has more capacity to work on your goals.

8. Use ONE diary.

You need to have all your commitments both personal and business in one place. Remember to always factor in travel time for your meetings.

9. Say “no” or “not now” more often.

Quite often we say yes too often and end up being overcommitted. Learn that it’s okay to sometimes say “no” or “not now” to other peoples requests.

10. Create time in your schedule where no interruptions are allowed.

Switch off the phone, shut down all browsers, close that office door and concentrate on an important project for at least a few hours each week. Make this your completion time.

This article was provided by Anthea Moffat MBA (adv),founder and Managing Director of Business Fusion and The Business Masters Club.

The Dashboard to Help You Drive Your Business

Thu, 11 Apr 2013 16:00:00 GMT

I want you to imagine that you are the proud owner of a new car. It is your pride and joy. You have wanted this car for such a long time and it has been through your hard work that you have finally realised your goal.

Your ultimate goal is to enjoy this car for a few years and then sell it for top dollar. So with this in mind you know that you are going to have to really look after it, keep it fully maintained and in pristine condition. You will need to be a careful driver on every journey you go on.

Your business is like this car. In order to sell it for top dollar you need to look after it and that means being a careful driver. Together you are going to go on many journeys but before you embark on those journeys you will need to know a few things.

1. Where you are going;
2. The shortest route to your destination;
3. That you have enough fuel in the tank;

4. That the engine is running smoothly.

Then once you hit the road you will need to continue to monitor some critical things such as:

1. That you are still on the right path to reach your destination;
2. That you still have enough fuel despite any detours you have taken;
3. That you are travelling at a safe speed; and

4. That the car is still functioning properly.

Thank goodness you have a GPS system and a dashboard that gives you all the information you need to successfully reach your destination.

Unlike cars, businesses don’t generally come with an inbuilt GPS and dashboard. This is something you need to create for your business. And you do this by identifying a few key metrics that tell you how you are travelling and whether you are on track to reach your desired destination.

Your business dashboard should include only the most relevant information. This information must be capable of being easily measured and it should include lagging, present and leading indicators. Lagging indicators measure the past (just like the odometer), present indicators measure the now (such as the speedometer) and leading indicators provide clues for the future (such as the maintenance warning lights).

So where do you begin in creating your business dashboard? Well you begin with first establishing what your number one goal is for the next 3 months.The second step is to brainstorm all the things you must get right in order to achieve that goal.The third step is to identify key performance indicators that if measured will tell you if you are doing those things right.

And then finally reduce your list down to what you believe to be the top 10 key performance indicators that when measured, monitored and acted upon will ensure your success.

Having a dashboard in your business is as critical as having one in your car. Whether you are driving full speed ahead or travelling at a more slow and steady pace you still need to know that you have enough fuel to reach your destination.

This article was provided by Anthea Moffat MBA (adv),founder and Managing Director of Business Fusion and The Business Masters Club. Click here to join the Business Fusion mailing list. You will receive complimentary access to The Online Resource Vault which contains live workshop recordings and workbooks from some of Anthea's most popular workshops

7 Most Common Financial Management Mistakes... My Rant!

Mon, 08 Apr 2013 16:00:00 GMT

I started my career as a Chartered Accountant. It was the sensible career choice and my parents were delighted. Unfortunately I wasn't quite so delighted so when I moved to Australia in my early twenties I saw it as an opportunity to put the world of audit and tax returns behind me and I moved into commerce

My first job in Australia would educate me for life. I was fortunate enough to work for and alongside an amazing female entrepreneur who had started a small coffee shop business in 1971, which had grown to become an award-winning business with over 700 employees.I worked for this business for nearly six years and received some of the best training of my career.

Every month, it was my responsibility to produce around 30 different Profit and Loss statements and Balance Sheets, each one reconciled against the budget projections. All variances from budget had to be investigated and explained. Sounds onerous I know… but that level of attention to detail in measuring and monitoring the financial performance of that business is a major reason why they have been trading now for over 42 years.

Having now worked and consulted with thousands of Australian entrepreneurs over the last decade one thing I know to be true is this… if you want to be successful, really successful; successful over the long-term, then you need to learn how to read your numbers. Far too many business owners don’t give it the time and importance it deserves. This may sound like a rant… and it is… because if you are trading 8, 9, 10, 11 or more hours of your life each day for your business, you really want to ensure that you are getting the ROI you deserve.

I know that we are all really busy but you deserve a profitable business, you deserve to build a saleable asset and this is an essential part of that process. The list below includes just some of the mistakes I see entrepreneurs making.

If you have a business then please do one thing immediately… If you feel that in any way you are not financially literate and not properly managing your business financials take action today.

Please don’t leave the financial management of your business to your bookkeeper – their job is to assist you and there is a big difference between delegation and abdication. As amazing as I’m sure your bookkeeper is, it is your money and your asset.

End of rant.

The 7 Most Common Mistakes…

Not regularly reviewing the Profit and Loss report to establish how to improve the profitability of the business.
Not looking at the Balance Sheet and leaving this as the work of the year-end Accountant.
Not checking to see if bank accounts are reconciled.
Allowing others to make payments from their bank account unchecked.
No budget forecast.
No cash-flow forecast.
Not understanding how to read their financial reports and therefore just ignoring them and using the bank account as a measure of whether things are good or not.

And if you need any assistance, please do not hesitate to contact us – we will be delighted to help you – as you can probably tell we are passionate about reducing the small business failure rate.

This article was provided by Anthea Moffat MBA (adv),founder and Managing Director of Business Fusion and The Business Masters Club.

7 Steps to Mastering Your Financials

Mon, 01 Apr 2013 16:00:00 GMT

As we enter the last quarter of the 2013 financial year, are you on track to make the result you want? Have you exceeded your budgets? Have you achieved sales growth? Is your net profit percentage better or worse than last year? What about your gross profit margin? Are you being a diligent financial leader or are your financial systems and reports somewhat lacking?

Many entrepreneurs are so busy running their business that they fail to spend adequate time properly managing the critical financial aspects only to reach the end of the year and be disappointed with their result. Or worse still, go out of business because they couldn't read and understand their financial reports. If you want to be successful you need to master your financials and if that’s a daunting thought, let me reassure you that it is much easier than you think.

The 2013 financial year finish line is now insight. There is no better time to begin being a better financial manager than today. It’s also timely because NOW is the time to be doing your tax planning and pushing hard to make this your best year in business yet. So to help you get started or to give you a checklist to ensure you are on track, here are our 7 steps to mastering your financials.

Get your bookkeeping up to date… immediately. And then keep
it up-to-date.
Learn how to read your Profit and Loss report.
Learn how to read your Balance Sheet.
Create a 12-month Budget based on your goals.
Create a 12-month Cash-Flow forecast based on your budget.
Establish key performance indicators for your critical success factors.
Regularly review your financial statements and key performance indicators and take action in order to improve your results.

It’s one thing to have your books up-to-date, it is quite another to be spending time analysing your results and taking action. So make sure that you have a “financial meeting” for your business at least every month. It’s as simple as setting a recurring appointment in your diary and then keeping it. I coach many business owners and the ones that “love” their numbers always achieve the fastest growth. Learn to “love” your numbers and you won’t look back.

This article was provided by Anthea Moffat MBA (adv),founder and Managing Director of Business Fusion and The Business Masters Club.

5 Tips for Maximising Your Marketing ROI

Sat, 16 Feb 2013 16:00:00 GMT

Marketing May Have Changed But You Still Need a Plan!

You have literally thousands of marketing choices available to you. And yes, it can be very overwhelming because things are changing very quickly. But being a strategic entrepreneur is about discipline. So this week please ensure that you spend some time on your marketing. And to make sure that you make the most of that time and don’t shoot off and do marketing tactics that will not get you the result you want, check out the 5 tips below...

1. Commit to action.

Allocate some time in your diary to work on your marketing this week. Marketing should not be an ad-hoc task – it deserves your attention.

2. Focus on outcomes.

Before you start choosing how you are going to undertake your marketing get really clear about your outcome. Who are you targeting and what do you want them to do? What product or service do you want them to purchase and how?

3. Make smart choices.

You have a limited time and budget – which marketing tactics are going to work best for you? Where are your prospects? Are they online or offline? How will you find them? How will they find you?

4. Talk their language.

When you do meet your prospects whether it is offline or online, make sure you are talking their language. What are their problems, opportunities, voids and goals. Make sure that you make every marketing communication count. Look at what you are doing and ask yourself “Is this useful to my prospect? Does it help them and enrich their life?”

Have a great week!

Anthea :-)

This article was provided by Anthea Moffat MBA (adv),founder and Managing Director of Business Fusion and The Business Masters Club.

5 Easy Ways to Get More Organised and Get More Done.

Sun, 21 Oct 2012 16:00:00 GMT

Is your "To-Do" list system supporting you? Behind every success story is a great system. And great systems don’t happen by accident – they are designed, tested, improved and lived. Schedule 15 minutes this week into your diary to review and improve your “To-Do” list system. The 5 questions below will help you.

1. Have you got a “Today” To-Do list?
This contains only the tasks you must do today.

2. Are you reviewing your “Today” To-Do list every day?
You must start each day with a plan and end each day by victoriously striking off your achievements on your “Today” list and updating it for the tasks you must complete tomorrow.

3. Have you got a “Waiting For” To-Do list?
This contains details of any information, emails or calls you are waiting for somebody else to complete. The “Waiting For” list is wonderful because, it’s one list of tasks that are no longer your responsibility. Simply schedule a regular time to review and update the list. Add to the list daily. It feels awesome to move something from one of your lists to the “Waiting For” list.

4. Have you got a “This Week” To-Do list?
This list contains details of any tasks you need to achieve in the next 7 days. All your other tasks (that are not due in the next 7 days) should be on your other “To-Do” lists. By having multiple “To-Do” lists you increase focus and reduce overwhelm. Your “This Week” list must be updated once a week – schedule a regular time in your diary to do this.

5. What other To-Do lists do you have?
You should have multiple "To-Do" lists for everything else. These will vary according to your responsibilities but here are a few suggestions - Calls to Make, Bills to Pay, Team Members (I have one list for each of my team members), Clients, Projects and Marketing.

Make sure you plan each day, start fast, banish distractions and have a super-productive week!

Anthea

This article was provided by Anthea Moffat MBA (adv),founder and Managing Director of Business Fusion and The Business Masters Club.

Click here to join our mailing list. You get FREE business resources!

You will receive a complimentary VIP invitation to Anthea's next Business Masters Club workshop in Perth "How to Get More Done! - Time Hacks and Tools to Skyrocket Your Productivity" and access to The Online Vault which contains live workshop recordings and workbooks from some of Anthea's most popular workshops including the 90-Day Productivity Challenge.

10 Tips for Being More Productive Everyday

Sun, 02 Sep 2012 16:00:00 GMT

Being productive is all about having great habits. It's all about
keeping it simple. Here are some habits that work well for me.

1.   Start each day the right way - ensure
       you have breakfast.

2.   Do something important (eat a frog)
       before you check your email. Checking
       emails first in the morning is a sure fire
       way to get hijacked.

3.   Empty all tasks from your head onto
       your to-do lists (yes, you should have multiple to-do lists) including the
       following - administrative & accounts, marketing, projects, operations,
       team members (I have one list for each team member), this week,
       today, waiting for (this is one of my favourites), personal and any other
       significant areas of responsibility or projects that you have.

4.   What gets measured gets managed - use time sheets or an electronic
       time capturing system to record how you are spending your time.

5.   Allocate 2 or 3 times in your day to check your phone and return calls.
       Outside of these times, set your phone to silent or switch it off.

6.   If you work in a shared environment, pop on some headphones when you
       don't want to be disturbed. This works much better than telling people not
       to disturb you because they often forget.The headphones are visual and
       people stop and think twice before interrupting someone
       wearing headphones.

7.   Decide at the beginning of the day what time you are finishing work. Most
       people work better to a deadline. Set your phone alarm for 15 minutes
       prior to your finish time.

8.   Work in 25 minute blocks. Use your phone timer/alarm. At the end of
       25 minutes stop even if you are in full flow and take a 5 -10 minute break
       where you are standing and moving. I like to go and get a glass of water
       (this helps enormously in achieving my 8 glasses a day:-))

9.   Create a to-do list for your week (call it “This Week”) and only put things
       on it that have to be done in the next 7 days. Update this list every Friday
       by transferring things from your other to-do lists. Each day transfer things
       from your "This Week" list to your "Today" list.

10.   Every day review your "This Week" to-do list and transfer to your "Today"
         list. Review and update your "Today” list at the end of each day.

Wishing you a productive week

Anthea

Ps.... I couldn't resist one more... #11... Clear your desk of everything except the one thing you are working on in that moment. Multi-tasking is a myth - all you are doing is task-switching and it kills productivity.

This article was provided by Anthea Moffat MBA (adv),founder and Managing Director of Business Fusion and The Business Masters Club.

Click here to join the Business Fusion mailing list. You will receive a complimentary VIP invitation to Anthea's next Business Masters Club workshop in Perth and access to The Online Vault which contains live workshop recordings and workbooks from some of Anthea's most popular workshops.

10 Quick Tips to Improve Your Time Management

Mon, 27 Aug 2012 16:00:00 GMT

You know them… but do you do them?

1.   Have one diary where you put all
       commitments, personal and business.

2.   Turn off your email whilst working at your
       computer unless you are in an
       email-checking period.

3.   Start each day by eating a frog – get one
       important task done and feel a sense of
       achievement early in the day.

4. Finish each day by checking your to-do list and rescheduling tasks
you didn’t get done.

5. Include preparation time in your diary for any appointments you
have – this includes travel time.

6. Create multiple to-do lists for the different aspects of your business
and role – e.g. marketing, projects, accounts etc

7. Switch off your mobile phone allocate times during your day to
check and respond to your message.

8. Spend time planning your week – what do you want to get done
and when are you going to do it?

9. Banish interruptions – allocate time to have meetings with team
members – got-a-minute meetings will kill your productivity.

10. Design a great filing system where everything has a home.

This article was provided by Anthea Moffat MBA (adv),founder and Managing Director of Business Fusion and The Business Masters Club.

The Scariest Skill I Ever Had to Learn…

Wed, 11 Jul 2012 16:00:00 GMT

...I never dreamt what the outcome would be!

Conquering fears is a part of the entrepreneur’s journey. As our businesses grow and evolve we all have to learn new things… and sometimes it’s the
things we don’t think we need to have in our toolbox which turn out to be the
most powerful.

It was September 2007 when I attended my professional speaker training. I can still remember it vividly. The training was included with a training package I had purchased – it was never a training I would have deliberately chosen.

Already a trainer, I thought that this training would offer little additional value to me. But that was really me masking my fear of having to “present” in front of my peers. It was by far the most challenging training I have ever done (and I’ve done a lot of training, spending close to $250,000 on my education to date!) BUT it was also the most rewarding training I have ever done because I learnt that I could be an exquisite speaker when I applied myself and the speaker tools we were taught.

It was a hands-on training where we had to prepare a presentation about our businesses. We had to include 3 looping metaphors… stories that conveyed a message or elicited a state in our audience. What the??!! THREE stories…where to begin?

That night I stayed up, trying to construct my stories. I felt sick in the stomach, confident that my presentation was going to be a disaster… I had no stories!

And then I remembered something our trainer had said… look for stories in my life that made me laugh. Stories of triumph.

And so I started thinking about things I had done that made me laugh or smile... you know those stories... the ones we share with our friends. Like the time I was in Phuket on a kayaking expedition through caves and the tide rose so high we almost got stuck… or the time I had decided to go to America on my own at just 18 years of age (to my parents delight!)…and found myself stuck at Miami airport having missed my flight which only operated every three days… or the story of the red shoes my parents refused to buy me and my successful cunning plan to overcome their resistance…In fact, I still have those shoes today!

These didn’t seem like amazing stories to me but in the middle of the night, eyes and heart heavy I decided to accept defeat and retire to my bed so I could get at least a couple of hours sleep before my big presentation.

The next day, my group did their final presentations. To my horror, I was picked to go last. I sat through 5 perfect presentations from my peers. I felt sick in the pit of my stomach.

And then it was my turn.

I began my presentation. The first two minutes seemed like two hours. And then it was as if I had stepped into a time machine, because before I knew it, the presentation was over.

I looked tentatively at my audience, anxiously trying to gauge their reaction as I waited for the feedback.

Victory. Apparently my presentation was exquisite and my stories fabulous! I had people telling me that they were on the edge of their seat waiting to hear the endings. I couldn’t believe it – all I had done was share some of my stories… no biggie I thought.

And how I was wrong – you see, what I had shared added magic to my presentation. Why? Because I had shared me! And authenticity is the best thing you can bring to a stage, speech or presentation. In fact authenticity is the best thing you can bring to your business!

Since that training I have done hundreds of presentations and trainings. In fact, it’s the single most important skill set I have in my toolbox. And that 7-day training program has paid for itself at least 300 times over!

And so, the question I have for you is...how you can you share, with authenticity, your story, the story of your business and how you, your business and your products and services make a difference in the world?

As Christina Baldwin once said, “Words are how we think: story is how we link.” –and today we live in a world where real connection is needed more than ever. Where and how can you share your stories? The world needs storytellers!

Ps… There's so much more to share about how you can use presentations to build your business. Planning, preparation, storytelling and awesome content are important. Authenticity is essential. Click here to download the Presentation Planning Checklist, I use to develop
my presentations.

This article was provided by Anthea Moffat MBA (adv), MIMC, founder and Managing Director of Business Fusion and The Business Masters Club.

Click here to join the Business Fusion mailing list.You will receive a complimentary VIP invitation to Anthea's next Business Masters Club workshop in Perth and access to The Online Vault which contains live workshop recordings and workbooks from some of Anthea's most popular workshops.

And if you are in Perth and would like to learn more about how to become an exquisite public speaker, click here to check out the details of our upcoming 2-Day Speaker Mastery training.

Your Financial Year End Must-Do's

Tue, 19 Jun 2012 16:00:00 GMT

The 30th June is fast approaching and now is the time to stop and check that you have all of your financial matters in order. There is nothing worse than hitting the 1st of July and realising that not taking care of the detail has cost you a valuable tax deduction.

The best advice I can give you is to speak to your Accountant TODAY! Check that everything is as you think it is and make a list of everything you must do prior to the 30th June 2012. It’s a small task that could save you big dollars!

Below I have highlighted a few key questions you should be asking. This is in no way a comprehensive list or advice but merely some of the more common areas that trip entrepreneurs up.

1) Are there payments you need to make?
Can you prepay any expenses e.g. insurances? Are there gifts or donations you could make? What payments do you need to (or could you) make before 30th June 2012?

2) Have you taken care of YOUR superannuation?
Have you made a contribution to your own superannuation fund? You will need to do this prior to the 30th June 2012 if you want to claim a tax deduction.

3) Can you pay your SGC commitments before 30/06/2012?
Make sure you pay June 2012 SGC payments before year end. While technically due on 28/7/2012 to meet the employer super guarantee obligations, bringing your payment forward will enable you to enjoy the deduction in the 2012 year. Can you pay your employees superannuation prior to 30th June 2012?

4) Do you need to do a stocktake?
It’s good business practice to routinely do stocktakes and it is really important to do one at the financial year-end to establish whether you have obsolete stock that needs to be written off.

5) Are there debts that you need to write-off?
Do clients owe you money that is no longer recoverable? If so, you need to consider writing off those debts prior to the financial year end.

Since it is the end of financial year, now is the perfect time to also do the following:
·        Update your business budget (your profit and loss forecasts.)
·        Update your cash-flow forecasts.
·        Undertake salary reviews for your valued team members (including you!)
·        Review your superannuation investments and strategies.
·        Review your insurance coverages.

You may even want to consider taking out tax audit insurance – it’s relative inexpensive and could be a valuable investment for you.

And finally, something you may not be aware of… the ATO accepts credit card payments! That’s right, you can get frequent flyer points whilst paying the tax man. There are various charges for different credit cards - more details can be found here.

As I said at the beginning of this article, the best advice I can give you is to pick up the phone and talk to your Accountant today – they will be able to give you the right advice for your situation.

Happy Financial Year End – I hope it has been a stunning year for you!

This article was provided by Anthea Moffat MBA (adv), MIMC, founder and Managing Director of Business Fusion and The Business Masters Club.

Click here to join the Business Fusion mailing list and receive a complimentary VIP invitation to Anthea's next Business Masters Club workshop...

"Marketing Masterclass: The New Rules for Marketing to Attract New Clients"(valued at $135.00)... Thursday 5th July 2012, 4.30pm - 7.30pm at The Function Centre, Technology Park, Bentley, Perth.

If you are already on our mailing list and you would like a VIP Guest Pass to the workshop call us on (08) 9307 9383 extension 1 or email your request to helen@businessfusion.com.au. Hope to see you there!

Why Mastering Public Speaking is Critical for Entrepreneurs

Wed, 23 May 2012 16:00:00 GMT

Being able to speak about your business with passion, authenticity and confidence is critical. However many business owners find the idea of public speaking daunting... even terrifying and when asked to speak about their business they get tongue-tied and fail to articulate just how awesome their business is.

We live in a cluttered world where getting your marketing message to your ideal client is difficult. If you want to set yourself and your business apart you need to use your best asset… you. Learning how to speak with passion, conviction and clarity are must-have skills for every entrepreneur’s toolbox and it may not be as difficult as you fear.

The truth is… there’s a formula for a good presentation and when you combine that formula with some easy-to-learn speaker skills and tools you will have a winning presentation every time.

Here are some tips to help you get started with crafting your business presentation…

1) Prior Preparation Prevents Poor Performance

When you step in front of a group, whether it is just a couple of people or an auditorium of thousands, you must remember that you are representing your brand. You need to be elegantly exquisite in delivering your content. This level of mastery only comes when the content is well planned, structured and practised. Allow plenty of time to design, refine and practice your presentation. Always practice your presentation out loud and don't be surprised if it is different every time you do it. The more you practise, the more confident you will become.

2) Begin With the End in Mind

When designing your presentation, first identify the outcome you want, the learning you want your audience to take away with them, the “aha” moment you want them to have and what you would like them to do as a result of your presentation. Then design your content to take your audience on that journey with you.

3) Include Killer Content

We love to learn, it’s in our dna. Therefore ensure that you are being of service and providing some nuggets of gold in your presentation. Relevant and interesting statistics and stories can turn your presentation into a magical masterpiece, What insight, information, can you share?

4) Whenever Possible Use Visuals

A visually rich presentation will stimulate your audience and prevent “zone-out” – use visual to increase retention, interest and engagement.

5) Become a Storyteller

There is a great quote that I love by Christina Baldwin…”Words are how we think, story is how we link.” Stories make presentations memorable and they create higher levels of trust. They work both consciously and unconsciously to connect our message to the listener. Everyone has great stories to share and they can be used to teach a lesson, give an “aha” moment and to add colour and interest to your presentations. Make your presentations memorable by weaving in great stories.

But Can I Share the Best Advice I Ever Received?

There are so many things to share about crafting and presenting a memorable and engaging presentation. Everyone can become an exquisite presenter once they know and apply the formula and tools. All of that aside, I still get nervous before any presentation (and I have done hundreds of them!) In fact I can still remember being gripped by fear to the point of feeling paralysed before my first ever formal business presentation. I want to share that story with you...

I was so scared that I couldn’t even work out what I should say to start my presentation. I called on my friends who had experience to give me advice. Some of it was helpful… but I still didn’t feel any more confident. And then I received a phone call from a friend of mine about an hour before the presentation and what he said to me was a game-changer!

I can still remember the call vividly; my friend called and told me I would be great, I was smart and that the audience would love me. I heard the words he was saying to me but still I felt no better. And then he said to me “It really doesn’t matter what goes wrong tonight… just remember that”…

I paused and thought … what? Of course it matters!

And then he said these words which changed everything for me…he said…

"You just have to remember that the audience doesn’t know
the script”

GOLD! What awesome advice!

We can get caught up in the need to have everything word-perfect and the reality is that things will never quite go exactly as you planned. But it doesn’t matter because your audience has no idea what you were planning to say, they have no idea if you have messed up… they are just listening to you and being there… and your job is to do the same!

Personally I have found public speaking to be the most rewarding and growthful part of my job. It's a great journey, and I encourage you to get your speaking boots on and give it a go.

This article was provided by Anthea Moffat MBA (adv), MIMC, founder and Managing Director of Business Fusion and The Business Masters Club.

Click here to join the Business Fusion mailing list and receive a complimentary VIP invitation to Anthea's next Business Masters Club workshop...

"How to Speak Like a Pro and Leverage Your Networking (valued at $149.00)... Thursday 7th June 2012, 4.30pm - 7.30pm at The Function Centre, Technology Park, Bentley, Perth.

The Key Performance Indicators Every Business Requires

Wed, 25 Apr 2012 16:00:00 GMT

Bill Gates once said… “How you gather and use information will determine whether you win or lose.”

It’s true, information is critical because your business operates in a dynamic and ever-rapidly-changing environment… the question is, do you know what’s changing inside and outside of your business?

Key Performance Indicators or metrics are an essential part of the entrepreneur’s toolkit but designing, developing and implementing a simple set of key performance indicators can be challenging. If you’re struggling with this topic, you are not alone, some of the more common mistakes that business owners make include…

Too many metrics
Focusing only on the short-term
Measuring but not managing
Measuring the wrong things
Having nobody responsible for driving the numbers

The simple truth of the matter is that unless you get your metrics and key performance indicators working for your business you are driving blind.

Your Metrics Are Your Business Dashboard

Your metrics are the equivalent of the instrument dashboard in your car. You have some things that you need to monitor frequently… oil, fuel, water… and if you don’t monitor those gauges and take appropriate action, your car will come to a grinding halt. Then there are other measurements which have more long-term meaning and consequences. None the less, even when danger isn’t imminent, your car dashboard automatically gives you the data you need to make smart decisions.

Your business needs a “dashboard” that tells you information that can be used to make smart short-term and long-term decisions. These metrics and key performance indicators need to be an integrated, systemised part of your business management system. You need to measure the important things… in other words, your metrics need to be linked to your business goals. You need a mix of strategic, tactical and management key performance indicators. You also need a combination of lagging (these measure the past) and leading (these give you an indication of the future) key performance indicators

So where do you begin?

1) Define your 3-month business goals.

2) Ask yourself, “How will I know if I have achieved these goals?”

3) Identify the things you must get right (your critical success factors) in
order to achieve your goals.

4) Brainstorm a list of metrics that will tell you whether you are on track to
achieve your goals.

5) Check that you have metrics for financial, operational and product /
service quality performance.

6) Reduce your metrics list to your most critical 7-8 metrics.

7)      Identify the frequency with which you need to monitor the list. Ensure you
      have some very frequent measures (daily or weekly) and some less
      frequent measures (monthly or quarterly).

8) Take time out, come back to the list and review… have you got the
right metrics?

9) Identify your target levels for each metric (your goals) and implement.

Your key performance indicators (metrics) are an essential part of your strategic business management system. Learning to “love the numbers” is one of the best decisions you could ever make for the long-term success of your business. The numbers tell you a story… what is the story of your business numbers?

This article was provided by Anthea Moffat MBA (adv), MIMC, founder and Managing Director of Business Fusion and The Business Masters Club.

Join the Business Fusion mailing list at www.businessfusion.com.au and receive a complimentary VIP invitation to Anthea's next Business Masters Club workshop...

"The Key Performance Indicators That Every Business Requires (valued at $149.00)... Thursday 3rd May 2012, 4.30pm - 7.30pm at The Function Centre, Technology Park, Bentley, Perth.

Do You Really Understand Your Business Finances?

Sun, 22 Apr 2012 16:00:00 GMT

A recent management study revealed that only 44% of businesses survive longer than four years. And one of the main reasons these businesses fail is not because they're not profitable, but because they run out of cash.

This information doesn't surprise me. Over the years, I've seen lots of business owners struggle to come to terms with the day-to-day finances of their businesses. They'll employ bookkeepers and accountants to keep an eye on the numbers, but then not have the time, or the know-how (or both), to make sense of the information they have
been given.

Certainly, it's a good business principle to be able to delegate. However, when it comes to the finances of your business, being reliant on others to make sense of your day-today operations puts you in an extremely precarious position.

Look I'm not trying to scare you. But I am trying to make you aware of how important understanding the finances of your business is in determining whether your business survives, let alone thrives.

Take The Financial Mastery Quick Quiz to Find Out Where You Stand…

So, to make it easy for you to understand where you are at, I've devised a little quiz for you. Your answers to these 10 questions will tell you if you really do understand your business finances.

1. Do you have profit and loss statements that you review at least once a month?
2. Do you have a current balance sheet that you can read and understand?
3. Have you recently calculated your Return on Investment to see if the blood, sweat, tears and money that you pour into your business is a worthwhile investment?
4. Do you know what your current break even sales level is?
5. Do you have a monthly sales and expenses budget?
6. Do you compare your budget to your monthly results?
7. Do you know who owes you money? And have a systemised process in place for debt collection?
8. Do you have a cashflow forecast that enables you to understand how much cash you have available at any given time (Hint: this is not your bank statement balance!)?
9. Do you have Key Performance Indicators that are diligently measured, reported and acted upon for the four or five critical financial aspects of your business?
10. Can you honestly say that you can read, understand and interpret your Profit and Loss and Balance Sheet statements?

If you answered yes to seven or more of the above questions, congratulations, you're business is most likely in good financial shape.

If not, it might be time to get your finances in order, and avoid being one of those businesses who fails because you didn't have enough money to pay the bills.

This article was provided by Anthea Moffat MBA (adv), MIMC, founder and Managing Director of Business Fusion and The Business Masters Club.

Join the Business Fusion mailing list at www.businessfusion.com.au and receive a complimentary VIP invitation to Anthea's next Business Masters Club workshop...
"The Key Performance Indicators That Every Business Requires (valued at $149.00)... Thursday 3rd May 2012, 4.30pm - 7.30pm at The Function Centre, Technology Park, Bentley, Perth. Click here for more details.