Why I love Xero – perfect? or not?
Born and bred on a sheep farm in country Victoria, I came to Melbourne seeking knowledge and learning experiences.
I door-knocked the longest continuous shopping strip in the southern hemisphere (Sydney Road) to secure my first non-farm job.
19 years later I own that accounting business, and I can assure you, times have changed.
In 1993 after reconciling my fathers farm accounts on my custom macro driven Lotus 1,2,3 spreadsheet I discovered Quicken for DOS. Brilliant cashbook software, fast and efficient, I stuck with it through Windows 3.1 and beyond, before GST drove me to Quickbooks.
Now I have seen the future of business accounting software and, boy, does it have the “X Factor”!!
Xero is its name and I can happily describe it as Beautiful Accounting Software.
No updates for the user to install, no desktop software, no backups you or I have to do, mobile (iPhone/iPad/Android/laptop) access, and I can work with my clients on the same data hundreds or thousands of miles apart.
It is the way of the future, but best of all it is available today for Australian Business Owners.
For me, I love that one ledger means no data re-entry for Financial Statements, LIVE data feeds from banks so the information can always be up to date.
And did I mention platform independent! Windows, Mac, iOS, Android, Linux… as long as you have a browser and an internet connection, you have Xero.
Great reporting, EASY to use, an open API (if you know what that means you will like it) so it can “talk nice” with other software. Saves you time, saves me time. What is not to love about that?
Perhaps it is not perfect. But it’s damn close for me!
I would love to hear what you think, or if you have any questions, just comment below and I will respond.
Does your team need a restructure?
From time to time all business owners will come face to face with decisions about team structure.
The challenge is to look beyond the here and now and the demands of the day, and look forward to the future and the makeup of the team you as a business owner wants to have.
As a business owner you want everyone to be working towards the goals of the business, and by having a great culture and an attitude where the team members want to support each other, then the likelihood of achieving your business goals are enhanced significantly.
Of course that does not mean having team members who are identical, or that agree with everything you as the owner says or does.
A strong team will have a balance, will be willing to challenge the stays quo, and will keep each other accountable.
Are there things that you as a business owner need to do to support your team in this progression? Are you willing to be challenged and held accountable by your team, not just be “the boss”?
Do you allow the strengths of the individuals in your team to shine?
If the answers to any of these questions is no, then I would love to have a discussion with you.
Landline, mobile, skype, twitter. I don’t mind. Let me know and let’s have a healthy look at opportunity.
Business growth strategies to get that elusive X Factor
Ever wondered why some businesses flourish – in fact, it seems they can do no wrong – and yet others struggle? Consider the answer is having …
“The Edge”. And here’s your chance to bring that edge to your business and increase your profits immediately …
We’d like to give you a first-hand, no-cost insight into just how quickly and how profoundly that can happen for your business …
So, we’d love for you to join us at our next series of VIP, exclusive events we’re hosting, in April and May 2011 called
“The Edge – Gaining the
Unfair Advantage & Increased Profits”
In this COMPLIMENTARY, hard hitting 3 hour event you will learn specific tools that will empower you to achieve the things you’re dreaming of for 2011, so that you are 100% set for success.
We will take you through some of the best kept secrets of success that we have acquired over the last decade by studying and working with elite individuals and businesses around the world.
This exclusive event is being hosted by MBR Group / 10X Moreland, and it’s literally designed to add value to your business and frankly – your life.
We launched 10X so we can play a far more proactive role in helping you manage and grow your business and expand the value of your very special asset.
10X is designed to help you increase the revenues and profitability of your business – and to help you adopt strategies that over time, improve your quality of life while we’re at it. To begin that important work on your business, you’re invited – on us – to this fantastic event.
Upcoming dates:
Tuesday 12th April 2011 / Wednesday 13th April 2011
Tuesday 3rd May 2011 / Wednesday 3rd May 2011
Venue:
MBR Group / 10X Moreland, Unit 15, 306 Albert St, Brunswick
To reserve your seat or for more information:
Contact Karlie at 10X Moreland, 03 9385 7700, Karlie.hinchcliffe@10x.com.au
One Simple Tool to Help You Grow and Improve Your Business
What would you think if I told you as a business owner that there is one simple tool that used properly will help you grow and improve your business?
And what if I told you that this tool can do that by helping you focus on what’s important in your business by motivating you to take action to drive the performance improvement of your business?
This tool will act as a foundation for the performance reporting and management of your business.
This tool will help you to fund the operations and the growth of your business, and this tool can help you identify opportunities to invest.
So it sounds like a pretty special tool. And yet time and again I hear from business owners:
“Why do I need a cash flow budget? I know where my cash is. I know what I’m going to do with it when it comes in.”
So let’s explore in a little more detail those key features of cash flow budget that can help business owners to grow and improve their business.
Firstly, we focus. The cash flow budget can help business owners focus on the game of business, what’s really important in their business.
Because a cash flow budget provides a foundation for the performance reporting for business owners from a key performance indicator perspective, identifying priorities and monitoring general operational management, cash flow budgets can be a real cornerstone on which to base operational strategies.
A cash flow budget can motivate business owners in a way that may not otherwise be obvious, because a cash flow budget can communicate and quantify the positive outcomes from taking a particular course of action in a way that business owners understand.
So the motivation for business owners by seeing what that result can be, will help drive them to grow and improve their business.
A cash flow budget can also be used to help fund the business growth aspirations of business owners, because it can be used as a key leverage tool when visiting financiers or exploring other ways of funding.
Not only that, it identifies where the needs are from a funding perspective. So if there is going to be cash shortfalls at any particular period in time during the year, a business owner by having an up-to-date cash flow budget will know in advance of when that is going to happen and then can plan and prepare and address the funding requirements as appropriate.
A cash flow budget is a great way of managing the risks in a business because it maps out when a particular cash risk might occur to the business. And again, that is a case of knowing in advance, being able to plan for it, and being able to take action to address the issue before it becomes mission critical or a true risk for the business.
The other really powerful way that every business owner can use a cash flow budget is as a means of identifying opportunities to invest surplus cash flow that a business will have from time to time during the year, either inside or outside of the business.
So if there’s going to be surplus cash flow in particular periods during the year, the business owner can see that and can plan to invest in property, in additional equipment for the business, or even in a personal share portfolio.
Whatever that investment may be, by identifying it up front and tagging it for investment use minimizes the risk of wastage of the cash surpluses being soaked up into day-to-day operations or unnecessary costs within the business.
So why would a business owner want a cash flow budget?
If as a business owner you are truly committed to growing and improving your business, hopefully what I have pointed out here explains why a cash flow budget is a vital cornerstone of your business improvement strategy.
Now at MBR Group, we love working with our clients to develop their cash flow budgets, and then use that as a basis for developing their business improvement plans.
And one of the things that we at MBR Group love doing is getting out with our clients and showing them how this can impact on their business.
So, if you’d like us to come and visit you at your business to explain how a cash flow budget can help your business growth plans, get on the phone now, call (03) 9385 7700 and book an appointment with me or one of our other business improvement specialists to come and spend some time, quality time with you, identifying the opportunities for you to grow and improve your business.
Our “Cashflow Snapshot Session” is normally valued at $497, but will be complimentary for the first five businesses to call our office and quote “cashflow blog”, so call now!
Reports that matter – growing your business
If you are committed to growing your business, or even thinking about it, you need to be aware of the axiom “what you can measure you can manage”.
In simple terms this means to actively manage your business, you need to be measuring it’s performance. Not what you would call earth breaking news, is it?
So what will make the difference?
THE RIGHT REPORTS AT THE RIGHT TIME
No point discovering your average daily cash-flow is negative in 12 months time!
You need to identify what information you need to understand your results, and the timeframes you need them.
The right reports:
The reports that you need to help you grow your business will be determined by your individual business situation, and whilst “off the shelf” suggestions may be relevant, understanding how the activities in your business impact on your goals is more powerful if dealt with specifically with you and your management team.
The right time:
There will be reports or key operational metrics you need to know daily, weekly, monthly, quarterly and annually. The timing will depend on the speed of impact, but to understand if your business has had a great day, week, month, quarter or year in relation to key metrics will help you make the best business decisions.
These reports should have a standard target so you know if you are ahead of the game (or not), and this standard target should be updated based on all information available. The reports should be a part of your management plan, or even better, a key piece of your GROWTH plan.
Trends can be measured, campaigns effectiveness can be measured, and impacts of strategies can be measured even more accurately.
At MBR Group we work with our business clients on what we call the FAB 5: Growth, Profit, Cashflow, Asset Value, and Risk Protection. Utilising reports on key business metrics enables us to assist our clients in a positive way. If you would like to learn more about how great reports can help you grow your business email adam@mbrgroup.com.au
By the way, the right time to do that, is NOW!
To subscribe to our newsletter designed to Add Value to business owners, go to our home page here
Opportunity knocks constantly
In todays world, many businesses are trying desperately to retain their existing customers or clients.
The reality is that this focus can stop a business from keeping pace or moving ahead of the competition. Being too concerned with maintaining the status quo can really restrict the opportunity to move forward.
Your competitors will be looking for an advantage, so by merely maintaining your business, if your competition is moving forward, your business is actually falling behind.
Find out where the market wants you to be:
1. Ask questions of your best customers
2. Take note if you lose a customer – it may mean nothing, but then again…
3. Make sure you know who your ideal customer is, as then you can research their needs.
You need to move with the market to maintain your position, staying still is likely a backward step.
But it is your customers wants that you can satisfy that present a great opportunity, and their needs that provide the future.
Do not fear the future, embrace it, as that is where the opportunities for your business are!
The present of today is the history of tomorrow, so for a prosperous future of both your business and you, look to where you want your business to be, and plan the actions you need to take to get there.
Remember it is Decision AND Actions that produce Results.
If you would like to explore the opportunities for you business, call us today and quote “business success” for a bonus invitation.
Inspiring Business Quotes II
Ten More Inspiring Business Quotes
“Most people give up just when they’re about to achieve success.”
– Ross Perot
“A leader has the vision and conviction that a dream can be achieved. He inspires the power and energy to get it done.”
– Ralph Nader
“The poor go to work — the wealthy network.”
– Robert Kyosaki
“I don’t think much of a man who is not wiser today than he was yesterday.”
– Abraham Lincoln
“People who are resting on their laurels are wearing them on the wrong end.”
– Malcolm Kushner
“If opportunity doesn’t knock, build a door.”
– Milton Berle
“Opportunity dances with those who are ready on the dance floor.”
– H Jackson Brown Jr.
“The Dream begins with a teacher who believes in you, who tugs and pushes and leads you to the next plateau, sometimes poking you with a sharp stick called ‘truth’.”
– Dan Rather
“The worst thing one can do is not to try, to be aware of what one wants and not give in to it, to spend years in silent hurt wondering if something could have materialised – never knowing.”
– Jim Rohn
“To solve any problem, here are three questions to ask yourself:
First, what could I do? Second, what could I read? And third, who could I ask?”
– Jim Rohn
Inspiring Business Quotes I
Ten Inspiring Business Quotes
“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.”
– Herman Cain
“Success usually comes to those who are too busy to be looking for it.”
– Henry David Thoreau
“Success is ninety-nine percent failure.”
– Soichiro Honda
“Resolve to keep happy, and your joy and you shall form an invincible host against difficulties.”
– Helen Keller
“The greatest pleasure in life is doing what people say you cannot do.”
– Walter Bagehot
“Do or do not, there is no try.”
– Yoda
“A good plan today is better than a perfect plan tomorrow.”
– General George S Patton
“I would rather be vaguely right than precisely wrong.”
– John Maynard Keynes
“Building a better scale doesn’t change your weight.”
– Phillip Crosby
“What you can measure you can manage.”
– Peter Drucker