5 E ASY STEPS TO TURN AROUND YOUR PROFIT Presenter: Helen Cowley MBA, Grad Dip Entrepreneurial and Venture Development, Dip Business Management, Dip of Leadership Coaching and Mentoring, Cert IV Training and Assessment, Retail Management and Business, Cert IV Business and Personal Coaching , Coaching for Life and Business
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5 EASY STEPS TO TURNAROUND YOUR PROFIT
Presenter: Helen CowleyMBA, Grad Dip Entrepreneurial and Venture Development, Dip Business Management, Dip of Leadership Coaching and Mentoring,Cert IV Training and Assessment, Retail Management and Business, Cert IV Business and Personal Coaching , Coaching for Life and Business
“Business is your game of numbers and relationships
managed by systems and processes!”
Helen Cowley
(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist2
Are you in control of 1. Mastering2. Dreaming3. Relating4. Systemising5. Controlling
The 5 steps
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3. The Who
People Driven
2. The Why? Vision Experimental
5. The What, What if
Rational
4. The How
Tasks Driven
Number 1 Your
Mindset
Our thinking affects our behaviour and our actions.Our thinking style includes
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There is nothing either good or bad but Your thinking makes it so!
Number 1 Your MindsetMastering Your
Mindset
ActivitySET YOUR MINDSET TARGET AND VALUE
The Why?• Why are you in Business?• Your Vision and Your Passion.• Is it passion or is it profit.• Job vs Investment• What does your business stand for?
Your Vision, Purpose and Mission
- this is the roof under which everything sits!
• Your Plan - Your Commitment!
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Why? Experimental
YOU NEED YOUR 1 PAGE BUSINESS PLAN Activity
Sales is about people!And Connections - Marketing
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Who
People Driven
Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.
The Who?
The who is also about having good people around you to supportyour business eg your bookkeeper or accountant, your suppliers, your family, mentor or coach,
The biggest step you also need to take here is your price - it is about people but price sets your value in your customers eyes?
TAKE THE TIME FOR THE RELATIONSHIPSMARKETING IS RELATIONSHIPS, RELATIONSHIPS ARE THE VALUE!
The Who - Know your Conversion Funnel
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Research
Marketing
CRM
Enquiries
Cold Enquiries
Warm Enquiries
Hot enquiries
Sales
Sales moments
After Sales Service
Activity
Who
People Driven
What can you automate?Technology’s like cloud computing, mobile apps, social media apps, online payment options (ecommerce) financial management software, collaboration solutions, websites data analytics, CRMs all help small business to address everyday challengers and by improving your efficiencies you can take on the world.
YOUR RELATIONSHIPS VALUE AND 1 PAGE MARKETING FUNNEL
The How Simplify your system and processes!
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How - Tasks Driven
• Set up your chart of accounts for Financial
Management not just Tax Reporting
• Develop a Budget and Cashflow forecasts.
Cashflow is the life blood and budgeting
is the control
• Apps and Automation to save timeYou can't manage what you don’t measure
• Tasks you perform1• Automations2• Costing of
Automations3• Checking of
Automations4
The How -Digital technology
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How - Tasks Driven
ActivityYOUR SYSTEM – CHART OF ACCOUNTS, CASHFLOW AND AUTOMATION
Income –Sales Know what are you best sales and biggest turnover products
Your Expenses + depreciation etc
Net Profit or Loss
Remember:
1. You can create more sales but if you are not making profit on what you are selling you will still be making a loss.
2. If you are not buying well enough you can’t make any difference to the Gross profit unless you-
3. Increase your margins
4. If you do not control your expenses you will still not control or change your profit.
5. 1% difference in 4 areas may increase Profits dramatically
(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist
What does profit improvement look like?:
Cost of goods/materials Opening stock
+ purchases
– closing stock
= COGS Cost of stock sold.
Income – COGS = Gross Profit
Sales
Opening Stock
+ Purchases
- Closing Stock
= Cost of Goods
Gross Profit
Operating Expenses
Including Depreciation
Net Profit
5. What, What if
Rational
Activity11WHEN IS YOUR MAGIC FIGURES DAY?
The What
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5. What, What if
Rational
• Don’t glaze over data just because your not a figures person • Don’t leave it to someone else - it is your business!
• Create a habit – regular routines - Spend the time
• Know and Understand your reports - figures and values
• Verify Your pricing
• Be able to produce reports that mean something to you
• Set your goals and targets
• Make profit improvement into the magic of your businessThe truth is in the numbers!
This is the magic of your business success and succession ability !
QUESTIONS TO ASK YOURSELF
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• What is my current mindset?• Why am I in business?• Who are my relationships with?• What can I learn?• How can I systemise and practises ?• What are my Take-aways from today!
DiscussionActivity Sheet
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