Is Modern Business the Goal for Traditional Businesses?
Do you have a traditional business where you are tethered to your office, shop or workplace? A business that serves the local community but you dream of growing bigger and serving a larger market?
Marketing gurus spruik the benefits of having an online business where you can make money while you're sleeping. Whilst there's a degree of hype in their messages, the underlining model is where the future lies.
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Modern Business rising from the ashes of Traditional Businesses
The types of businesses operating today have changed significantly from the traditional businesses we all know.
Small Business
Love Is In Your Business
Around Valentine's Day, we all think of love as relationships with loved ones... but you have a relationship with your business too.
You need to love and be in love with your business for it to thrive, and survive into the future.
I'm sure when you started out, you were super excited, passionate about it, loved what you were doing. That's why you started, right?
After you've been in business for a little while are you still jumping out of bed with the same enthusiasm?
Do you still love what you're doing with the same passion and energy that you started?
Probably not as after a little while reality kicks in.
The reality of having enough money to pay the bills. The reality of the hours you need to put in to make it work.
In order for a business to succeed you have to love your business, and you need to learn to love your numbers too. Because the numbers are everywhere.
Numbers are part of everything you do - they're the lifeblood of the business.
Whether...
How to calculate the most crucial number for your business
Often the focus in business is all around revenue, but there is one crucial number that service-based businesses need to focus on even more.
Break-even.
Break-even is the minimum amount of income you need to cover all your costs. It’s the bare minimum number you need to keep your head above water each month.
So how do you figure it out?
Oddly enough, we’ll start with your non-business expenses. Your personal expenses. While break even is all about the business, we need to understand what you need to be drawing out of the business to look after yourself. Think of this as your personal break even!
1. Start by writing a list of your personal expenses
These are your portion of the household expenses to keep the house running smoothly. We’re talking mortgage, rent, electricity, telephone, clothing, entertainment, schooling, food.
If you're already drawing a certain amount out of your business - as a salary or drawings – this is a good...
Business Financials: Look to the Future, Not Over Your Shoulder
SO WE TOO SHOULD BE FOCUSING ON FINANCIAL FIGURES THAT ARE LOOKING INTO THE FUTURE WHILST USING THE HISTORICAL, PAST REPORTS TO GUIDE US.
People in agricultural businesses are great at doing this.Find out where the pressure is in your business
The Business Barometer will measure your business finances across three critical areas: Core Concepts, Focused Management and Planned Growth.