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Chartered Accountants, Financial, Accounting, Profit First Professional, Bookkeeping, Health, Wealth, Mindfulness

Money Makers Myth #014 – Grow first before making a profit, once I’m bigger I’ll make a profitable

I used to believe this one too. I used to think that I just needed more clients, I just needed more sales…Once I was there…then the profit would appear. But it doesn’t. I know, I’ve been there. I was earning a 6-figure annual revenue – yet profit…that was pretty close to nothing. And the reason …

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Chartered Accountants, Financial, Accounting, Profit First Professional, Bookkeeping, Health, Wealth, Mindfulness

Money Makers Myth #013 – I don’t need a financial plan, I can go on my gut feeling

Intuition is really key in our businesses and in our lives…but I don’t believe that you should SOLELY rely on it when it comes to the financial health of your business…I believe that you need a robust, implementable and systemised, financial plan to achieve the financial results that you want. Profit is a habit…and habits …

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Chartered Accountants, Financial, Accounting, Profit First Professional, Bookkeeping, Health, Wealth, Mindfulness

Money Makers Myth #011 – I can borrow from my tax account and pay it back later

You get to the end of the week…you really want to make a purchase…something that you REALLY need (need…hmm…ok…want!!)…You can just “borrow” temporarily from the tax bank account, right? It’ll be fine…you’ll just top it back up later, right? NOPE! I have seen people try to do that again, and again, and again (I have …

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Chartered Accountants, Financial, Accounting, Profit First Professional, Bookkeeping, Health, Wealth, Mindfulness

MONEY MAKER MYTH #010 – HAVING LOTS OF DIFFERENT BANK ACCOUNTS TO MANAGE MY BUSINESSES MONEY WILL BE CONFUSING AND WILL MAKE THE BOOKKEEPING REALLY DIFFICULT

The question I ask when I hear this is – has that worked for you in the past??! Are you already tracking your cash flow every day on a spreadsheet? Are you checking your accounting system daily, reviewing the numbers? No?! Hmm… So setting this system I teach in your accounting system is only a …

MONEY MAKER MYTH #010 – HAVING LOTS OF DIFFERENT BANK ACCOUNTS TO MANAGE MY BUSINESSES MONEY WILL BE CONFUSING AND WILL MAKE THE BOOKKEEPING REALLY DIFFICULT Read More »

Chartered Accountants, Financial, Accounting, Profit First Professional, Bookkeeping, Health, Wealth, Mindfulness

Money Makers Myth #008 – I Have Never Been Profitable Before So I Can’

Turning things around and making your business PROFITABLE NOW, is not some kind of Accounting woo-woo trickery.  It is just effective cash flow management. By making profit a HABIT and ingraining it into your financial processes, you are fundamentally changing the way you manage your cash flow and hence the way you run your business. You …

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Chartered Accountants, Financial, Accouting, Profit First Professional, Bookkeeping, Health, Wealth, Mindfulness,

MONEY MAKER MYTH #009 – IF I JUST SET ASIDE HOW MUCH OF MY MONEY IS ALLOCATED TO TAX AND PROFIT IN A SPREADSHEET, THEN I’LL KNOW NOT TO SPEND IT, AND IT WILL BE THERE WHEN I NEED TO PAY MY TAX BILL AND DISTRIBUTE MY PROFIT, I DON’T NEED TO OPEN ALL TH

The question I ask when I hear this is – has that worked for you in the past??! Are you already tracking your cash flow every day on a spreadsheet? Are you checking your accounting system daily, reviewing the numbers? No?! Hmm… So setting this system I teach in your accounting system is only a …

MONEY MAKER MYTH #009 – IF I JUST SET ASIDE HOW MUCH OF MY MONEY IS ALLOCATED TO TAX AND PROFIT IN A SPREADSHEET, THEN I’LL KNOW NOT TO SPEND IT, AND IT WILL BE THERE WHEN I NEED TO PAY MY TAX BILL AND DISTRIBUTE MY PROFIT, I DON’T NEED TO OPEN ALL TH Read More »

Chartered Accountants, Financial, Accounting, Profit First Professional, Bookkeeping, Health, Wealth, Mindfulness

Money Makers Myth #007 – I won’t be able to grow if I take money (and profit) out of my business

I know that we so often hear – you need to spend money to make money – but that is true only up to a point. Spending money in our businesses is not all bad…it’s only a bad thing if it’s not done VERY consciously. Too many business owners are spending money on things in …

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Chartered Accountants, Financial, Accouting, Profit First Professional, Bookkeeping, Health, Wealth, Mindfulness,

Money Makers Myth #006 – I was Never Good At Maths So That’s Why I’m No Good At My Business’s Finances

Looking at your business finances with the lens of – I can’t do this, I am no good at this, I’ll never understand this – is not going to help. You are the CEO of your business and you NEED to get good at looking at numbers – it’s not a choice, you have no …

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Chartered Accountants, Financial, Accouting, Profit First Professional, Bookkeeping, Health, Wealth, Mindfulness,

Money Makers Myth #005 – I Just Need a Few More Sales And Then I’ll Be Profitable

You can’t sell your way out of poor financial health.You can’t sell your way out of a lack of profit. Profit is something which needs to be ingrained in your business – full stop.  If it’s an afterthought. If it’s not properly planned, then it doesn’t happen…no matter how many more sales you make. It’s really …

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