Where Has the Money Gone?

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(photo courtesy of www.all-free-download.com)
It’s that time of year again – you have met with your accountant, you have officially closed your books on last year, you have paid your taxes, you are well into the second quarter and now you are asking yourself….where has all the money gone?  This is a commonly asked question in business. As a business owner, you may have even had this experience every year.  Your accountant gave you a hearty congratulations for having a profitable year.  But you are puzzled.  If it was such a profitable year then why isn’t there more money in the bank? There are several reasons why you can have a profitable business but still have no cash.  It would take more than a few minutes to explain it however generally cash will get tied up in your debtors and inventory and can easily be eroded through poor cash management in expenditures – including your drawings from the business. A great way to ensure that you have profit “in the bank” at the end of the month (or year) is to actually open a separate business bank account for PROFIT.  Calculate how much you need to break even in the business and how much profit you would like to make every week or month.  Your task now is to start depositing that amount of profit into the account each week or month. If this seems unreasonable or difficult, you are not alone in your thinking.  Most business owners are not in the habit of banking profit from their business.  They will work all hours of the day and go to extraordinary lengths to attend to their customer’s needs but are not looking after themselves or their financial needs.  By using a profit account it sets up the discipline of banking profit.  After the profit is banked for the week then it is time to pay the bills.  And most people will work much harder to pay their bills than they will to pay themselves profit. Initially, you should only bank a proportion of your profit and gradually build it up.  The main thing is to pay yourself first. And the best part will be, at your next meeting with your accountant you can confidently know where your profit has gone. PJ's New Pic (smaller)  ActionCoach-logo
YOUR CHALLENGE THIS WEEK:  Calculate the break-even for your business, plan the profit you want to make, and set up an account to bank your profit.
If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow. 

Set Your Compass, Set Your Goals

goals-quotes Goal setting is as important in business as it is in life, and it is the most common subject written about in books on business success.  Most business books touch upon setting both long-term goals and short-term goals for business, as well as specific personal and life goals. Goal setting is a powerful process – one that turns vision into achievable, actionable things.  The numerous benefits of Specific, Measurable, Achievable, Results oriented, Time-framed goals (S.M.A.R.T goals) have been written about for years.   It’s is often recognized as the common denominator of successful businesses and successful individuals. Even though we recognize the obvious value of goal setting, experience shows that some people are good at setting goals and sticking with them to achieve great results, while others struggle to set goals and can’t seem to keep on track for more than a few days. Failure to set goals can come from a fear of failure.  If the goals are not set, than there is no let down when goals are not reached.  Achievement boosts confidence in the ability to make and keep commitments. When a person does not achieve a goal, there is a loss of that confidence.  When someone makes and keeps commitments, such as setting and achieving goals, it reflects a certain amount self-trust and integrity. There are many reasons why a person fails to achieve set goals. Sometimes, the goals are unrealistic.  Sometimes, the goals are not clearly understood and are based on an illusion with little regard to natural growth and the work required to achieve them. You must crawl before you start to walk. What are the best ways to set and achieve goals? As Stephen R. Covey writes in his book, The 7 Habits of Highly Effective People: “To begin with the end in mind means to start with a clear understanding of one’s destination. It means to know where one is going so that the person can better understand where he is now and so that the steps he takes are always in the right direction.” Focusing on smaller, short-term goals and achieving success in those areas will give an individual the confidence to set other goals.  And it is important to set new goals based on the S.M.A.R.T. principle to have the best chance of achieving success. PJ's Pic ActionCoach-logo
  YOUR CHALLENGE THIS WEEK:   Write down your goals for the next 30-60-90 days, make sure that they are SMART, and then post them in a place where you will see them each and every day. If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com.   Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow. 

How significant is YOUR problem?

Problem - Opportunity Here is something to ponder… The sun is so large that, if it were hollow, it could contain more than one million worlds the size of our earth. There are stars in space so large that they could easily hold 500 million suns the size of ours. There are about 100 billion stars in the average galaxy.  When I hear numbers like 100 billion, I have no comprehension.  If you can follow me, this may give you some idea.  If we counted to 250 every minute—day and night—it would take us about 1,000 years to count to 100 billion. That’s how many stars are in an average galaxy.  And there are at least 100 million galaxies in the known universe.  That is 10 times as many stars as there are grains of sand on all the world’s beaches and deserts put together.  These are only the stars we can see with the Hubble telescope. So, taking all this information into consideration, tell me…how significant is YOUR problem?  It is all context and all relative.  Would you like to have a shift of thought and perspective?  Then let’s have a conversation.  Your problems will change to opportunities. Significance changes with a change of perspective, as do outcomes. Remember this…great coaching conversations shift perspective and therefore can significantly change your results.    Let’s talk!! PJ's Pic  ActionCoach-logo
  YOUR CHALLENGE THIS WEEK:   Chat with another professional and exchange problems?  How significant is YOUR problem?  How significant is THEIRS? If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com.   Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow. 

FUN is a MUST!

Amped 11One non-negotiable rule that I stress with my clients, as their coach, is FUN.  I require that whatever we do together must be fun.  If it is not fun, then we stop and figure out why, and then we make it fun. Why do I require “fun” you ask?  This is probably now a question raised in your mind.  Fun is a reaction to a circumstance…a feeling…a sense…a result…an experience.  How can I require a feeling or emotion?  It sounds kind of weird, doesn’t it? Well, fun is a paradigm.  It is a choice to find business (and life) amusing and entertaining.  When someone chooses to have fun, they seem to fully participate.  Other people will enjoy being around you when you have fun.  You will be more energetic.  You will be healthier.  You will have a better frame of mind to solve problems.  You will be more creative.  You will also most likely be more gracious, forgiving, and not so serious.  You will come from a place of GAME vs SHAME. What a great choice!!  What a fantastic place to come from!!  There are definitely serious problems in the business (and in life), but they are better solved when you decide to smile and take pleasure in working through them.  Have fun today!!  Remember to have fun every day!!  It could change the way you do business…for the better!! PJ's Pic  ActionCoach-logo  
  YOUR CHALLENGE THIS WEEK:   Pick a certain task and have FUN with it.  Does it change the result?  Do you see a difference? If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com.   Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow.