Featured Business

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VOODOO DOUGHNUT

22 SW 3rd Avenue Portland Oregon, U.S.A.

Whilst walking through the Old Town district of Portland Oregon last weekend, I saw the long queue of people out on the sidewalk and down the street.  Just as I was starting to think there was free beer, I saw an inconspicuous doorway and a sign over it saying, “VOODOO DOUGHNUT the magic is in the hole”.

I noticed the pink boxes before I took notice of the many people walking around downtown Portland.  Once again “VOODOO DOUGHNUT the magic is in the hole”.

It just goes to show how a great product presented in a crazy fun way which, in this case satisfies just about every cake, doughnut, sugar, chocolate and candy craving all at once. And it’s available 24/7.

I take my pink hat off to the creative business genius of  founders Kenneth “Cat Daddy” Pogson and Tres Shannon.  There is not much more I an say except check it out for yourself at http://voodoodoughnut.com

My north American business adventure continues

Gary

Business coaching Brisbane, Australia

gary@garyweigh.com

Family business – the 3 generation challenge

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Business building Australia

Most family businesses don’t make it into the 3 generation of ownership.  It is too often the case that the second generation take for granted the business built by the first generation through sweat and hard work.  There are several reasons why the second generation steers the family business towards trouble.  These include:

  • Children grow up in their parents business and take it for granted
  • They have no training or qualifications
  • They have no defined roles or job descriptions
  • They have no experience outside the business
  • They have been given the business rather than required to build it or pay for it
  • They mix family and business matters which causes communication problems

It seems a simple task to ask families to conduct business as though they aren’t related but it is not easy.   Nevertheless, before the going gets tough it is best for the whole family to sit down together and talk openly.  An external facilitator will help keep things on track.   If nothing else, a plan and a set of family rules would be a great start.

Financial control – a common blind spot

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Business planning Australia

Most businesses that fail inside the first 3 years are victims of poor management and, in particular, poor financial management.  Unfortunately, most owners are technically minded and are not sufficiently trained in financial control to manage effectively.   So when their business starts to lose money the underlying reason can easily go unnoticed.

It is very common for owners to rely on their accountants.  Whilst accountants are very good at tax and compliance, financial accounting is mostly about determining what happened 12-18 months ago.   Businesses need to know what happened last week and what is likely to happen this week and next week.

Effective financial control comes from knowing the art of management accounting.   That is, using financial information for management decision making.    It is common to find business owners going broke because they under-cost and therefore mis-price their products and services.  Understanding the cost structure of your business is essential, getting the pricing right, and controlling cash in and cash out is the life blood for survival.

At Gary Weigh & Associates, we have spent years refining ‘first principles’ financial control concepts into easy to understand financial control tools for business owners.  We make difficult concepts easy with our simple financial models (e.g. costing, pricing, budgeting, break even and cash flow) .  We can show you your entire business performance on one sheet of paper.   Forecasts become child’s play.  All the work is done for you.  We tailor a model to your needs and all you need to do is input the variables that reflect your future plans.  You will see the forecast result instantly.

This is down-to-earth business planning Australia style.  If you would like to know more, call direct on 0408 756 531 and talk to Gary personally.

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Can you take a holiday from your business?

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Business coaching Brisbane

If you can’t get away from your business for a holiday, maybe you don’t have a business at all.  The majority of people who say they are in a small business are in fact self-employed.  That means you are the business and without you, there would be no business.  It also means that you have little to sell when you retire.

A real business is one which will run smoothly with you or without you.  It is also a valuable retirement asset.  Being able to take a holiday is the true test of whether you have a business or not.  If you can’t take a holiday, you are probably self-employed.

So if you want a real business, start building one.  If you don’t know how simply visit www.garyweigh.com or call Gary on 0408 756 531 and ask how.

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Dying with nothing

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“Protection is critical!”

A young work-at-home business Mum with an inoperable brain tumour has less than 12-months to live.  She has no partner to support her and is unable to continue working.  She has a personal loan, two maxed-out credit cards and little cash savings to fall back on.  She relies on charity and the financial generosity of friends.

Her greatest regret is that she can no longer provide for her young children.  She is distraught at the prospect of what might become of them after she passes away.  She knows she is leaving them in poverty.

A friend asks her if she has any insurance.  She discovers that she has a small amount of life insurance through her last employer’s superannuation fund.    That will help her children a little after she has gone but is of no use to her while she is alive.

She has no Total & Permanent Disability insurance (TPD), critical illness (trauma) insurance or income protection, all of which could have helped her while she is alive.

She doesn’t know it but had she held her life insurance policy outside superannuation, she may have qualified for a terminal illness lump sum benefit in advance of the death benefit.  Benefits like this are not always available in superannuation.

Whilst financial planning and insurance advice can’t cure her inoperable brain tumour, it will solve the problem of dying with nothing; or worse, dying with nothing but debt.

For business & personal financial advice tailored to your needs call Gary personally on 0408 756 531


Call me if you are in trouble …

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Business coaching Brisbane

Call me and I will help you

Is this you? You are very good at what you do but you are not making enough money to make ends meet.  You are passionate about what you do.  Customers love your work but still you are not profitable.

You are a motivated, hard-working person.  You live in the suburbs with your family.  You are independently minded and, like millions of other Aussies, you are giving business a red-hot go.

But what started out as a dream is starting to feel like a nightmare.  Your path to freedom is quickly becoming your financial prison.  As much as you try, you can’t pin-point the problem.

With children at school and a mortgage to pay, stress levels are rising. You are not sleeping.   More money is going out than coming in.  Business and personal debt is blowing out.

Your day of reckoning is coming fast.  You have to make a difficult decision – do you tip more money in, or do you cut and run?  If you stay, you risk bankruptcy.  If you shut up shop and get a job, it will take you a decade to recover.  It is a terrible feeling.

Your other option is to seek help.

From my experience, your problem is likely to be lack of financial management.  Your skill set is centred on the products and services you sell.  However there is more to know in business.  Financial management and control is a very common blind spot.

A common example …

“If your product and service costing is wrong, your profit margin could be less than you think.   So, no matter how good your products and services are you will never make money.”

My solution

I will personally come and help you.  I have no system to sell and I don’t have a magic wand.  Nor do I have any intention of writing a ‘door-stop’ size business plan.  I will just roll up my sleeves, stand beside you and help you.

What you are hiring is grey hair; the result of 30 years diversified business experience.  There are no guarantees, but if your business is not too far gone, it shouldn’t take long to point you in the right direction.  From there I will help you to prepare a very short, concise action plan.  From there, we can talk about ongoing business coaching.  The cost to you will be nowhere near as great as the cost of doing nothing.

Call me now for personal attention

Gary 0408 756 531

Why plan your business exit?

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#1 business consultancy Australia

Business exit planning specialist

Ten (10) great reasons to plan your business exit are:

  1. To protect the most valuable asset you own
  2. To leave on your own terms
  3. To second guess the unexpected
  4. To make your business sale-ready
  5. To attract the buyer you want at the price you want
  6. To secure the sale or succession arrangements you want
  7. To be eligible for the small business CGT concessions
  8. To secure your retirement
  9. To bequeath your wealth in a fair and protected manner
  10. To keep the family business in the family until you decide otherwise

If you value the business asset that you have spent half a lifetime building, then nurture, protect it and allow it to work harder for you.

For quality business planning

Call Gary on 0408 756 531 or email gary@garyweigh.com

It pays to insure

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#1 business consultancy Australia

When it comes time to sell a business, everyone wants a valuable and readily saleable asset to sell.  So you must care for it, nurture it and protect it if you want full value at sale time.

Your business is the sole source of your income and your family’s lifestyle.  It educates your children, and is the well-spring of all saving, spending and wealth building.

Ultimately, it becomes your superannuation nest-egg that you will finally cash out in the hope of financing a secure retirement.

A small to medium business is only as good as its owner.  You are its most important asset.  Without you it may lose its way or worse, it might not run at all.

Your business it your lifetime project and occasionally things can go wrong.  The possibilities are numerous but common causes include:

  • Ongoing health problems
  • Premature death
  • Relationship upheaval *

(*e.g. one partner divorces, business partners in dispute, one departs for a better offer)

It pays to insure and thereby minimise the financial impact of interruptions or threats that you don’t see coming.  This is just sensible risk management.

A new age in financial advice

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Business consultancy Australia

MyProsperityForum is a fast convenient way to access unbiased financial advice.  If you are busy and short of time, simply subscribe at www.myprosperityforum.com and log in at any time of the day or night.  Ask questions, see what others ask, check out the articles & FAQ.  The forum is ideal for anyone who can’t afford the time, or doesn’t want to make a business hours appointment for financial advice.

Your host is Gary Weigh, a friendly and very experienced financial planner.  He has grey hair and extensive knowledge, the result of 30 years of solving problems and giving good advice to Aussie individuals, families and businesses.

Gary will guide you through the twists and turns of superannuation, savings, investment, sensible building wealth, finance, retirement planning, estate matters and more.  If you are a business owner, he will give you advice on building your business so that you can ultimately exit on your own terms.

You can trust that MyProsperityForum provides unbiased advice and education only.  There are no products for sale in the forum, and no product push.  However, Gary will explain to you how various product types work.  He will also make complex government rules and difficult financial concepts easy for you.

If in the future you decide to purchase a financial product or need a referral to a specialist professional, then simply ask and Gary will make arrangements for you outside the forum.

In MyProsperityForum you have access to expert, unbiased advice 24/7.  Use it short term to gain financial know-how and do your own thing; or use it long term as your trustworthy financial planning companion.  So before you take the next step on your journey to prosperity, run it by Gary in the forum.

If you value good advice, subscribe now to MyProsperityForum only $49.97 per month

Tweet to @MyProsperityFor

Top 10 priorities when starting a business

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When you are managing start up business there are 10 key things that I suggest you think about before you take the leap.

  1. Understand your reasons for wanting to go into business
  2. Be truthful with yourself and know your limitations
  3. Don’t leap until you have scouted out a safe landing
  4. Business is a response to customer demand so make sure it exists
  5. Realise that you are entering a life of service to customers.
  6. Be certain you are comfortable with constant change
  7. Money is useful but experience, competence and teamwork are critical
  8. Your job is to perform the high payoff activities not put out fires.
  9. Focus on income and traction, not on expenses
  10. Beware of obsolescence.  Adopt technology and adapt to demand