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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

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.

Get an online business buddy

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Business coaching Brisbane

When you start a new business, there are several challenges to face and money is not the most important.  When starting out, you are likely to be on your own and running your business on the total sum of your own knowledge and experience.  If you have never been in business before you could face an uphill battle.  Typical problems include:

  • Still stuck in ‘employee’ thinking
  • Lack of confidence through inexperience
  • Lack of marketing and financial management skills
  • Having to do everything and defaulting to the easy things
  • No business friend or colleague to talk to or bounce ideas with

You don’t have to do it alone.  Two heads are better than one, right?  For $49.97 per month subscription, you can access MyProsperityForum where you can pick up valuable tips, ask questions, bounce ideas, or get a second opinion.

If you need more then sign up for a little business coaching just until you pick up momentum.

Business coaching Brisbane

Follow @MyProsperityFor

Biggest money mistakes you can make

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Business coaching Brisbane

There’s a great article in the Sydney Morning Herald headed “The Five Biggest Money Mistakes”.  It is worth reading.

http://www.smh.com.au/money/planning/the-five-biggest-money-mistakes-20120128-1qmxr.html

But wait there’s more …

Here are five (5) more

Be aware that this is by no means an exhaustive list.  I could go on, … and on!

1. Not seeking or heeding professional advice

Listening to hot tips and gratuitous advice from untrained people can be a dangerous pastime when it comes to your finances.  Family and friends can be well meaning but unless they are trained, the advice can be wrong.  A hot share tip is like a hot racing tip.  It is speculative and super risky.  Remember that not all who purport to be friends have your best financial interest at heart.

2. Living beyond your means

If you don’t have the money you shouldn’t incur the expense.  Reliance on a credit card to finance a shortfall is stupidity.  A credit card is not your money.  It is high interest personal debt you can’t afford.  That is the worst debt of all.  If you couldn’t afford the original amount, you are not going to be able to afford the debt plus high interest

3. No emergency money

When you live from week to week there is no margin for error and no room for something going wrong.  An emergency may be as simple as the fridge or car breaking down.  If you have to turn to a credit card to fund the repair or replacement, imagine what you would do if you were without income because you couldn’t work for a few weeks or a few months.

4. Misuse of dual salaries

It used to be case that the second income into the household was committed straight to savings.  Many people now foolishly commit all of their money to a lifestyle based on the notion dual incomes lasting forever.  Use the second salary for something that will enhance your finances, not simply enhance your retail therapy opportunities.

5. Believing that employment income is all there is

Income is king and earning power is unlimited.  Most people are content to get a job and then leave their financial future in the hands of their boss.  That is financial laziness.  You shouldn’t be reliant on bonuses and wage rises.  There are many ways to earn additional income and anyone can do it.

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To grow big or stay small?

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Business coaching Brisbane

This is a question worth pondering.  Going bigger in business is not always better.  Your business only has to be big enough.  But big enough for what I hear you think!  Big enough to achieve the goals you set at the start.

The ideal size of your business is something that should be included in your start-up business planning.  You may not have all the answers but at least you should recognise that, with success, the problem is likely to arise.

For example, if you own a home business, the size of your house defines the physical limits of your business.  You don’t want it spilling over onto the footpath, while customers fill the street with their cars.

However, business growth is not always a voluntary decision.  After all, business is supposed to be driven by demand.  If you have something interesting to sell and people know about it, they will generally sign up.  The problem is that once you gain momentum it is hard to stop.

When you do decide to grow bigger, voluntarily or not, you come to realise that there are many interpretations of the concept of ‘bigger’.  For example, it can mean:

  • More products
  • More people
  • Bigger premises
  • More physical storage
  • More digital storage
  • More / bigger / better equipment
  • More IT / online technology
  • Replicating more of the same (franchising)

Which one is right for you depends on your needs and the needs of your business.

A word of warning!  One of the ironies of demand driven expansion is that a business can go broke doing it.  Sudden expansion can quickly drain cash that should be operating costs.

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Designing a prosperous retirement

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Business coaching Brisbane

As we live longer and work less, reliance on superannuation alone to provide an income in retirement looks increasingly bleak. Time spent in retirement or at least away from full time work could be up to 35 years.  For many people, time in retirement will equal or exceed time at work.  Financing such a time span will be an enormous challenge, even for the financially astute.

It is hard to imagine anyone being content to stay home for three decades or so.   Retirement should mean that work is replaced by enjoyment of life.  Committed time at work should be replaced by free time at home.  Regular employment income into the retiree household should be replaced by alternative income streams.

In retirement, discretionary spending can rise significantly.  It is a time for trips, holidays, pastimes and generally having fun.  Unfortunately, poor health and the need for aged care can add other significant layers of expense.

For most Australians, the traditional retirement income streams include a pension from a super fund, supplemented by the Age pension via Centrelink.  For the greater majority that won’t be enough.  It may be necessary to build other passive investments and to consider an active investment, such as a business.

However, older people need to be careful that a new business started later in life is not labour intensive.  Nor should it occupy every waking moment.  For those who want to travel as well, it needs to be flexible enough to operate from anywhere in the world.  Therefore, it must have a strong commitment to portable computer technology, instant online communication and internet marketing.

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Come back and tell me I’m wrong

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Business coaching Brisbane

With few exceptions, staying alive is what all of us on Earth want.  It stems from our basic survival instinct.  Our need to survive is hard-wired into our primal being.  But most of us want more than that.  We want quality of life; a more complete enjoyment of our time alive.

Quality of life has many dimensions and generally, it has to be worked at.  Although it is a very subjective and personal concept, there are some common elements, including:

  • A good home
  • Love and companionship
  • Good health & vitality
  • Safety & security
  • Happiness and fun
  • Financial prosperity

In Western society there is no doubt that financial prosperity underpins a quality life.  Although money is not everything, it does provide the means for basic subsistence and discretionary choices.   For example money provides opportunity for higher education and a wider range of repair options for damaged health.

One of the certainties of life is that things will go wrong from time to time.  Whilst we all hope it doesn’t happen to us, it is foolish not to be prepared for the worst case scenario.

From my own experience I can say with certainty that, when something goes wrong, it can be severe and there is very little warning.  One day you’re healthy, next day you’re not.  As my wife so eloquently phrases it, “A rooster one day, a feather duster the next!”

When the good health and vitality we have taken for granted for so long finally breaks down, life can change suddenly.  We are forced into alternatives.  Quality of life quickly reverts to survival mode.  For most people, a reversion to survival mode means trying very hard to stay alive whilst finding the money to live.

On top of that, medical bills can be quite draining even with comprehensive health insurance.   You don’t realise until surgery time that Medicare and top hospital insurance between them will still only cover up to the AMA recommended fee.  Many specialists charge above this level and impose non-reimbursable charges such as booking fees.  It also adds to the out of pocket costs when the help most needed cannot be found locally.

Regardless of whether the afflicted person is the breadwinner or not, the family focus immediately narrows onto saving the life or health of one of its own.  Priorities change overnight!  That which seemed important yesterday becomes totally irrelevant today.

The financial problem that most people face is that there is very little spare money to fight the battle ahead.  The bank account is usually a few thousand dollars at best.   After that, credit cards are maxed out, investments are sold down, personal loans are arranged or money drawn against the home equity.

Not only does financial prosperity come to a grinding halt, it actually goes backwards.

I have never been able to work out why our first instinct is to insure our house, car and boat, all of which are inert and replaceable, ahead of ourselves.  Apparently we can’t live without them, but we instinctively baulk at purchasing a safety net for our family.

Whatever you think about insurance – “Waste of money, premiums to high, or nothing will happen to me”, personal risk insurance serves one purpose and one purpose only.  It provides a war chest of money for those times when life deals one of its unexpected and devastating blows.

So when it happens to you, come back and tell me I’m wrong!

Gary

Business coaching Brisbane

Follow @MyProsperityFor

10 lame excuses for not saving money

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10 lame excuses for not saving money:

  1. I’m too busy to think about it
  2. I have nothing left to save
  3. I have too much debt to put money into savings
  4. I intend to live fast and die young
  5. I want to enjoy the here and now; I might not be here tomorrow
  6. I’d like to save money for a rainy day but it hasn’t rained in months
  7. I’m too young; I’ll do it later when I’m old
  8. I’m old now; it’s too late to make a difference
  9. I save thousands each year and the tax man takes it
  10. I don’t need to save because I’m planning on winning the lottery

For quality business coaching Brisbane call Gary on 0408 756 531

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How much email marketing is too much?

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This is something I wrestle with personally.  At the moment I am busy promoting my new online MyProsperityForum site.  My target market is risk insurance (i.e. life insurance & income protection) advisers, financial planners and home loan professionals.  I am also about to start a keyword and social media campaign to drive traffic directly to the site.

But back to the email issue!  I am emailing other financial professionals to let them know what a great resource this innovative forum is for them personally as well as the enormous benefits for their clients.

Whilst I don’t want to send emails too often, I do want them to know the benefits of using and referring their clients to the forum.  But how much is too much?

I am reasonably well known in the financial planning and business coaching Brisbane communities so I don’t want my emails relegated to the spam box.   That outcome will only serve to tarnish my good reputation.

But I do want to get my messages across.  For example:

  • Non-financial planning financial advisers are regularly asked questions outside their field of expertise.  MyProsperityForum is a perfect solution.
  • Some people, even clients of financial planners, are personal finance DIYs who are very interested in understanding the many tricky financial planning concepts as they apply to both individuals and business owners.  MyProsperityForum is the ideal solution and a service option not available or offered in the past
  • Many people can’t afford to or are reluctant to consult a financial planner.  Again, MyProsperityForum is a perfect solution
  • A lot of people simply want to ask questions of a knowledgeable professional without any obligation or product push.  There is also a lot of value at MyProsperityForum in seeing what other people ask.
  • People want difficult financial concepts (e.g. personal risk insurance, investment, superannuation, retirement, estate planning) explained in plain English.  MyProsperityForum already has such content uploaded in easy-to-read article form

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Future-proof your business

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Business coaching Brisbane

Future-proofing your business means adapting and changing so that your business will remain innovative and competitive.

There are many ways to achieve this.  Just a few suggestions are:

  • Embrace developing technology to enhance the customer experience
  • Make the most of the internet; it is still in its infancy
  • Personalise customer communications (e.g. personally blogging about your business)
  • Personalise the products you sell and / or the customer experience
  • Embrace the concept of business without boundaries
  • Instead of standing still, constantly re-invent your business model
  • As the owner, be very available

What’s happening in the forum?  Find out at MyProsperityForum