Category: Financial Freedom

How to Set Ambitious Yet Realistic Goals

Posted on | by Jessica Weston | Leave a Comment on How to Set Ambitious Yet Realistic Goals

Adjusting your goals and expectations to what’s within your possibilities will ensure your success. Not to mention, it can help you avoid unrealistic planning frustrations.

Having reasonable goals can be a driving force behind individual, team, and company success. If you precisely determine what you’re aiming at and do it early on, your efforts will have a clear direction and appear more meaningful.

However, setting goals isn’t without its challenges – poor orientation, succumbing to perfectionism, and lack of motivation are among those that are quite detrimental. 

That’s why we’ve compiled a list of steps that will help you determine and set optimal goals while avoiding the common pitfalls.

Step #1. Back Your Goals Up With Solid Planning

The importance of thorough planning can’t be overstated.

A goal without a plan is, in essence, just an abstract idea you can’t act on. That’s why the first thing you should think about is exactly how you’ll achieve your goal.

The most effective way to make a plan is to start with the big picture in mind and go more and more into details.

Start with a general road map – setting a certain finish line and marking every bump and turn down the road. Then take a look at the individual stages of the journey and define the challenges you could encounter.

Keep in mind that this is a crucial step – if there are too many obstacles requiring more energy and resources than you can expend, you will do well to reconsider your main goal immediately.

Finally, once you know where you’re going and how you’ll get there, start preparing contingencies.

A good plan will take you a long way, but it would be wise to expect something to go sideways. Prepare to adjust your tactics accordingly.

Step #2. Be Clear and Specific

Setting goals includes envisioning a certain point in the future. However, it would be best if you didn’t stop at a general, low-resolution picture.

You must define all of the details of what you want to achieve.

For instance, aiming to increase your company’s sales is a low-resolution goal. It could be a good starting point, but if you want to ensure you’re progressing in the right direction, you should consider the specifics.

Exactly how much of an increase would you like to see in your sales? How would you want your business to change before and after you’ve reached that goal? Would you be willing to make sacrifices to get there and what would that entail?

There’s plenty of details to flesh out when setting your goals. If you do it right, all your efforts will become focused on the specific necessary tasks and the progress will become apparent.

Step #3. Establish Milestones

A common mistake in planning goals is that people tend to aim for the grandest achievement, disregarding the smaller but vital victories.

This approach can become draining very soon – you might be overwhelmed by how unattainable the set endpoint seems. To avoid the fatigue and discouragement, make sure to have several smaller goals set as milestones.

Reaching the milestones will give you that precious sense of achievement and progress and motivate you to keep going.

Good Goals Are the Way to Success

Aiming for something you can realistically achieve and having a good plan of getting there will set you on the right path. 

When you’re convinced your goals are the right ones, pursue them with determination. Great results will follow.

The Five Traits of Successful Entrepreneurs

Posted on | by Jessica Weston | Leave a Comment on The Five Traits of Successful Entrepreneurs

About 20% of businesses fail during their first year. So which traits should an entrepreneur have to become successful in a highly competitive environment?

Starting a business isn’t easy, especially in the modern environment that favours sound, long-lasting practices and a severe loss-aversion mentality. 

While not everyone is born to be an entrepreneur, there are skills one can learn to jumpstart a business venture in a competitive industry. And even be successful at it.

It’s important to note that some traits can’t be learned and are what separates a good entrepreneur from the best. The list of traits found here includes both intrinsic and trainable skills.

1. Inventiveness

One of the key features of successful entrepreneurs is their ability to come up with new ideas and expand on existing features. That’s why most entrepreneurs start their business with an idea that deviates from and improves upon the current norm.

While it’s almost impossible to teach someone how to be inventive, all people possess virtually unlimited imagination and potential. Tapping into that can lead to exciting results.

2. Confidence

One of the crucial parts of a successful start-up is the pitch. A good entrepreneur needs to have confidence both in themselves and their idea. That confidence is what will sell the start-up to potential investors and allow the business to begin operations.

Entrepreneurs will face rejection along the way, and only those who remain confident enough to keep going will bounce back and thrive among the competition.

3. Work Ethic

The term ‘passion’ is often thrown around as a desirable trait, but it would be more proper to call it work ethic. 

While an entrepreneur will enjoy doing what they created, a proper work ethic is what truly matters.

An entrepreneur needs to put long hours into their business to take it off the ground. That won’t be possible if they don’t love their work or have a developed work ethic to sustain it.

4. Money Management

One of the critical reasons start-ups fail over their first few years is the futile acquisition of capital. This isn’t so surprising, seeing as banks are unlikely to provide large loans. 

Other methods of raising capital, such as crowdfunding or investing, often depend on tangential skills like the ability to persuade people about the idea.

While having a good idea is the key for a start-up, obtaining and managing the capital required to make it into a reality is what separates a successful start-up from a failed one.

5. Knowing Market Needs

While not a trait per se, knowing that an idea for a start-up has real market value and need is what gets a start-up off the ground. 

The ability to develop and market an idea into an attractive product relies on more skills than one, but they all need to combine to deliver to the masses.

According to Forbes, most start-ups fail due to a lack of market need. Therefore, identifying whether a novel idea is useful and adjusting it to cater to the audience should be one of the top priorities.

Learning What It Takes to Succeed

Thankfully, most of the traits of a successful entrepreneur are learnable. For all others, there are always people who can help out and make up for personal shortcomings. 

Teamwork makes the dream work, after all.

How to Make Good Use of Business Downtime

Posted on | by Jessica Weston | Leave a Comment on How to Make Good Use of Business Downtime

Busy business periods bring their own challenges, but “downtime” is often much more worrying. However, it can actually be a great opportunity to give your business some TLC, focus on strategy and make overdue improvements. Let’s take a look at how to make the best use of business downtime so that you emerge stronger than ever.

Focus On Your Digital Presence

Your website is one of the biggest tools in your business arsenal. It’s where people go to find out more about you and it’s how they get in touch with you if they want to buy something or ask a question. So, during downtime, take some time to focus on your  website and create a better user experience.

Don’t forget about social media, either.  Your customers are online looking for information and engaging with brands. Make sure that you’re posting regularly to your social media channels and staying in touch with your audience. 

Downtime is also a great opportunity to devise a content strategy and prepare posts months in advance. Social media marketing is an important task but when you have a lot of urgent business to attend to, it often gets brushed aside. Use periods of downtime to rectify this and upgrade your online presence.

Networking

Networking is a great way to get new business and learn from other people. It can also be difficult if you’re juggling your day job with networking events, so downtime could be a good opportunity to catch up. Business is all about relationships, so take this time to engage with your contacts and set yourself up for future opportunities.

Check in with Clients

You may not be able to check in with your clients when you’re busy, so use downtime to drop them a quick email or phone call to see how they’re doing and let them know that you haven’t forgotten about them. This will keep the relationship strong and leave the door open for future work.

Update Systems And Processes

Doing things manually or with out-of-date systems can be a huge drain on your time and energy. During downtime, why not take the opportunity to upgrade some of your systems? Replacing outdated software or updating business processes can also save you a lot of money in the long term because it makes things easier and more efficient for everyone involved. This will prevent you from wasting resources and free up more time to focus on other areas that need attention. 

Clean Up Your Finances

If your business isn’t doing well, you might be tempted to ignore the numbers and hope that things will get better on their own. However, it’s important to take a step back and make sure your finances are in order because this could help prevent problems later on when there is less time for emergency fixes. Whether you need to implement better bookkeeping practices, implement better cash flow management systems or shop around with vendors, now is the time to do it. 

Get Organized And Invest In Storage

Are your office supplies filed away safely or are they just stacked up on a desk somewhere? Are you storing important documents incorrectly which means that you could lose them if there’s ever an emergency? Downtime is the time to get organized, clean things up and digitise your files. This will save you time and money in the future.

Conclusion

It can be difficult to keep up with the demands of running a business. That’s why it’s so important for owners and managers to plan ahead for periods when they have less work. These quiet times represent a fantastic opportunity to take care of items that you might otherwise push off and prepare your business for future success. With a little bit of foresight, downtime can prove to be a valuable opportunity to make some much-needed improvements to your organisation. 

7 Ways to Save Time and Money with Cloud Accounting Software

Posted on | by Jessica Weston | Leave a Comment on 7 Ways to Save Time and Money with Cloud Accounting Software

Cloud accounting software is becoming more and more popular, with many companies deciding to switch over. This type of software can really speed up and streamline your processes and give you a greater insight into your finances. In this article, we’re going to look at some of the ways that cloud accounting software can save you time and money.

1) Automated Invoicing

Cloud accounting software enables you to automate much of your invoicing process.  This means you can get invoices out faster, which helps to improve your cash flow. You’ll also have a digital record of all the information on an invoice, so it’s easier to keep track of who has paid and who hasn’t. Furthermore, your software will be able to calculate and add late fees for you and send automatic reminders to clients who are yet to cough up.

2) Better Cash Flow  Management

Managing cash flow is a vital part of running any business, but it can be difficult when you’re only using spreadsheets. With cloud accounting software, you’ll have access to much better tools for monitoring and assessing your company’s financial health. You’ll also save time because the automated invoicing features mentioned above mean you won’t have to waste hours chasing late-paying clients.

3) Expense Tracking

Another time saving feature of cloud accounting software is expense tracking. This feature enables you to keep track of all your expenses and log them into the system automatically. You can then compare your budget against your actual spending at any time so that you can see where money has been spent or saved.

4) Centralised Information

One of the best things about cloud accounting software is that it gives you a centralised view on all your accounts.  This is really helpful, especially for companies who have branches in different cities or countries around the world. All this information will be available to employees wherever they are and whenever they need it, meaning everyone can work more efficiently and make fewer mistakes.

5) Real-Time Reporting 

Another great benefit of cloud accounting software is real-time reporting.  This means that you’ll be able to access your reports and information whenever you need it, so if something crops up or a decision needs to be made quickly, it’s right there at your fingertips. This enables you to make sage and snappy decisions about the future of your business. 

6) Accessibility

Another benefit of cloud accounting software is accessibility. Thanks to cloud technology, you’ll be able to access all your accounts wherever and whenever you need to. Most major cloud accounting providers have mobile apps that enable employees to log expenses or update information whilst on the go.

7) Cloud Security

Finally, cloud accounting software provides you with more security than traditional desktop software does. All of your data is encrypted and backed up regularly so if something happens to one version of a file, there are always back-ups available which can be restored in mere minutes. You’ll have peace of mind knowing that your important data is safe and secure. Data breaches can cost businesses thousands – or even millions – of dollars, so this is a real advantage.

Conclusion

There are numerous benefits of cloud accounting software, and they impact your entire business. This technology gives you greater financial visibility and thus empowers you to take well-informed steps towards a stronger and more profitable business. Whether your business is well-established or just getting started, it will definitely benefit from the use of cloud accounting software.

What’s your money story?

Posted on | by Jessica Weston | Leave a Comment on What’s your money story?

What you believe about money and how you relate and interact with it affects every aspect of your life and business. A belief is simply a story that you have told yourself so many times that you think it’s the truth. So, for us all to live a vital, vibrant, and thriving life, the story we’re telling ourselves and choosing to believe about money needs to be uncovered, understood, and possibly re-written.

Let’s start by understanding what money means to you, what it represents, and what feelings it evokes. Of course, there can never be one right answer. For some, money can represent freedom, opportunities, or fun. For others, money can evoke feelings of stress, inferiority, and a lack of control. However, money doesn’t have to be any of those things.

The associations that we unconsciously attach to money are (like so many things) based on our understanding, experiences, and environment. Money is just paper, metal, coding, and digital numbers on a computer screen. 

2020 caused us all to pause and evaluate in a way most of us have never had to previously. We had to ask ourselves: 

  • What really matters in this world?
  • How does money fit in with our priorities? 
  • How do we ensure our money story does not interfere with being the person we want to be? 

Often, it’s not money that’s the challenge or problem we need to understand and change; it’s our association to it. This association involves the value we place on money and, more often than not, the value and worth we place on ourselves. We’ve allowed money to be the benchmark for the value of all things we hold dear. We assume that the more we have, spend, or save, the better we will be as people.

But should we always be in pursuit of more money, more growth, and more success? Taking a moment to understand what truly drives us is a powerful and thought-provoking reflection to have. Uncovering our own money story in the greater context of our business and personal goals could be critical to our success. 

While we love to help clients manage their money and grow their business, we believe all business owners should also have time and mind freedom. This means having time for family, friends and hobbies, and reducing the stress so many business owners face.

No matter what your goals are, we’ll help align your business and personal goals to ensure you have financial, time and mind freedom. Get in touch to find out more about how we can help.

“An investment in knowledge pays the best interest.” – Benjamin Franklin