proCFO

The Westpac-Melbourne Institute Index of Consumer Sentiment fell 4.8% in April but this is after a rise of 11% over the last 3 months..

The Westpac-Melbourne Institute Index of Consumer
Sentiment increased by 6.2% to 118.8 in April from
111.8 in March.

Bill Evans, Westpac Chief Economist said in his commentary "This is an extraordinary result.

The Index is now at its highest level since August 2010
when Australia’s post-GFC rebound and mining boom were in full swing"

Are you seeing positive signs in your business of strong consumer confidence?

Who has had the greatest influence on your business career to date?

I have been thoroughly blessed to be mentored by a very wise man named Colin Beavis.

Colin was a similar age to my father and he really took me under his wing and showed me that accounting was a lot more than "bean counting" and tax returns.

He instilled in me the importance of being the trusted adviser and working WITH the business owners to help them GROW their beans, not just count them. 😊

Colin was a mad basketball fan, and he always used the analogy that most accountants are only keeping score.

“David”, he’d say “we actually get out on the court and help the business owner score the goals”. 🏀🏆

proCFO Tip: Easily Managing Your Debtors

Every business owner who provides goods or services on credit needs to actively manage overdue accounts. If you don’t they soon become a problem and your cash flow suffers.

Here are some rules:

☝ Have a proper credit application process - this will ensure you collect all the necessary information to follow up should you need to.
☝ Invoice promptly - if you wait 6 or 8 weeks to invoice, the message you are sending to your customer is that you don’t need the cash.
☝ Have a collection process and schedule - and follow it. EzyCollect is a brilliant, and inexpensive tool, for automating your collections.
☝ Be willing to refer to a collection agency.

There’s more detail in this article https://www.procfo.com.au/need-more-cash-business/

“The sale is not complete until the cash is in the bank”.

“Imagination is everything. It is the preview of life’s coming attractions.” – Albert Einstein 💡💡

Would you go back and change anything if you could start your business again?

My accounting journey started out the same as most - in a tax and compliance focussed accounting practice.

The endless tax lodgement deadlines meant I was never able to truly focus on my passion for working WITH business owner to help them improve their businesses.

So, in December 2015 I started again, specialising in business improvement and virtual CFO services.

As a result of having dedicated attention to GROWTH, we have achieved some outstanding success for clients.

Think of us as a key part of your business, a critical cog in your money-making machine.

Put simply, we help business owners increase profits and cash flow without spending a cent more on marketing! 😲

If you’d like some Free Powerful Tips to help get more out of your marketing dollars, DM me and we can organise a chat 😄

What was your goal when you first started your business?

How close are you to achieving it?

proCFO Tip: "What You Can Measure You Can Manage"

If you wanted to improve your running fitness, you would time yourself over the same distance and track the results. 🏆

If you want to improve your business, do the same.

If you're not measuring it, you cannot manage it. 👍

“The best time to plant a tree was 20 years ago. The second best time is now.” – Chinese Proverb

Who or what inspired you to start your business? 💡

For me, it was a guy named Bert.

He was the family business accountant in the early 1990s.

But he was a whole lot more than just the Accountant.

He became a personal mentor and when the family business was sold in 1994, I relocated to Perth and studied Accounting to follow his lead.

And what a rewarding choice that has proven to be.🙏

Would you like to start the next quarter with a clear plan to drastically improve your business results?

👌Having a solid financial plan for your business is important because it's the foundation to help you achieve your goals.

👌A plan will help you to stay focused, set mini-goals, meet deadlines and measure your success.

👌A plan will also help you set priorities and keep you motivated when things get tough.

DM me if you’d like help to create a 3-month plan to finish the financial year with a bang!