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Wire Events June 2019

Wire Events June 2019

Compton Acres

 Compton Acres is located in Poole and is a wonderful array of Italian, Japanese and woodland gardens. My pictures here do not do it justice. The day my WiRE members and I visited was a wet day, unfortunately. So we started off with a good catch up and a coffee.

As we had a new lady join us, we did a quick introduction of what we all do and let her introduce herself to us. All new ladies are made to feel very welcome and usually always come back. When there was a break in the clouds and the sun came out, we had a quick trip around the gardens.

We shall definitely be returning to Compton Acres as it really is a pretty venue.

Cash Flow

Cash Flow

OK what is Cash Flow?  Cash flow is the flow of money in and out of your business.  It is not anything to do with Profit and Loss and does not show on that report.

The best way to manage your cash flow, is to have a cash flow forecast. Your cash flow forecast should include the following three elements.

Revenue – Money coming in

This is all your money coming in as sales but includes any capital you have put into the business, grant money and loans. With your sales, you might want to divide this up into sections or enterprise e.g. Hay, Straw and Barley. 

By putting the different income streams into different sections, it can help you work out what parts of your business bring in the most money. 

Be realistic as much as possible, and plan for seasonality if it is relevant to your business, such as farming, tourism and produce.

 

Expenses – Money going out

This is all your expenses to your business, including all your regular payments going out and monthly, yearly and one-off payments. Monthly payments would include supplier payments and utilities.  Quarterly payments could be your VAT return and yearly could be things like insurance and subscriptions.

 

Net Cash Flow

This is the difference on a monthly basis between your total income and your total expenses.  If it is a minus figure, then it would suggest that your expenses are greater than your income.

A cash flow forecast will have month by month accumulate figures which will help you plan ahead for large purchase items or just to work out if you can meet your regular payments.

MY TOP TIPS!

To help improve cash flow keep your bank reconciliation up to date. This might sound obvious, but it will help with clarity on a weekly basis.

Have a list of your direct debits, list them in date order of when they come out of the bank, this will help with planning or daily cash flow.

Keep track of your card receipts.  There is a saying, look after the pennies and the pounds will look after themselves.  Make every expense count. If you are self employed this is especially important.

A good system to get into is to copy receipt by a clever app called receipt bank https://www.receipt-bank.com/uk/ which takes a photo or PDF of all your receipts and loads them up to your accounts software.

The Benefits of Hiring a Business Consultant

The Benefits of Hiring a Business Consultant

You’re probably thinking, how can a business consultant help me? Or are you thinking I cannot afford a business consultant? However, can you afford not to?

So, what are the benefits?

Cash Flow

With good cash flow management, you can control your money easier, pay your wages, pay suppliers and plan for the future.

Accountancy Fees

I don’t have an expensive town centre office, with business rates, insurance, and staff costs so you just pay for my time and expertise.

Good Business

If you are struggling with a major business problem and cannot see the wood for the trees why not let a fresh pair of eyes take a look. I can help with most business problems and you can look towards a bright future.

Business Strategy

I am not some fresh-faced graduate who has never run a business before, I have run my own business for many years and know all the pitfalls. I have years of experience behind me, but I am still able to keep my rates low.

Social Media Costs

I use self-employed associates so don’t have to pay for special Insurances, wages, office costs, holiday and sick pay just the hours they work.

Staff Costs

Myself and my associates are self-employed you don’t have to worry about holiday, sick or maternity pay, HR costs, or pensions and national insurance.

Location

Location is not a problem, if your business is in Dorset, Hampshire, Wiltshire or West Sussex I can travel to you, or work from home, if your further away we can converse regularly via Skype or Zoon video calls and emails.

For more information please do not hesitate to contact me.