For many, the word ‘budget’ is about as appealing as the word ‘diet’. It seems to imply what you will go without, rather than what you will achieve. To a successful business owner, however, the word ‘budget’ has a very different meaning. It’s more like a map than a diet. It’s an outline of where you want to take the business, and what you need to achieve to get there. Running a business without a budget is like a ship’s captain setting off on a voyage without a map. Sounds ri
If a business owner said to you that they run their business without a budget, what would you think? You’d think they were incompetent. Or perhaps lazy? Or both? But what do most families do? When you think about it, a family is actually a mini business. There is income, there are expenses and there is, hopefully, something left over to invest and to enjoy. So why don’t most families operate to a budget? After all, a personal budget helps you to see your financial direction a
“You need to work on your business, not just in your business.” Made popular by The E-Myth Revisited author Michael Gerber, it’s advice I’m sure you’ve heard dozens of times over the years (I certainly have). But despite being told over and over again, many small business owners still don’t seem to truly understand what it means. Let’s look at a common scenario. Bill is into making things out of wood. He loved woodwork at high school, and was pretty good at it too. And while
Many of you may be planning to have a holiday ….. one day when. When you reach this year’s targets. When you’ve earned a certain amount. When you get some time. When you actually get a life. Being passionate about your business can be a trap! You can end up spending more time in the office than you do with your family. You can miss important events that mean a lot to your friends. You can appear in the front door at night, only to head straight to the book work after dinner.
At Bee Balanced Bookkeeping we recommend Xero Accounting Software to our clients. One of the reasons is the amount of information they provide on the financial aspects of your business Take payroll for example. Xero not only provides the system so you can manage your payroll with ease, they also have loads or relevant information and training videos online. You can have the information you need at your fingertips whenever you need it. Payroll can be a headache but when you un