Is your business stressing you out? Can’t get inspired to do ANYTHING on your to do list?
Getting some exercise can help.
There is nothing like going for a walk, run or swim at the beginning or end of the day to get you in the right frame of mind . I find this the best way to solve problems related to running a business. There is always a new challenge that needs to be solved! By the time I get back I can’t wait to get started on the revelations that came to me while out in the bush or at the beach. Exercise is a great way to build the energy you need to deal with what you have been putting off too. Living on Sydney’s northern beaches it is so easy to get out and exercise. It never ceases to amaze me that I can be in the bush or down at the beach within 5 mins drive from my home. Now you don’t need to take my word for it. As reported in the Sydney Morning Herald recently a clinical trial completed by Swinburne University’s Brain Sciences Institute & Body-Brain Performance Institute found that vigorous physical activity significantly increased brain function & reduced stress levels. As a bonus it can add five years to your lifespan. So even more time to spend on your business! Get your employees involved and an extra $2500 worth of productivity per employee apparently can be achieved. This was proven by getting a group of employees from software company SAP to walk 10,000 steps a day and go to the gym 3 times a week. If you are interested in reading more on this go to:
A couple of tips to get started
- Get an exercise buddy & make exercise a priority. Dogs are great for this (Walking is always number one on their to do list) but people are just as good.
- Invest in a new generation heart rate monitor. They rate your activity level over time & you can even download your activity into your computer & see your progress in graphical form .
- If you haven’t exercised for a while get checked out by your Doctor to make sure you don’t over do it
Cash is vital to the ability of a business to survive and prosper. Careful monitoring and management of cash coming in and cash going out is required. Experts recommend you should have sufficient cash in reserve to be able to pay normal operating costs for at least 3 months. This may seem like a big ask but some tips than can assist you to turn this into a reality for your business are:
- Issue invoices promptly & regularly chase outstanding payments
- Reduce terms of payment. If your payment terms are 30 days change them to 14 days
- Consider offering a discount for prompt payment
- Define a credit policy which includes setting of credit limits and credit checks
- Asked suppliers for extended credit terms
- Reduce stock levels
Write a cash forecast. This will enable you to predict the floods and droughts of cash. (Why is it there always seems to be a drought at precisely the time you need to pay the Bas?) Always make sure any excess cash is transferred to a high interest online saver account until it is need
A business plan can play a vital role in achieving a successful business and personal life. (Yes really!)
The process of writing a business plan is an indispensable learning experience. It focuses your thinking and it forces you to take an objective and critical view of your business. Successful people make sure their success in business will also help them achieve their personal goals. As the saying goes Work to live not live to work! Some benefits of a business plan include:
- Helps to challenge old ideas and create a culture for new idea and initiatives
- Enables problems to be recognised and solved
- Increases not only your motivation but the motivation of you employees
- Enables growth to be planned and capital requirements identified
Having a map of where you are heading gives you more confidence, a reason to jump out of bed in the morning, convince investors, lenders and employees of the direction in which the business is going
There a lots of ways to do things in Myob. The important thing is to use the way that makes the most efficient use of your time.
- For transactions you have on a regular basis such as bank fees use recurring transactions
- If you are always having to modify reports to suit your needs then save the report as a custom report
- Do you make eft payments to more than 20 suppliers a week? Then sign up for myob m-powered payments