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Digg it UP - The Blindfolded Football Player's Method to Understanding Finances
Boat detailing requires hard work and to make a run at the local marina market you need a strong customer base. Of course many people rarely come out to visit their boats and the chances of you getting a personal meeting are not so common as you might like.When business is great you are busy work
4) Less money you expect to flow OUT of your account over the next two weeks.
5) Which gives you a balance you expect in your bank in two weeks time.
By doing the above exercise on a weekly basis - it will force you to keep on looking at how much money you have. It will give you a very strong un
There are many unfortunate circumstances that can befall your company’s information technology systems. From hardware failures to property theft, there are many pitfalls that await your technology investment, but what is the most precious asset your company has in its portfolio?The answer is DAT
And that's ok - as long as you remember a few vital things!
Take a world class football player (or any sport you prefer). Someone who is at the top of his or her game.
Now take them aside, blindfold them - and send them back on the field.
What happens?
Well, very little really!
How long do you think they will stay "world class" whilst they are blindfolded?
Not long at all! Why? Because it is totally impossible trying to play when you can't see the ball.
Exactly the same principle works for your business.
If you don't know exactly where you are standing in relationship to your finances, your cash flows. Well - then you are in effect blindfolded.
And when you're blindfolded, you can't play!
So how do you take the blindfold off?
Really simple - here are the steps:
1) Get on-line banking so that you can have immediate access to your bank account and your bank balance at any given time.
2) On a WEEKLY basis, complete a spreadsheet as follows: At the top - put the closing bank balance from last week. Plus deposits into your bank account over the last week. Less payments out of your bank account over the last week. Which gives you your balance in your bank account as of today (which agrees to your bank balance per your online banking statement).
3) Under that add income you expect to flow into your business over the next TWO weeks.
4) Less money you expect to flow OUT of your account over the next two weeks.
5) Which gives you a balance you expect in your bank in two weeks time.
By doing the above exercise on a weekly basis - it will force you to keep on looking at how much money you have. It will give you a very strong und
Problem Situations:*Eliminate an unwanted situation *Obtain an improved situationTypes of Problems:**People – the most difficult to solve **Equipment/Procedure – Ex: The office computer network is frequently off-line. **Financial – Worker productivity is too low in r
How long do you think they will stay "world class" whilst they are blindfolded?
Not long at all! Why? Because it is totally impossible trying to play when you can't see the ball.
Exactly the same principle works for your business.
If you don't know exactly where you are standing in relationship to your finances, your cash flows. Well - then you are in effect blindfolded.
And when you're blindfolded, you can't play!
So how do you take the blindfold off?
Really simple - here are the steps:
1) Get on-line banking so that you can have immediate access to your bank account and your bank balance at any given time.
2) On a WEEKLY basis, complete a spreadsheet as follows: At the top - put the closing bank balance from last week. Plus deposits into your bank account over the last week. Less payments out of your bank account over the last week. Which gives you your balance in your bank account as of today (which agrees to your bank balance per your online banking statement).
3) Under that add income you expect to flow into your business over the next TWO weeks.
4) Less money you expect to flow OUT of your account over the next two weeks.
5) Which gives you a balance you expect in your bank in two weeks time.
By doing the above exercise on a weekly basis - it will force you to keep on looking at how much money you have. It will give you a very strong un
If you are a public relations professional you know that created a website for your business is easy. Drawing visitors to your site to generate PR leads is the difficult part.Perhaps you are choosing the wrong keywords to focus on. "PR" and "public relations" are both searched for on the internet
And when you're blindfolded, you can't play!
So how do you take the blindfold off?
Really simple - here are the steps:
1) Get on-line banking so that you can have immediate access to your bank account and your bank balance at any given time.
2) On a WEEKLY basis, complete a spreadsheet as follows: At the top - put the closing bank balance from last week. Plus deposits into your bank account over the last week. Less payments out of your bank account over the last week. Which gives you your balance in your bank account as of today (which agrees to your bank balance per your online banking statement).
3) Under that add income you expect to flow into your business over the next TWO weeks.
4) Less money you expect to flow OUT of your account over the next two weeks.
5) Which gives you a balance you expect in your bank in two weeks time.
By doing the above exercise on a weekly basis - it will force you to keep on looking at how much money you have. It will give you a very strong un
Marketing is always a fun thing to do. It allows you to talk about your business and your passion. As a scrapbook business owner, your enthusiasm for scrapbooking is the driving force behind your marketing efforts.If you don’t have experience in marketing though, you might be wondering what the b
3) Under that add income you expect to flow into your business over the next TWO weeks.
4) Less money you expect to flow OUT of your account over the next two weeks.
5) Which gives you a balance you expect in your bank in two weeks time.
By doing the above exercise on a weekly basis - it will force you to keep on looking at how much money you have. It will give you a very strong un
When I do Consulting I often recommend that the Company should offer to pay their Managers and Employees Extra Money for doing Extra Work or Extra Money for getting the Work done in Record Time. Quite often they balk at this idea because they feel they are already paying good or even great compensation
4) Less money you expect to flow OUT of your account over the next two weeks.
5) Which gives you a balance you expect in your bank in two weeks time.
By doing the above exercise on a weekly basis - it will force you to keep on looking at how much money you have. It will give you a very strong understanding of where you will be in two weeks time - which means that you will be able to plan ahead very effectively.
You will know which of your debtors you need to phone and follow up with because you may need the money they owe you in your bank account.
And you will know who not to pay yet as you perhaps need to retain some money in your bank account.
I have seen this process work time and time again - without a doubt, it could make a huge difference to your business as well!
Best of luck with taking the blind folds off and aiming your business in the right direction.
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