Categories
Entrepreneurship

Starting a business short [Video]

With three small companies under his belt (rideshare driving, eBay selling, and a virtual assistant start-up) Arnie, a doting Dad, is no stranger to the compliance involved in building a business from scratch. Case in point: when his daughter, Lulu, becomes curious about being an entrepreneur as well, Arnie breaks down the key processes in starting out like a seasoned professional!

Categories
Entrepreneurship

Starting a business cutdown [Video]

With three small companies under his belt (rideshare driving, eBay selling, and a virtual assistant start-up) Arnie, a doting Dad, is no stranger to the compliance involved in building a business from scratch. Case in point: when his daughter, Lulu, becomes curious about being an entrepreneur as well, Arnie breaks down the key processes in starting out like a seasoned professional!

Categories
Entrepreneurship

Starting a business [Video]

With three small companies under his belt (rideshare driving, eBay selling, and a virtual assistant start-up) Arnie, a doting Dad, is no stranger to the compliance involved in building a business from scratch. Case in point: when his daughter, Lulu, becomes curious about being an entrepreneur as well, Arnie breaks down the key processes in starting out like a seasoned professional!

Categories
Entrepreneurship

501: Key Drivers To Improve Construction Profitability And Cash Flow [Video]

This Podcast Is Episode Number 501, And It’s About Key Drivers To Improve Construction Profitability And Cash Flow Enlightened contractors like you understand the value of developing your own unique Construction Contracting System, a collection of documented repeatable processes and operation manuals. The key is continuously refining your construction company’s practices and procedures. Your office ensures your contracting company has a steady flow of projects. Proper accounting and bookkeeping develop timely financial reports to show which jobs are profitable so you can pursue more. Thus, you can focus more on the following: Acquiring the right clients Doing the project as close to on time and budget as possible Get job deposits and timely progress payments Follow-up with clients to monitor satisfaction and line up new projects Boost profitability by recognizing your key drivers Identifying the key drivers of your business is critical to boosting profitability. A key ‘driver’ significantly impacts your specific construction business’s performance. A whole range of factors can affect the performance of every business. The secret is to focus on a handful of drivers that: Affect the performance of your business significantly Are measurable Can be compared to a benchmark, such as last year’s figures or an industry average Can be acted upon Make use of benchmarking Use past figures as a benchmark for current performance. Figures for last year or last quarter provide hard facts and established patterns that expose potential problems and opportunities. Also, compare your construction business with other similar companies, especially competitors. Your accountant, bank manager, or industry association may be able to supply industry benchmarks. What are some of the key drivers in business? Critical drivers vary from business to business, and in construction businesses, they include: Sales lead in capital goods or service Market share where only the biggest will survive ‘First-time fix’ in a maintenance business Even direct competitors may have different drivers. A prime location is not a key driver for a floor installation business, but it is for a brick-and-mortar competitor that relies on a well-located retail store if they sell hardwood flooring and carpet and provide installation services. Some of the following drivers might be relevant to your business: 1. Converting leads into sales The number of leads (information requests or quotes given) provides early warning of any peaks or downturns in your sales. If you have an established leads-to-sales conversion ratio and know the size of an average sale, you can use the pace of leads to forecast sales. Monitoring sales figures can show: – Which categories of products are selling well – What each salesperson has achieved – If lead conversion rates are improving – Keep your costs under control Maintaining a healthy gross profit margin is critical. If your gross margin percentage is falling, take swift corrective action. The causes could include higher input prices, a changing product mix, production inefficiencies, or excessive discounting. If you run a service business that bills out time, it can be helpful to treat consultants’ salaries as a variable rather than overhead costs because this makes it easier to work out who is making you money. 2. Collecting receivables efficiently Your accounts receivable collection period (the number of days on average to collect customer payments) is an important driver to monitor. Try to improve your past performance and at least match the industry standard. If the standard is 35 days, and you take 45 days on average to receive customer payments, then improve your collection activities immediately. Bill promptly and highlight overdue payments for prompt action. The key is consistency – late payers should know that you’ll unfailingly contact them. 3. Optimal inventory levels Your inventory turnover rate is the ratio of cost-of-sales to inventory. Most businesses aim for a high inventory turnover rate because it indicates an efficient use of capital resources. If the ratio decreases, find out why. For example, you may be overbuying or purchasing inventory you cannot sell. The more you can break down your inventory figures into separate product categories, the easier it will be to pinpoint problems. 4. Hours billed An interior designing firm had a disappointing level of monthly sales for years until the owners realized that hours billed per consultant per week was the key driver. Once they began monitoring this, they could see which consultants were earning the revenue. The firm could then target small and manageable improvements – such as billing 30 minutes more a day each. Attitudes changed overnight, and sales increased significantly. 5. Turning over staff A plumbing company recognized that…

Categories
Entrepreneurship

An Accountant Does Reselling? | Starting a Business from Scratch [Video]

Want to see how I would start a business from $0 from the point of view of an accountant? Well that is exactly what this series is! I am going to be reselling, finding stuff around the house or in an op shop, then selling it on eBay. I will go through the basics of starting a business from scratch. I discuss what I need to do to get the basic setup right, how I will be keeping records and what I need to do to turn a profit.—What would you like to see me cover as a part of this series?—📺 Subscribe to this channel – https://www.youtube.com/c/ethanrooshock?sub_confirmation=1—🔥 Join Our Discord! The Rooshocks Discord allows me to answer questions about Business, Tax, Crypto and NFTs. It’s also the place where you can get up to date information on my NFT project, Rooshocks! – https://discord.gg/X3apKzMVmD—💰 My Accounting Business – https://rooshockaccounting.com.au/—🖼️ My NFT Project, Rooshocks – https://rooshocks.xyz/—💼 How I Track My Crypto Investments for Tax Time Crypto Tax Calculator – https://cryptotaxcalculator.io?fpr=xo5ak (Get 20% Off using the code BFF2020)Koinly – https://koinly.io/?via=9B29D87A (Get 25% Off using the code 9B29D87A)CoinTracking – https://cointracking.info?ref=E484421—✏️ How I Track My Investments for Tax Time – https://portfolio.sharesight.com/refer/AST31—✍ Personal Finance Blog – https://ethanrooshock.com/—Ethan ‘Rooshock’ (Rucioch) is an Australian business owner in his mid 20’s. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling as well as watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even some social media marketing content. —CONNECT WITH ME HERE:👍 Facebook – https://www.facebook.com/Ethan-Rooshock📷 Instagram – https://www.instagram.com/ethanrooshock/🐦 Twitter – https://twitter.com/ethanrooshock🎵 Tik Tok – https://www.tiktok.com/@ethanrooshock💼 LinkedIn – https://www.linkedin.com/in/ethan-rucioch-037b44a3/✉ Email – ethan@rooshockaccounting.com.au—Music – https://www.bensound.com—DisclaimerThe information in this video and on this YouTube channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these. —#ebayseller #reselling #thrifting

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Entrepreneurship

Starting A Business To Survive The Pandemic | With PS Aesthetic Boutique | #SharedExperiences [Video]

#SharedExperiencesWhen the company they worked for suddenly closed down due to the impact of Covid-19 and the national lockdown, two go-getters and colleagues thought it best to do exactly the opposite – and so they started their own business amid a pandemic.Listen in as our Founder & CEO, Charmel Flemming is joined by entrepreneurs in the beauty and aesthetics space, Pauline Nyahangare and Sakina Amrani, founders of PS Aesthetic Boutique. They share their experiences on starting a business to survive the impact of a global pandemic.You can find PS Aesthetic Boutique on Instagram https://www.instagram.com/psaestheticboutique #FTwelve #GlobalEntrepreneurshipWeek #BeautyIndustry #SmallBusiness