It’s my birthday this week so I’m indulging myself with a little a rant and coming to you with a tough love blog…about working the system
I spend a fair chunk of time in Facebook groups for entrepreneurs and I see some unrealistic expectations and some unrealistic promises around how systems can work in your business.
So I’m going to break this to you…in order for the system to work, you need to be working the system or pay someone else to work the system.
I’m not saying there aren’t ways to automate and streamline but then you need to work on the set up of the system. And this isn’t just financial systems BUT pretty much every system in your business.
- You can buy or subscribe to the most expensive bookkeeping software on the planet
- You can read every single book on business finances
- You can watch every webinar and sign up to every free thing about managing your money
But at some point you need to take action in implementing and operating the system or in paying someone else to do some of that action for you.
I know dealing with your taxes from now until forever isn’t exactly the most exciting prospective, but if that is something you 100% don’t want to do then move to the UK and get a job. PS there is no requirement to do an individual personal tax return in the UK, crazy right.
There is no set and forget
- I hope that money flows into your business every week or at least every month, you need to manage the jobs that money has to do
- I hope clients agree to work with you every week or month, you need to manage how they are going to pay you or book appointment
- I hope you make sales on your eCommerce platforms, you need to categorise those sales and make sure you are being paid the right amount after fees.
- I hope you make more than your budgets and need to review how much you are saving for taxes and superannuation.
- I hope you smash through the GST threshold and have to do reporting to the ATO each quarter.
All of these things require you, or someone, to be working the system. And if you aren’t hoping for those things then you’ll have no cash flow, no clients or customers, no tax meaning no profit and no significant growth in your business. Do you even have a business?
Even if you work with a bookkeeper or accountant for the financial aspects of your business you still need to share information with them so they can do a good job. And you, yes you, need to make sure they are doing a good job.
Finally, if you don’t know your business numbers like how much income flows from which revenue streams and the expenses of those same streams or how much your lifestyle costs then how can you expect to make significant business growth, have savings in the bank and have enough guilt-free spending money to feel like it’s all worthwhile?
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