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Looking back to move forward

December 22, 2012 By

As 2012 comes to a close, it’s a good time to think about the future. It’s a time to assess what needs to be done to make 2013 an even better year. You always want to move forward but looking back has some benefits too.

In order to know where you’re going, you need to understand where you have been. You don’t want to repeat yesterdays mistakes. You want to build upon your strengths and either eliminate or improve your weaknesses. Yesterday offers valuable lessons. Even though times may change, the principals remain the same.

Even though 2012 has been an exceptional year, efforts still need to be made to make 2013 hit its potential. No two years are alike so you need to understand that changes may need to be made, on the fly, in order to have continued success.

Our business has seen incredible growth, this year. I won’t be happy if 2013 doesn’t produce comparable results. I want even better growth.

I wish everyone tremendous success in 2013!

Everyone’s Articles – The 919 Local Business Network

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2012 – Moving Forward: Bookkeeping, Taxes and Cash Flow

January 30, 2012 By

It’s January, taxes are due soon and 2011 was not as great as you had hoped.  What do you do?  Move forward.  Its 2012 now – a clean slate with which to write on. 

So 2011 did not go as you had hoped.  You may not have found time to enter in all your deposits and receipts and have everything stockpiled in a drawer or box.  The business card was used for personal purchases – well – a couple of times (or more!).  Cash flow felt more like a cash drip with some months wondering how all the bills would be paid.  You may be wondering – do I owe any taxes?  Did I make any money?

It’s not as bad as it seems.  You are definitely not alone.  There is a light at the end of the tunnel.  It starts with handing over your bag or box of receipts, check stubs, bank statements and other documents to a bookkeeper, accountant or CPA to enter in so your taxes can be done.  Don’t wait until the last minute, that only perpetuates the anxiety.  Handing it over can feel scary, but once the idea is embraced and done, it is like a weight has been lifted – you can now move forward and begin writing on your new, blank slate! 

Now is the time to evaluate where you have been and where you want to go.  Use the numbers you get back from the accountant to move forward.  Write down the following:

  • What was your bottom line – your net income?  Write down what you want this to be in 2012.

 

  • If you had Cost of Goods Sold, what percentage is it of your overall income?  Are you comfortable with this percentage?  If not, what can you do to change it?

 

  • Look at your total expenses and compare to your net income.  What is the percentage?  Is it too high?  If so, what can be done to lower it?

 

  • Is your income broken out into different categories?  If so, which segment of your business is producing the greatest percentage of income?  What differentiates this segment from the others – advertising, passion, resources?

 

  • What segment of your business is producing the smallest percentage of income?  Compare the amount of time, effort and money it took to produce this income to that of the largest segment.  Should this segment be expanded or removed?

 

  • Which months were your best months?  Which were the worst?  Do you see a trend?  What can be done in the months that were the best to bring in income during the slower months?

 

  • Using the experiences from the past year, what had the greatest return on investment?  In what areas did you expend more time and energy with very little benefit?

Use these questions to begin forming how you will spend your time, energy and resources in 2012.  Learn from your past – don’t beat yourself up about it.  Apply what you have learned and move forward.  When writing out your financial plan for 2012, use positive terminology.  Set realistic goals.  Be conservative when projecting income and liberal when projecting expenses.   Move forward into 2012 passionate about what you do and with renewed energy.  It is a new year – enjoy every moment!

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Failing Forward

January 15, 2012 By

I have heard all the stories about Abraham Lincoln and how he failed his way to the White House. He lost all but three elections, one for State Legislature one for Congress and the last one for President. And it was said that he would be the last United States President because the Civil War would undo the USA.

Wow, imagine someone saying something that about you and your business? That’s almost throw down the gauntlet time. ;)

I have come to see that there is a big difference between average people and achieving people. And it just might be in their perception of failure.

We all fail at something, but what keeps us going? What keeps you focused not on the size of the hurdle ahead, or challenge, or problem? If you want to get technical. ;)

It just might be your thoughts; they either save you or sink you. Your thoughts about your mis-steps, what you allow yourself to ‘mull over, again and again” as my father would say.

I have learned to deal with the ups and downs of life like water does to a pebble (or boulder) tossed in it. To respond appropriately to the situation, then go back to calmness, and let it go. Just let it go……
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