Wealth Vision Mastery Academy

Masterminding Cash Flow Strategies in your Business Hello my friend, Business analysts report that poor management is the main reason for business failure. Poor cash management is probably the most frequent stumbling block for entrepreneurs. Understanding the basic concepts of cash flow will help you plan for the unforeseen eventualities that nearly every business faces. Cash management helps to ensure that adequate levels of capital are available to a business for short-term needs such as inventory purchases. A good cash management program can significantly influence the efficiency of operations, which can also reduce overall costs. The goal of most cash management systems is to eliminate surprises related to cash by meeting the daily cash requirement at the lowest cost possible. Profit growth does not necessarily mean more cash on hand. Profit is the amount of money you expect to make over a given period of time, while cash is what you must have on hand to keep your busine

Impact of Data Breaches and Cyber Fraud The potential costs of cyber fraud and data breaches are a leading concern for small business entrepreneurs. But all small business entrepreneurs need to be serious about security and can take steps to protect their businesses from harm. Three years ago, the The Wall Street Journal estimated that the cost of cybercrime in the U.S. was approximately $100 billion. The estimate disputed other reports which pegged the numbers by as much as ten times higher. In 2015, the British insurance company Lloyd’s estimated that cyber-attacks cost businesses as much as $400 billion a year, which includes direct damage plus post-attack disruption to the normal course of business. Some vendor and media forecasts over the past year put the cybercrime figure as high as $500 billion and more. From 2013 to 2015 the cybercrime costs quadrupled, and it looks like there will be another quadrupling from 2015 to 2019. Juniper research recently predict

Not many business entrepreneurs have an   Exit Plan . However, if you do have an Exit Plan in place, is it up to date? Circumstances change in your business and personal life rapidly, so your present Exit Plan might not necessarily fit into your present circumstances. For those business entrepreneurs that do not have an Exit Plan, let me spend a few minutes why it is important for you to have one.  An Exit Plan is vitally important to maximise your business worth and retirement strategy so that you can legally minimise tax and get maximum dollars for your business. Graphic provided courtesy of the http://howtoplanandsellabusiness.com website Exit Planning is a comprehensive analysis of all of the factors that affect an entrepreneur’s departure from their business. While Exit Planning includes succession planning, it also addresses issues more directly relevant and critical to entrepreneurs, such as whether they can leave the business when they want, to whom they want, and for

Succession Planning Succession planning focuses on preparing the business for two purposes: • business entrepreneur’s planned exit and • business entrepreneur not being in the business Quite often, the buyer who purchases your business is not necessarily going to be running the business or having to recruit someone to run the business on their behalf. Having a succession plan in place is vitally important at the time of sale as it shows the buyer who will be running the business. Furthermore, having a succession plan in place virtually assures you of being able to take off for a valued holiday. There are so many benefits of having a succession plan in place within your business. Specifically, succession planning concerns continuity within leadership and management following an entrepreneur’s exit. In other words, succession planning is a specific cog in the Exit Planning machine. It is important to consider succession planning as an on-going daily operational issue, not just

Hello my friend, Running an Accounting or Legal Practice can be time consuming, particularly with cash flow. Business leaders internationally are challenged with the increasing changes in the market place. New technologies, new standards, fading customer base, dwindling cash reserves are all factors affecting these industries for the smaller players in the market. To stay abreast of the market and competitors, you need to change your game plan and strategies to effective complete. As part of the overall game plan change is ensuring that you have a strong Cash Management Process in place. One of the common myths in the market place as seen by customers is that accountants and lawyers are just there to help you get out of trouble. WRONG . Perception has been that these two professions do not add value and are too expensive. WRONG . I know because I am an Accountant and have experienced the same issues that you are now experiencing. You will be totally surprised as to how you can

Hello my friend, The start of a new calendar or financial year finds many businesses struggling to find cash. Cash management helps to ensure that adequate levels of capital are available to a business for short-term needs such as inventory purchases. A good cash management program can significantly influence the efficiency of operations, which can also reduce overall costs. The goal of most cash management systems is to eliminate surprises related to cash by meeting the daily cash requirement at the lowest cost possible. Business analysts report that poor management is the main reason for business failure. Poor cash management is probably the most frequent stumbling block for entrepreneurs. Understanding the basic concepts of cash flow will help you plan for the unforeseen eventualities that nearly every business faces. Cash is ready money in the bank or in the business. It is not inventory, it is not accounts receivable (what you are owed), and it is not property. These can pot

Have you experienced loss of funds in your business through "unauthorised payments?" Not only is it embarrasing for your business but does create a lot of stress and perhaps, financial hardship. This situation should serve us a reminder to check our own internal processes to prevent this type of fraud which often, is not recoverable. It is not only large organisations that are vulnerable to misuse of their bank accounts, small businesses are regularly hit by unscrupulous use of their banking platforms. This mean it’s incredibly important to get the processes and procedures right. Every business (small, medium or large) should have its own internal processes and procedures in place to minimise risk. These processes and procedures should be tested and reviewed on a regular basis rather than waiting for an incident to occur before testing. By that time, it is too late. In this particular case, it appears that the employee had bypassed the first step of payments process becau

Hello everyone, Does your online ecommerce shopping cart suffer from abandonment? If so, you are not the only business to suffer. Research indicates that the average shopping cart abandonment rate is more than 60% across the entire web. This experience can be costly with the lack of conversions and thus the importance to understanding the reasons why this is happening. Once the reasons for abandonment are understood, appropriate methods can be undertaken to minimise the bailout. Shopping cart abandonments is nothing new. It happens frequently across many platforms and ecommerce internationally. Shopping cart conversions are the bread and butter for e-commerce companies. Optimizing and increasing those checkout conversions is paramount to the success of the e-commerce business model. Therefore, it is very important that e-commerce business owners continually test out and make changes to improve upon the existing layout of their sites. It is important that testing can help you

Regardless of the type of business that you are operating, the goal posts are forever changing. It is time to change your game plan. Like any winning sports team, the coach has to keep changing the game plan to stay ahead of its rivals. The same principle applies in business. The game plan that worked last year does not necessarily mean that it will work this year. For businesses, what you did last year may not work this year. Your competitors have adapted to the new market and trends. They’ve studied what you did last year and are hell bent on beating you this year. Even if you played exactly how you did the previous year, you will fall short, because the competitive landscape has changed. It’s time to play to the current market. You cannot stand still if you want to stay on top – it doesn’t matter whether you’re a sports team or a business. Improvement should always be the goal. So think about the essential strategies that you need to adopt now to revise your game plan. The s