Wealth Vision Mastery Academy

Welcome to a new series of blogs for 2018 on managing Cash Flow in your business. In last month's blog, I mentioned that Cash is King is so critical for businesses starting up, growing or even exiting. At any stage of the business life cycle, cash is vital. Without cash, there is not a chance for business survival. I stated five simple rules that will help you manage your company's cash flow better. Those rules are briefly restated again. Rule Number 1 - Keep your books up to date and accurate. Rule Number 2 - Don't be too lenient with your customers. Rule Number 3 - Keep your accounting simple. Rule Number 4 - Keep your business and your personal finances separate. Rule Number 5 - Build a cash reserve. Over the next five weeks, I shall explain in more detail how you can implement these rules into your business. Today, I am going to delve deeper into the first rule. The first rule of keeping your books up to date. Rule Number 1  - Keep your books up to da

Hello my friend, Have you experienced loss of funds in your business through "unauthorised payments?" Not only is it embarrassing 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. Warning Signs Fraud can be perpetrated from those outside of any organisation, but

Hello fellow entrepreneurs, Clients not paying on time is a headache and some times a nightmare for any small business. Small businesses suffer significantly more than large businesses because they do not necessarily have access to reserves of cash or third party funding. Late payments are a global issue. Governments around the world are now starting to pay attention to this issue for small business entrepreneurs. As long as businesses have been sending invoices, customers have been paying them late. Here's how to speed them up with some great tips that you can adopt into your business today. 1 - Send your Invoice immediately. Your client can’t pay until you've invoiced them, so send your invoice fast. There is no logical excuse for invoices being prepared after the goods or services have been supplied. With today's cloud accounting software, an invoice can be prepared on site and sent from your mobile phone. 2 - Invoicing to be 100% error free. Make sure your i

Hello my fellow entrepreneur, Did you know that succession planning is important in your business? Why is it important? Because succession planning focuses on preparing the business for two purposes: business entrepreneur’s planned exit and business entrepreneur not being in the business (eg holiday or sickness) I know that my next sentence may sound a little crazy, but it's true. At the time of starting your business, you should have a succession plan considered. It's true. According to Fidelity, "from the first day you start your business, you want to make sure your business plan is coordinated with your succession plan. Many business owners are so wrapped up in their business that they don’t even think about a succession plan until a year or two before they want to retire." According to The U.S. Small Business Administration, nearly 70% of small business owners lack a real succession plan. Family-owned businesses, for example, may not feel the need to

Hello my fellow entrepreneurs, Do you feel like your customers are treading on you with delayed payments? You are not alone. Thousands of companies across the world are feeling the pinch from some of their customers not treating them with respect and making late payments. Small business entrepreneurs find it difficult to make their own payments to suppliers and employees if big companies do not play fair and fail to make their payments on time. There has been plenty of media attention in 2017 where Federal Governments around the world have tried to regulate larger size companies to pay smaller size companies in a more timely manner. Today, i wanted to share with you some credit management mistakes that i see quite often and these mistakes can be impacting upon your business. Please take a moment to review these common mistakes to see if any of these mistakes apply to your business. If you are experience any of these mistakes, now is the time to correct these mistakes befor