business-kids

A funny thing happened with our one question survey from last month. “Marketing” won? That’s what people said they wanted. Yeah, that’s huge.

May 20th Survey Question:
My biggest, and most important, concern about running and growing my business is…

Survey Answers:
Logistics and systems – 12%
Employees and vendors – 9%
Marketing and sales – 33%
Money and finances – 15%
Something else – 30%

But when I talked to individuals at our small group mixer last week, a very different story emerged. “Money” is what we really need to figure out, but we’re afraid to even admit that. So in a one question survey, people just said “Marketing” but the deeper cut is, we need to learn about both, and money is the elephant in the room. Interesting.

So how important is keeping on top of the income and expense numbers? How to learn the best use of our cash? How can we actually effectively save money? How can we invest it? What guidance can you give us with all this?

Here are the topics we want to cover in a Money Competence workshop series. We’re calling these the Ten Uses of Money for small business:

Pay yourself
Pay yourself well so you can serve more people and have time for family and other things in life.

Sell
Bring the money in the door. Sell the right things to the right customers

Price
Price so that everything you do is profitable.

Spend
Spending by plan keeps more in your pocket.

Hire
Hire and keep good people to boost your business and profitability.

Manage
Manage your money like a fine tool; watch your money like a hawk.

Profit
Plan for profit, not just revenue. Keep your cash flow positive.

Protect
Protect and preserve your hard-earned money from all risks.

Save
Build a cushion for tough times and a fund for growth

Borrow, invest
To grow and take advantage of opportunities, use debt and investment capital prudently.

Feedback? Questions? Email john@twohatsconsulting.com. I want to hear from you on this.