5 EASY STEPS TO TURNAROUND YOUR PROFIT

Presenter: Helen CowleyMBA, Grad Dip Entrepreneurial and Venture Development, Dip Business Management, Dip of Leadership Coaching and Mentoring,Cert IV Training and Assessment, Retail Management and Business, Cert IV Business and Personal Coaching , Coaching for Life and Business

“Business is your game of numbers and relationships

managed by systems and processes!”

Helen Cowley

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist2

Are you in control of 1. Mastering2. Dreaming3. Relating4. Systemising5. Controlling

The 5 steps

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist3

3. The Who

People Driven

2. The Why? Vision Experimental

5. The What, What if

Rational

4. The How

Tasks Driven

Number 1 Your

Mindset

Our thinking affects our behaviour and our actions.Our thinking style includes

our creativity, our relationships, our systems

and our rational.

©Helen Cowley

The 5 steps1. Mastering your Mindset -Know yourself –

You and you own Power, Thinking Mindsetand strengths. The Passion

2. The Why are you in businessYour Values, Purpose and Mission – The CommitmentJob vs Investment

3. The Who do you have around you, Marketing is about relationshipsbusiness is about relationships.

Support, increasing your sales – marketing and forming relationships

4. How – Action and automation – The ActionYou can make excuses or you can make money but you cant do both

5. What- What if - KPI do you need to Focus on and Commitment tooWhen – How precisely to create and implement a plan Financial management

and profit improvement – The Focus (the outcomes)

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist4

3. The Who

People Driven

2. The Why? Vision

Experimental

5. The What, What if

Rational

4. The How

5.The How Tasks

Driven

Number 1 Your

Mindset

©Helen Cowley

• What is Your mind set?

• It will make or break you!

• Know and understand who you are?

• Knowledge is power educate yourself

• Believe in yourself, be confident

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist5

There is nothing either good or bad but Your thinking makes it so!

Number 1 Your MindsetMastering Your

Mindset

ActivitySET YOUR MINDSET TARGET AND VALUE

The Why?• Why are you in Business?• Your Vision and Your Passion.• Is it passion or is it profit.• Job vs Investment• What does your business stand for?

Your Vision, Purpose and Mission

- this is the roof under which everything sits!

• Your Plan - Your Commitment!

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist6

Why? Experimental

YOU NEED YOUR 1 PAGE BUSINESS PLAN Activity

Sales is about people!And Connections - Marketing

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist7

Who

People Driven

Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.

The Who?

The who is also about having good people around you to supportyour business eg your bookkeeper or accountant, your suppliers, your family, mentor or coach,

The biggest step you also need to take here is your price - it is about people but price sets your value in your customers eyes?

TAKE THE TIME FOR THE RELATIONSHIPSMARKETING IS RELATIONSHIPS, RELATIONSHIPS ARE THE VALUE!

The Who - Know your Conversion Funnel

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist8

Research

Marketing

CRM

Enquiries

Cold Enquiries

Warm Enquiries

Hot enquiries

Sales

Sales moments

After Sales Service

Activity

Who

People Driven

What can you automate?Technology’s like cloud computing, mobile apps, social media apps, online payment options (ecommerce) financial management software, collaboration solutions, websites data analytics, CRMs all help small business to address everyday challengers and by improving your efficiencies you can take on the world.

YOUR RELATIONSHIPS VALUE AND 1 PAGE MARKETING FUNNEL

The How Simplify your system and processes!

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist9

How - Tasks Driven

• Set up your chart of accounts for Financial

Management not just Tax Reporting

• Develop a Budget and Cashflow forecasts.

Cashflow is the life blood and budgeting

is the control

• Apps and Automation to save timeYou can't manage what you don’t measure

• Tasks you perform1• Automations2• Costing of

Automations3• Checking of

Automations4

The How -Digital technology

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist10

How - Tasks Driven

ActivityYOUR SYSTEM – CHART OF ACCOUNTS, CASHFLOW AND AUTOMATION

Income –Sales Know what are you best sales and biggest turnover products

Your Expenses + depreciation etc

Net Profit or Loss

Remember:

1. You can create more sales but if you are not making profit on what you are selling you will still be making a loss.

2. If you are not buying well enough you can’t make any difference to the Gross profit unless you-

3. Increase your margins

4. If you do not control your expenses you will still not control or change your profit.

5. 1% difference in 4 areas may increase Profits dramatically

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist

What does profit improvement look like?:

Cost of goods/materials Opening stock

+ purchases

– closing stock

= COGS Cost of stock sold.

Income – COGS = Gross Profit

Sales

Opening Stock

+ Purchases

- Closing Stock

= Cost of Goods

Gross Profit

Operating Expenses

Including Depreciation

Net Profit

5. What, What if

Rational

Activity11WHEN IS YOUR MAGIC FIGURES DAY?

The What

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist12

5. What, What if

Rational

• Don’t glaze over data just because your not a figures person • Don’t leave it to someone else - it is your business!

• Create a habit – regular routines - Spend the time

• Know and Understand your reports - figures and values

• Verify Your pricing

• Be able to produce reports that mean something to you

• Set your goals and targets

• Make profit improvement into the magic of your businessThe truth is in the numbers!

This is the magic of your business success and succession ability !

QUESTIONS TO ASK YOURSELF

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist13

• What is my current mindset?• Why am I in business?• Who are my relationships with?• What can I learn?• How can I systemise and practises ?• What are my Take-aways from today!

DiscussionActivity Sheet

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist14

• Acknowledge old habits• Identify desired change state• Strategy • Actions• Timeline• Desired outcome

Summary

1. Master your mind set and focus2. Plan your vision3. Work with your team4. Simplify your system5. Know your numbers

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist15

3. The Who

People Driven

2. The Why? Vision

Experimental5. The What, What

if

Rational

4. The How

Tasks Driven

Number 1 Your

Mindset

Mastery is not achieved overnightit takes

Passion, Commitment, Focus and Action ©Helen Cowley

YOU CAN MAKE EXCUSES ORYOU CAN MAKE IT HAPPENBUT YOU CAN’T DO BOTH!

#MAKEITHAPPEN

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist 16

Thank you for listening!

Contacts:Helen Cowley Ph 0418 769531Small Business Improvement Serviceswww.sbis.com.auwww.helencowleycoaching.com.auConsulting, Coaching, Training, Mentoring and Facilitating Services

“Our aim is to improve your: Knowledge, Confidence, Performance & Profitability”

• Resources and references• HBDI – Thinking styles http://www.herrmann.com.au/hbdi-and-programs/

• The Millionaire Mindset T.HarvEker

• Helen Cowley@sbis.com.au

(c) Helen Cowley - Small Business Improvement Services – Mentoring and Coaching Specialist17