Hope you are well! It is the second quarter of 2019!
It seems that 2019 just got started, but already we’ve put the first three months behind us and it’s onto the next three months.
Did you accomplish what you set out to do in 1st quarter? What will you achieve in this quarter? Have you established your goals? Maybe you want to expand your business or make more money in your business.
Whatever your aspiration, you need to set real goals and create a plan to get there.
Managing the bottom line for many companies can be a stressful process but the truth is if you don’t keep track of how much money you’re making in your business, you have no idea whether your business is successful or not. Read more in the article below.
Under the theme, “Collaborate for Success” emphasis was placed on sharing the opportunities and benefits of females’ entrepreneurs collaborating with each other to grow their businesses and networks for success.
This event was attended by female entrepreneurs and female leaders in Antigua and Barbuda.
It’s Not the Top; it’s the Bottom!
Managing the bottom line for many companies can be a stressful process but the truth is if you don’t keep track of how much money you’re making in your business, you have no idea whether your business is successful or not. You can’t tell how well your marketing is working; if you should cut expenses or multiply revenues. Unfortunately many companies either don’t have the expertise or are too ashamed to seek the guidance that they need before it’s too late!
A lot of companies focus almost exclusively on sales or gross revenues but your first point of focus to grow or scale your company is that you need to know what your net profit or loss is and what is affecting the bottom line so you can know how to increase profits or reduce losses!
If you want your business to be successful, make the bottom line your focus and make a financial plan and check it against the actual figures on a monthly basis.
Use the variances to subsequently take immediate action to correct any problems.
Here are the steps you should take:
* Create a quarterly financial plan based on your strategic plan for your business. Budget how much revenue you expect to bring in each month, and project what your expenses will be.
* Make corrections immediately. If revenues are lower than expected, increase efforts in sales and marketing or look for ways to increase your rates or increase your product or service line. Fire some dead-end clients. If overhead costs are too high, analyze your Income Statement and find a number of ways to cut back. There are other businesses like yours around. What is their secret for operating profitably?
* Think before you spend. When considering any new business expense, including marketing and sales activities, evaluate the increased earnings you expect to bring in against its cost before you proceed to make a purchase. Technology and social media are your friends! Use them to find more business and communicate with your prospects at a substantially reduced cost.
* Remember that lost profits can’t be recovered. When companies compare their projections to their actual figures and find earnings too low or expenses too high, they often conclude, “I’ll make it up later.” The problem is that you really can’t make it up later: every month’s profits that are too low is a month that is gone forever and a month where you are behind on your goals.
* Evaluate the success of your business based on profit, not revenue. It doesn’t matter how many thousands or millions of dollars you are bringing in each month if your expenses are almost as high, or higher. Many high-revenue businesses have gone under for this very reason — don’t be one of them.
Caribbean Business Office™ – Designed for Service Professionals and Small and Medium-sized Business owners. Caribbean Business Office™ is an all-purpose accounting and financial hub for service professionals and small and medium-sized business owners who desire to outsource their accounting and administrative needs to a highly-competent and professional firm without the high overhead.
Caribbean CFO™ – Virtual CFO and Special Purpose CFO services for Caribbean Growth-Oriented Businesses, Companies and Organizations. Take your company to the next level with strategic CFO services, which are helping emerging companies to rethink, automate and scale their businesses.
Antigua Internal Auditor™– An internal audit is the examination, monitoring and analysis of activities related to a company’s operations, including its company structure, employee behavior and information systems.
Caribbean Business Advisor ™ – CaribbeanBusinessAdvisor.com offers the solution – access to a dedicated Advisor for an amount of time per month that suits your strategy and your budget, backed by the full insight of a Finance and Management team with many decades worth of experience. Don’t be left behind. Access the strategic financial expertise that you need to take your company forward.
What’s On:
• Accelerated Accounting Strategies Bootcamp is now virtual! We’ve increased our reach and would like to invite you to take this virtual Accounting journey with us! Click here for more information!
About Us:
PACCS Inc. was founded by Sandra Baptist, B.A. (Hon), C. Dir., who is the CEO and Managing Director.
Sandra is a Chartered Director and Chartered Accountant, who has a degree in Accounting and Financial Management from the University of Essex in the UK.
She received her professional designation from the Association of Chartered Certified Accountants (ACCA) and is a Practising Member of the Institute of Chartered Accountants of the Eastern Caribbean (ICAEC). Sandra is a Certified Business Coach, a Certified Guerrilla Marketing Adviser and a Certified LivePlan Expert Advisor.
Sandra is a #1 International Best-Selling Author, whose books have all hit the #1 spot on Amazon.com. Her 1st book, Unlock The Code became a #1 best-seller on Amazon within 5 hours. She is one of the co-authors of “Ready. Aim. Influence!” with Carlos Slim, the World’s Richest man, Marshall Goldsmith and others. Sandra has also been a mentor for the past three (3) years for the Richard Branson Centre of Entrepreneurship.
She has been featured on a number oflocal and international media, including NBC, ABC, CBS and FOX affiliates, the Antigua Sun newspaper, Observer Radio, Daily Observer, the Antigua/Barbuda Business Focus and ABS TV and ABI TV’s “Young Entrepreneurs” Show.
Managing the bottom line for many companies can be a stressful process but the truth is if you don’t keep track of how much money you’re making in your business, you have no idea whether your business is successful or not. You can’t tell how well your marketing is working; if you should cut expenses or multiply revenues. Unfortunately many companies either don’t have the expertise or are too ashamed to seek the guidance that they need before it’s too late!
