How you can avoid scratching for money to pay your wages and suppliers
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Are you ever short of money when you HAVE TO PAY wages or suppliers. This presentation will help you get this sorted easily
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How you can avoid scratching for money to pay your wages and suppliers
- 1. How you can avoid scratching for money to pay your wages and suppliers © Copyright One Sherpa Pty Ltd 2010
- 2. Have you ever experienced this? Your accountant tells you that you’ve made a great profit but you have no cash © Copyright One Sherpa Pty Ltd 2010
- 3. Have you ever been confused when you went to your accountant? © Copyright One Sherpa Pty Ltd 2010
- 4. Do you wonder why they tell you you’ve made a huge profit and then wonder where the money’s gone? © Copyright One Sherpa Pty Ltd 2010
- 5. Do you wonder where money get’s stuck in your business? © Copyright One Sherpa Pty Ltd 2010
- 6. A key area where money get’s stuck in your business is working capital © Copyright One Sherpa Pty Ltd 2010
- 7. Do you know how much inventory you have? © Copyright One Sherpa Pty Ltd 2010
- 8. Do you know how much money is owed to you by your customers? © Copyright One Sherpa Pty Ltd 2010
- 9. Do you have a way of knowing what terms to give your customers so you don’t run out of money? © Copyright One Sherpa Pty Ltd 2010
- 10. You may have spent money on equipment or motor vehicles during the year and these amounts can NOT be deducted from your profit. © Copyright One Sherpa Pty Ltd 2010
- 11. This may explain where the money has gone. (Even if this was supposed to give a tax deduction) © Copyright One Sherpa Pty Ltd 2010
- 12. Buying Equipment and Vehicles is NOT covered in One Minute Business Checkup because most business owners are aware of these large items © Copyright One Sherpa Pty Ltd 2010
- 13. The area where money get’s slowly sucked into the business is working capital © Copyright One Sherpa Pty Ltd 2010
- 14. This is a part of the accounts that many small business owners don’t look at or understand © Copyright One Sherpa Pty Ltd 2010
- 15. Once you check your Money Flow measure you will clearly understand how money get’s stuck and what to do about it © Copyright One Sherpa Pty Ltd 2010
- 16. Let me show you how to check the Money Flow Measure in One Minute Business Checkup © Copyright One Sherpa Pty Ltd 2010
- 17. PROBLEM #5 © Copyright One Sherpa Pty Ltd 2010
- 18. Inventory is too high. How many days are tied up? CALCULATION Inventory DIVIDED BY Annual Other Costs TIMES 365 = Number of Days ANSWER $100,000 / $570,000*365 = 64 Days © Copyright One Sherpa Pty Ltd 2010
- 19. Let’s get days down to 45 45 Days / 365 Days * $570,000= $70,274 Original Inventory $100,000 New Level $ 70,274 Reduction $ 29,726 © Copyright One Sherpa Pty Ltd 2010
- 20. $29,736 less Inventory 45 Days © Copyright One Sherpa Pty Ltd 2010
- 21. Accounts Receivable are too high. How many days are tied up? CALCULATION Accounts Receivable DIVIDED BY Sales TIMES 365 = Number of Days ANSWER $150,000 / $800,000*365 = 68 Days © Copyright One Sherpa Pty Ltd 2010
- 22. Let’s get days down to 45 45 Days / 365 Days * $800,000= $98,630 Original Accounts Receivable $150,000 New Level $ 98,630 Reduction $ 51,730 © Copyright One Sherpa Pty Ltd 2010
- 23. PROBLEM #5 $51,370 less A/c Receivable 45 Days © Copyright One Sherpa Pty Ltd 2010
- 24. Checkout your own information now. © Copyright One Sherpa Pty Ltd 2010
- 25. Using the sandbox you can ‘play with the numbers’ until you get your Money Flow Measure correct © Copyright One Sherpa Pty Ltd 2010
- 26. Go to www.oneminutebusinesscheckup.com and make sure you’ve got no excess money stuck in your business © Copyright One Sherpa Pty Ltd 2010