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How to find the money in your business and manage it better using practical, real-life solutions. “Where’s the money?” by accountant Craig Rust sets out to help you find, manage and create more money in a small business. Divided into two sections in the “financial smarts” segment there are chapters on testing your business idea, the difference between trading for sales and profit, understanding your balance sheet, measuring to manage (including a workshop on debt collection), depreciation, and the five key areas where cash disappears. The second section of the book concentrates on “management smarts” with chapters on telling the difference between being a “busy fool” and using your time productively (with tips on improving your KPIs or Key Performance Indicators), knowing what your time is worth, the importance of sticking to the core of your business and the power of systems. There is also an important chapter on why some people are not suited to running a business and why you must be an all rounder, not a specialist. The author dispenses with the myth that sales are more important than profit. By showing how many lower priced items you’d need to sell compared to higher priced ones with a larger profit margin he demonstrates that you need to keep a handle on what sells in your business and how discounts, although they may bring you in more customers, may ultimately cost you more in the long run. Rust emphasizes too often the only time you know exactly what profit you’re making is when you fill out your annual tax return. He suggests that by regularly monitoring the functions of your business you can find ways to improve it. He also reiterates how important it is to think with your brain and not with your heart and also that “cash is king”. Each chapter is simply and well laid out and includes a variety of case histories from Rust’s clientele illustrating every possible business scenario. There are quick workshops the reader can take to gauge their own business smarts and summaries of key points to be learned at the end of each chapter. The book is aimed at both the new and established business owner. The novice in the financial arena can learn to avoid many pitfalls common to small business owners as well as gauging whether or not their goods/services will be profitable in the small New Zealand market. Even established businesses can learn skills to improve their efficiency or how they can adapt to changing economic conditions. The author has a simple highly readable style that makes finance accessible to even the most financially challenged individual. Applying case histories to every possible business scenario shows that this is a book about practicalities, not just theory. Initially it needs to be read cover to cover though subsequently it would make a valuable reference tool. “Where’s the money?” is packed with ideas and suggestions and if the reader took just a couple of ideas away from reading it their business (and ultimately their lifestyle) would improve significantly. Title:
Where’s the money? Smart money skills for New Zealand businesses ©Jen Longshaw
2001-2006
Please do not copy in any manner, print or electronic,
without permission from the author.
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If
a New Zealander asks if you're feeling crook should you be insulted
or touched at his consideration? And why is going to bed with a hottie
no reason to get excited in the Land of the Long White Cloud?
