Chrysalis Advisors Pty Ltd | Finance

Chrysalis Advisors Pty Ltd

Phone: +61 410 699 504

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14.01.2022 See my new business webpage www.chrysalisadvisors.com.au

13.01.2022 High Performing Finance Teams https://youtu.be/H6eCPooBdyo It was a warm sunny spring day talking with a client when he asked a terrific question. It was not the meaning of life or why crabs walk sidewards. ...Continue reading

09.01.2022 Less is More! What to do with loss-making customers. I was talking with a business owner last week. We discussed the journey we had been on over the past 8 months. His profitability had increased, and his life was much simpler. During our discussions we reflected back on one change we had made to the business.. We had worked on what the ideal customer looks like. After the discussions it became apparent there were a number less than ideal customers and some loss-making... customers. What were we to do? We investigated why they were making a loss and how we could improve the customers financial performance. We quickly came to the conclusion that increasing prices or providing alternative products was not an option. Incidentally, these were also the customers that were slow payers, had multiple of alleged faulty products and constantly complained. You are probably thinking of those customers right now!! We discussed the importance of each customer, their future revenue potential and referral source, regardless of their poor financial performance. We composed an email that simply said we were not able to provide the current pricing and credit terms. In essence, their prices were going up and they were no longer offered trading terms. They needed to pay upfront. As expected, there were a few customer complaints. However, the staff loved the changes. They no longer had to deal with challenging customers that did not add to the businesses bottom line. I would call that a win!! Please call today to discuss how I can help you double your profit and smile more. https://youtu.be/qc7ZTXXyJKw

05.01.2022 https://www.youtube.com/watch?v=Q554aNGEy6k Sport including mountain biking is a great way to get outdoors and relax. As I do, I often find myself reflecting on business and realised sport is very similar to our business journey. There’s a term called riding blind. It means that you are riding into the unknown. You have to look ahead as far as possible. Don't be looking down at your front wheel as you will lose focus on what’s ahead, which could be dangerous! In busine...ss, we have to take a leap of faith. We trust that we make the right decisions in the short term to reach our long-term goals. Running a business is hard. It's busy and so easy to lose track of the right business priority. The ‘To-Do List’ continuously grows, and sometimes it can feel like we're just chasing our tail! This often leads to us losing sight of the end goal and aspirations. We need to be focusing on our financial indications early on, react and keep pursuing the end goal! I have had my fair share of crashes as a mountain biker. In fact, I still have the scars on my elbows and back to prove it. After a big fall, I have found I lose confidence. Failure is something not to be greatly feared! As we continue, we all make mistakes. The most important consideration is our reaction to failure. I don’t even like calling them failures as it’s a misrepresentation. Perhaps a better term is learning experience. Some of the ways we learn as business owners is experimenting, we push the limits of what we think is possible. Sometimes we succeed, which is awesome. We may also make the wrong decision. Are we left with nothing? never! We always come away with additional knowledge from our learning experience. We also get to know our limitations. Sometimes our goals seems to be impossible achieve. Whether the limiting factor is time, cash flow, or ability, that’s why I’m a big advocate of outside help. I work with businesses to conquer these financial business problems. Self-reflection in business is critical. What are your financial numbers saying? When mountain biking, I use an app called Strava which tells me all sorts of data on the ride I have just completed. Business is the same. What are the financial results saying and what do we need to be considering? Do you have a business plan including short term and longer-term financial projections? Do you have financial results that are produced monthly that are informative and timely? Do you know what the numbers are saying? Call me today if you would like to discuss how in a short meeting we would be able to identify how to double your profits and go home smiling. https://www.chrysalisadvisors.com.au/

05.01.2022 Less is more! What to do with loss-making customers. https://youtu.be/qc7ZTXXyJKw I was talking with a business owner last week. We discussed the journey we had been on over the past 8 months. His profitability had increased, and his life was much simpler. During our discussions we reflected back on one change we had made to the business... ... We had worked on what the ideal customer looks like. After the discussions it became apparent there were a number less than ideal customers and some loss-making customers. What were we to do? We investigated why they were making a loss and how we could improve the customers financial performance. We quickly came to the conclusion that increasing prices or providing alternative products was not an option. Incidentally, these were also the customers that were slow payers, had multiple of alleged faulty products and constantly complained. You are probably thinking of those customers right now!! We discussed the importance of each customer, their future revenue potential and referral source, regardless of their poor financial performance. We composed an email that simply said we were not able to provide the current pricing and credit terms. In essence, their prices were going up and they were no longer offered trading terms. They needed to pay upfront. As expected, there were a few customer complaints. However, the staff loved the changes. They no longer had to deal with challenging customers that did not add to the businesses bottom line. I would call that a win!! Please call today to discuss how I can help you double your profit and smile more.