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Clearly Profitable

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25.01.2022 Now is the time to make an annual business plan for 2020 to get you closer to your goals, or Fail To Plan and Plan To Fail. Here are some tips. #smallbusinesstips #productivity

25.01.2022 Where is my Profit? Have you ever wondered why your bank account balance doesn’t reflect the profit your accountant told you you’ve made? Are you improving your profits but not seeing an improvement in your bank balance? Profit vs cash. There’s a massive difference between profit and cash. Let’s explore the differences to make a better plan to increase both. https://clearlyprofitable.com.au//09/07/where-is-my-profit/... #CashIsKing #smallbusinesstips See more

23.01.2022 5 Mistakes Trade And Construction Companies Make Around Profitability We go into business because we want to serve others and because we want our business to serve us and our lifestyle. To ensure that we have a business that supports us financially it needs to be profitable, there is no way around it. There are 5 common mistakes trade and construction business owners make that deprive them of profit and a lifestyle they dreamed of when they started their business: *Not knowi...ng their business numbers *Not knowing their profit margin *Not knowing the difference between profit margin and mark-up *Not knowing their overheads costs *Not knowing how profitable each job is The best way to improve overall profitability and profitability of each job is to simply measure it. The reality is that most small business owners do not have time to look at financial reports, don’t know how to start or simply don’t know what the business numbers mean. Profit and Loss Statement, profit margin, mark-up and overheads? Doesn’t sound like very exciting stuff to look at. That’s understandable as most tradies are probably not interested in having an accounting degree. Plus establishing processes to measure job profitability requires some expertise and following them is time consuming without the right technology. The good news is that an expert in the field can set up and support you with the processes and technology necessary to measure your profits and once you start looking at the numbers with their guidance it will all make sense in no time. Once the numbers all make sense you now have the tools to make the best decisions about the financial future of your business and to make it clearly profitable! See more

21.01.2022 Creating a new habit such as an exercise regime, a new process in your business or a change in routine can be hard. Here’s the key: Tackle one thing at a time, start with smaller steps and manageable change and create a commitment strategy with others. https://clearlyprofitable.com.au//creating-new-habits-and/

18.01.2022 The second stimulus package has been released with additional measures to help small business keep going, Eligible small business will receive a tax-free cash payment of between $20,000 and $100,000, as a credit on activity statements. The Commonwealth is offering to guarantee unsecured loans of up to $250,000 for a term of up to 3 years.

17.01.2022 Do you like the idea of having some degree of control and certainty about your business finances? After all, your business is there to serve you and your lifestyle, you shouldn’t be a slave to it. Here are three must have business tools that are essential to regain the control: https://clearlyprofitable.com.au//how-to-regain-control-o/ #smallbusinesstips

16.01.2022 Do you design your business profitability and financial rewards you take form your business or do you leave it to chance? Is profit from your business a leftover after all materials, contractors and expenses have been paid or is it a starting point and a priority that you set up up front as a goal that you are aiming for? The approach I recommend is to design the profit first and reverse engineer all other variables that determine profitability to build that profit goal. The ...same can be done with your salary or drawings you take from the business. It can be set up first and all else reverse engineered to achieve the desired number. Let’s not take scraps from our businesses. Even if your current salary and profit figures are not what you would like, you can take small steps to improve them. You can start by simply writing down the figures you want and working backwards on mark-ups and profit margins, sales, direct and indirect costs, making processes more efficient and using existing resources in more productive ways. See more

15.01.2022 This is how the economic stimulus package will support Australian businesses in response to #coronavirus. Cash flow boost of up to $25,000 for small and medium business employers. Increase in the instant asset write off threshold to $150,000 and accelerated depreciation deductions. Apprentice and trainee wage subsidies for small business.

12.01.2022 "If you win every job you are too cheap" - sounds harsh but is important to consider. Do you know what is your profit margin and how your pricing affects your profit? Here is a great short read on the issue of profitless volume.

12.01.2022 Having a positive mindset is the best thing we can do in this uncertain time. Our opportunity is to find ways to support each other. The fear and panic spreads much faster and wider than any virus does. Our fear multiplies the negative effect of the coronavirus by suppressing our immune systems and being more susceptible to it and by inducing fearful actions or inaction that may have devastating impact on the economy and our livelihoods. Our best chance for dealing with any challenge is to stay positive, be adaptive and innovative, and look for ways to help and support each other.

11.01.2022 Another read on #coronavirus stimulus for #smallbusiness.

10.01.2022 Here are 5 super simple steps to have a better profitability in your business. Step 1 - know your numbers Step 2 - have a budget Step 3 - have a great finance professional who can show you the numbers to know, do a budget for you/with you and who knows the right system to support you in increasing your profit! Step 4 - it won’t hurt if the finance professional knows your industry.... Step 5 - if you are in construction talk to us! (After following all these steps, you get a Bonus) Boom! You are on your way to a clearly profitable business, with visibility and control over your finances, with a system that allows you to design your profit, and a business that supports you and your family in the way you always wanted! Tips & warnings: all steps are extremely important, and neither is less important than the other, so it’s best to follow all of them, none of the steps will work on its own, but they are not sequential so can be follower in any order.

09.01.2022 Do you know what is your profit margin and how your pricing affects your profit? Here is a great short read on the issue of profitless volume.

04.01.2022 Looking for a little more work-life balance? Sometimes it seems impossible when you are in the thick of it. Here are some ideas that might help provide some light at the end of the tunnel. https://clearlyprofitable.com.au///07/finding-the-balance/ We love helping our clients achieve more balance in their life and business. Get in touch.

04.01.2022 Here are some good tips to follow, during this economic uncertainty many businesses face, on how to make sure you get paid by your customers. #smallbusinesstips

01.01.2022 Do you HAVE TO or do you WANT TO do bookkeeping for your business? There are different ways small business owners approach bookkeeping and accounting function in their business that have different implications for business financial performance. Some business owners view bookkeeping as an obligation that is enforced by law and something they HAVE TO do and some see it as a value adding function in their business that they WANT done as it is a key to their success.... Why you HAVE TO do bookkeeping? You have to do bookkeeping to fulfill the record-keeping obligation that enables tax lodgements and compliance enforced by ATO. For business owners who approach bookkeeping this way only, it is very likely that they fail to implement the other value adding side of bookkeeping and accounting processes in their business. One of the top reasons why businesses fail is a poor accounting function - leading a business and not knowing the numbers is like driving a car blindfolded. Why you WANT TO do bookkeeping and accounting for your construction business? When you want to do bookkeeping and accounting for your business you likely see it as a key business function that adds value to the business. It is a means to get insights into your job profitability, profit margin, overheads costs and overall profitability, controlling money in and out, and get into the driver seat with clear view of the direction where you are going. To take your business to the next level, bookkeeping and accounting is used as a tool to get valuable data about where you are at and use it to make great decisions about your business future and forecast where you want to be. To get to where we want to be, we need to know first where we are now. Plus, life is so much better if we actually do what we want to, instead of what we have to. So, there are two distinct ways of using bookkeeping and accounting in a business. We can use it only to satisfy legal compliance requirements, or in addition to compliance, we can use it as a key tool to build a better business. Which approach do you like more? At Clearly Profitable we love to empower construction business owners around their numbers by providing insights and measuring what matters for a construction business. Yes we can take care of the compliance side, but the real value comes from knowing your numbers. We help replace fear and uncertainty around finances with clarity, control and freedom.

01.01.2022 There are 395,000 building and construction businesses and 1.2 million people with jobs in our industry giving the giving the thumbs up to Scott Morrison (ScoMo...) for his comments after the National Cabinet meeting today. "Every day I can keep an Australian in work, every day ...The more we can do that, every day matters, because it matters to the person whose job it is, it matters to the business that has been built by someone over many years, it matters to their families, and that means it matters to me. Master Builders Australia knows that our industry can keep its people safe from Covid-19 and protect their livelihoods. That's why we are opposing any shutdown of the building and construction. Read more from Scott Morrison (ScoMo) speech below: I'm watching closely and am deeply concerned, as are all Premiers and Chief Ministers, by the devastating impacts on our economy and we will all be doing more to provide whatever support and assistance we can to help Australians and the businesses that employ them through this very, very difficult time. No decision that we're taking on the health front that has these terrible economic impacts is being taken lightly. Every day someone is in a job, for just another day, is worth fighting for. Where the health advice enables that, every day I can keep an Australian in work, every day I can get that little bit more of support by keeping those things running. The more we can do that, every day matters, because it matters to the person whose job it is, it matters to the business that has been built by someone over many years, it matters to their families, and that means it matters to me and it matters to all the Premiers and Chief Ministers. So, we will not take these decisions lightly. We will not take them for a matter of convenience because every decision we are taking we understand has very real personal impacts for individuals and for families, and individuals and for families, and the stresses that it can place upon them at the most difficult times.