Tag: profit

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Are you running a profitable business?

Are you sure?

What if you had to replace your own time with a suitable qualified/experienced alternate salary? Would you still be making a profit then?

Whilst I’d like to think that the answer is ‘yes’ there are a few reasons why it might not be the case.

  • You might be prepared to accept a lower ‘salary’ (perhaps a mix of salary and dividends) in exchange for more flexibility or being your own boss. Make sure that you don’t lose more income than you are intending.
  • You might be in a start up or growth phase of your business when you are working longer hours than expected. Make sure that this doesn’t go on too long or you may burn out. If you’ve been in business for over three years and aren’t happy with your profitability per hour then it may be time for some business advice.

I see far too many business owners (including accountants!) earning less than minimum wage. You may be doing something you love but you also deserve to earn a living from your work.

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Doing business on Deep Space 9 

I’m a bit of a scifi geek and I love the Quark character who owns the bar in Deep Space 9. He has some great business traits. And some bad ones! 

The good news is that Quark tracks his KPIs (on an hourly basis which is probably overkill!).  

In Season 2 Episode 10* Quark has enlisted a musician to draw more visitors to the bar BUT the musician is so good that nobody is actually drinking or buying food. He talks about his indicators which feed into his projections which in turn lead to profits.  

In one of my businesses I track speaking events because the more I speak, the more enquiries I get for coaching and courses. In another I track networking and ‘coffee’ meetings as relationship building leads to more referrals. 

What lead indicators do you track in your business that you know will lead to more profits in time? 

*in case you want an excuse to watch it  

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I want you to pay more tax

If you make more profit you will usually end up paying more tax BUT you also get to keep more for yourself so everybody wins.

Whilst Minerva Accountants is mainly about the compliance work of keeping businesses legal and providing management information the main business, Hudson Business Advice, is about helping business owners to build a better business.

Whether you want more profits, more time, or to increase the value of your business prior to sale you need to do the same sort of things,
– Systemise the business so that it can run independently of you and can be scaled more easily
– Automate where appropriate as this will minimise manual errors and save time
– Let go and delegate, whether to employees, outsourced services, or experts

You can come along to our free webinars or join me on one of our courses or group or individual coaching. The accountability ensures that you will take action to improve your business. And pay more tax.

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