As it’s the start of Feb and we are well into 2024 it’s time to get your goals on track. Tune in for the tools you need to grow your business, get more profitable, and have more cash in the bank!
PSA – Nominations are now open for the Drunkies! send your nominations or DM us on any of our platforms.
TIM & DANLOW [1:13] It’s a special Tim & Danlow today, 12 months in the making. The guys have finally gotten their Dexa Scans! We unfortunately don’t have Jay with us on his annual episode, but we will get him on shortly. In the meantime, Tim and Dan talk about their results and compare them.
BUSINESS UPDATE – SPONSORED BY CATS ACCOUNTANTS [17:49] Interest rates on hold. Inflation rates are lowering. There could be 2 interest rate drops this year! and yay, the stage 3 tax cuts have been passed and will roll out at the end of the financial year.
Tim’s Tight Ass Tip DAN’S DOLLAR SAVERS [20:53] Don’t forget about your member benefits! The CPA membership has come through with the goods (about time) to offer a deal on car hire in Tassie. Half the cost! Half! So, check out your member benefits, there could be some hidden dollars to save.
MAIN TOPIC [23:34] We are doing a refresher on the tools you need to grow your business, be more profitable, and have more cash.
- Bottom-up budgeting (where you want to go) – Start with what you want. What do you want to take from the business? How much do you want to earn etc. Now gross it up for tax, add in overheads, Now divide by 60 x 100 = sales figure. Now you have a sales target! Are you earning enough to meet the goal you set at the beginning? We didn’t think so, move on to stage 2.
- 7 ways to grow your business (How to get to where you want to go) – This is the Framework around how to fill the gaps you might have from the above exercise.
- Retention rate – how well do you retain customers?
- New Leads
- Converting Leads into actual sales.
- How often do those customers buy from you?
- Transaction value – is it time to increase prices?
- Improving gross profit margins –
- Improve your overheads – find better deals and get rid of expenses you don’t need. Trim the fat.
- Bank account cash flow system. (Making it happen)
- Revenue – Sales goal is easily visible here.
- Operating Expenses
- Tax
- Profit
- Owners Wages
OTHER THING [40:12] Tim has been improving his watering game with new technologies. Dan had a round of Golf with some of the team from CATS Accountants & Mortgage Choice Wyong then decided to sharpen his skills further with a round at the driving range at kincumber.
RESOURCES & LINKS
- Past Ep – Love Your Business – By Loving Yourself
- Past Ep – 7 Ways to Grow
- Past Ep – Bottum Up Budgeting
- Past Ep – Profit First
- Get your Dexa Scan Here
- Tim’s other thing The Orbit B-Hyve Smart Watering Timer
- Dan’s Other Thing – Kincumber Driving Range