Tip Of The Day #88 - Mentally Unbalanced Due to Your Balance Sheet?
preferredclientservices's podcast
Release Date: 10/16/2017
Tip Of The Day #101 - People Power
preferredclientservices's podcast
Grow your company by growing your people. Develop good people through good recruitment! When Vince Lombardi was asked how he managed to win so many championships, he told them he had winning players. Watch your people and make sure they are in the right career position. Find their strengths, discover their passions, and assign them tasks accordingly, so they can excel. Invest in the best equipment possible. Keep your technology up to date. Train your people by following these four simple steps. You do it. You do it with them. Hand the ball over, and watch them do it. Let them do it on their...
info_outline
Tip Of The Day #100 - That’s Right Neighbourly of Ya!
preferredclientservices's podcast
Thursday, Sept. 28/ 2017 will be Good Neighbor Day in the US, where it is actually a national holiday, originating back in the early 1970’s, thanks to the enterprising Becky Mattson, of Lakeside, Montana, who wanted a day set aside to celebrate the importance of maintaining a close-knit community. On September 22, 1978, President Jimmy Carter made National Good Neighbor Day an official date, stating that it should be observed: "with appropriate ceremonies and activities." Numerous cities in Canada and around the world seem to have established their own version of Neighbour’s Day held on...
info_outline
Tip Of The Day #99 - Success å la Job’s Top 10
preferredclientservices's podcast
I think you’ll agree that Steve Jobs knew a little bit about effectively running a business. Here are his 10 Rules For Success Don’t live a limited life, according to other people’s thinking. Don’t let their opinions drown out your inner voice. Have the courage to follow your heart and your intuition. Have Passion- If you’re not passionate about what you do, you will give up. You need to love your job and your life. Design for yourself – Is there something missing in your products that your clients want, and you cannot find it? Then make it! You are captain of your own ship....
info_outline
Tip Of The Day #98 - Remember Me!
preferredclientservices's podcast
Behavioral investigator and best-selling author, Vanessa Van Edwards cites five ways to make yourself the most memorable person in the room. Embrace your imperfections: Charismatic people are not perfect, but they’re confident in who they are and comfortable in their own skin. They know they have their flaws, and they don’t pretend otherwise. This makes them very memorable because we can relate to their imperfections. Don’t be afraid to show your own. Ask interesting questions. “How are you? Where do you work? Where do you live?” Bo-ring! Try to spark a more emotional response by...
info_outline
Tip Of The Day #97 - In The Beginning There Was Bookkeeping
preferredclientservices's podcast
In the beginning, there were numbers. Then Luca Pacioli of Florence, said, “Well, let’s add them up!”, and so it came to pass that Double Entry Bookkeeping was created, and Pacioli, born in 1447, became known, in Europe, as "The Father of Accounting and Bookkeeping", publishing the first work there ever on the double-entry system. Suddenly, people could organize their massive amounts of information into journals, and then produce summary financial statements, primarily comprised of income statements and balance sheets. The income statement showed total revenues minus total expenses over...
info_outline
Tip Of The Day #96 - Going Post-It Over Networking
preferredclientservices's podcast
Allow me to refresh your memory of the term, “Who Luck”, coined by leadership expert, Jim Collins, which refers to the happy circumstance of finding just the right connection you happen to need, by being in the right place, at the right time. So… here you are. Having gathered your courage, and that last ounce of strength after a long, overwhelming workday, you’ve actually made it to the networking event. What now? It’s bad form to stand by the entrance, ready to pounce on potential connections like a lion attacking a wounded gazelle. Hiding in the corner behind a plate of food...
info_outline
Tip Of The Day #95 - Your Attitude Latitude
preferredclientservices's podcast
You have the power to make or break your day…your week…your entire LIFE!!!! Your thoughts create the reality you see around you, and, in this world governed by the Law Of Attraction, what is “like” attracts “like”. Thus, your state of mind, your “attitude” at every given point in your waking day is of utmost importance. If your outlook is positive, and you are thinking uplifting, life-affirming thoughts, that’s exactly how you’ll perceive what’s going on around you. More and more positive will be attracted to you. Conversely, negative shame and blame just brings on more...
info_outline
Tip Of The Day #94 - QuickBooks Tricks
preferredclientservices's podcast
My many years of hands-on experience with the various accounting programs have taught me numerous tips and tricks that turn QuickBooks into Quicker. So today I’m going to dish up the inside scoop on my favorite QuickBooks shortcuts…for versions Enterprise, Premier, and Pro. Normally, to close an open window in QuickBooks, you click on the X. A faster way is to hit the Escape key. The open window will close immediately. In many instances, for documentation purposes, we need the ability to print a bill voucher to attach to vendor bills or payments. Simply, click Print from the Bill window....
info_outline
Tip Of The Day #93 - Take Power Over Your Program
preferredclientservices's podcast
As a business owner, do you feel annoyingly powerless when your bookkeeper complains about the shortcomings of slow and ponderous Sage, compared to the aptly named QUICKBooks? Thanks to Beverley Goodall of Evolution Business and Tax Advisors LLP, you can now impress your beloved bookkeeper with your program prowess, as you communicate with her in fluent “techno-numberspeak” while passing on these “sage”, time-saving tips. Warning: the following content may cause comas in some listeners. Refrain from listening to this while operating heavy machinery. Ready? Here we go! Struggling to...
info_outline
Tip Of The Day #92 - What’s on the edge of your T-Shirt?
preferredclientservices's podcast
'If you are not living on the edge, then you are already taking too much space.” It was a memorable day for me when my teenage son walked into the room with this cryptic statement emblazoned across his T-shirt. At the time, I can remember wondering if the teenage years were going to be the death of me, or the death of him! Looking back now, however, I wouldn’t trade any of the years with my children, teenage or otherwise, because of the tremendous joy they’ve brought me, not to mention the learning experience it’s been for me to view the world through their eyes. In essence, though,...
info_outlineUnderstanding your balance sheet keeps your finger on the pulse of your business’s “health”.
A balance sheet can be very revealing when it comes to the state your business is in on any given day, so you’re not just going to “drop your drawers” and expose yourself for anyone.
Basically, your total Assets are equal to your total Liabilities plus Owners’ Equity, (that being the owner's investment in the business minus the owner's draws or withdrawals from the business plus the net income (or minus the net loss) since the business began.)
Two important aspects that your bank will look at if you are applying for money are, first, your Working Capital which is your Current Assets minus your Current Liabilities.
The larger the Working Capital number is, the better. If it equals zero, showing you have no working capital, your lender will not be pleased.
Lending institutions also look at your Current Ratio which is defined as your Current Assets divided by your Current Liabilities.
The higher your current ratio is, the better, as well. If it only equals one, once again it means you have no working capital and your lender will not like this either.
These two calculations are measuring your business's liquidity. They basically indicate whether or not your business can meet its debt obligations when they become due. The more cash you have, the more likely you will be able to make it through the tough times, or the next recession.
Ironically, the less you look like you desperately need money, the more likely the financial institutions are to want to lend it to you.