As a leader of your own business, you should allocate some time for education. I like this quotation "If you think education is expensive, think ignorance". The best investment is investing in yourself.
For a list of recommended books that you should read, go here
blog managed by MYOB Malaysia Professional Partner
Feb 25, 2009
Dec 25, 2008
Power of budgeting, and acting on it
This time last year I sat down and worked out how much I earned per hour for 2007, and wasn't too happy with the figure.
Earnings per hour = total annual sales / 2000 hours
Therefore I made a decision to increase it by 50%, and guess what? I have achieved my target revenue for 2008!
So now I am setting another target for 2009.
What about you?
How did I achieve my target revenue? I consciously have that figure in my mind, & will not take on jobs that pay me lower than that rate. Did it price me out of the market? I don't think so, because I know I provide a much higher value to my clients.
If you have a team of sales people working for you, you can extend this concept to each sales staff and you can work out how much they are worth to you per hour, and you will not want them to spend another minute longer on un-productive work!
Read also my take on Should you wash your own car
Earnings per hour = total annual sales / 2000 hours
Therefore I made a decision to increase it by 50%, and guess what? I have achieved my target revenue for 2008!
So now I am setting another target for 2009.
What about you?
How did I achieve my target revenue? I consciously have that figure in my mind, & will not take on jobs that pay me lower than that rate. Did it price me out of the market? I don't think so, because I know I provide a much higher value to my clients.
If you have a team of sales people working for you, you can extend this concept to each sales staff and you can work out how much they are worth to you per hour, and you will not want them to spend another minute longer on un-productive work!
Read also my take on Should you wash your own car
Dec 23, 2008
MYOB : Focus on SMEs
Surviving the Recession : Be prepared.
As a business owner, the current slowdown in the economy is the best time for you to sharpen your saw, put your house in order, and step up the marketing.
Managing the cashflow is one of the main concerns of all businesses, especially so for small and medium enterprises (SMEs). As the economy gets tougher, businesses need to be more efficient in managing their resources - money, people & time.
Knowing your numbers - your break-even sales , your fixed costs, your receivables, your payables, your stock level, your bank balance - will go a long way to help you plan your next move in the business.
And you cannot rely on the old-fashioned way - manual or using Excel spreadsheet to churn you those numbers fast enough. Most of us do not know enough of Excel spreadsheets to be able to produce reports that an accounting software can.
If you are one of those who's guilty of putting the receipts and bills in a shoebox for compilation at the end of the year, it's time you recognise that management tools like MYOB software are built to help you run your operations in a smarter, better and more efficient way.
Only by knowing your real financial health or state of your business, in real time, can you hope to grow and ultimately make more money.
Investing in tools like MYOB Accounting software is exchanging money for time.
And as a business owner, you should be aware of your real cost.
Adopting a management tool cost (lots of) money; while relying on the excel spreadsheets is 'free'. However, remember that every time you request a staff member to prepare a report that could otherwise be printed without any further effort, you are actually expending precious resources (time) which could be use for more productive tasks.
Quotable quotes
If you think education is expensive, try ignorance.
As a business owner, the current slowdown in the economy is the best time for you to sharpen your saw, put your house in order, and step up the marketing.
Managing the cashflow is one of the main concerns of all businesses, especially so for small and medium enterprises (SMEs). As the economy gets tougher, businesses need to be more efficient in managing their resources - money, people & time.
Knowing your numbers - your break-even sales , your fixed costs, your receivables, your payables, your stock level, your bank balance - will go a long way to help you plan your next move in the business.
And you cannot rely on the old-fashioned way - manual or using Excel spreadsheet to churn you those numbers fast enough. Most of us do not know enough of Excel spreadsheets to be able to produce reports that an accounting software can.
If you are one of those who's guilty of putting the receipts and bills in a shoebox for compilation at the end of the year, it's time you recognise that management tools like MYOB software are built to help you run your operations in a smarter, better and more efficient way.
Only by knowing your real financial health or state of your business, in real time, can you hope to grow and ultimately make more money.
Investing in tools like MYOB Accounting software is exchanging money for time.
And as a business owner, you should be aware of your real cost.
Adopting a management tool cost (lots of) money; while relying on the excel spreadsheets is 'free'. However, remember that every time you request a staff member to prepare a report that could otherwise be printed without any further effort, you are actually expending precious resources (time) which could be use for more productive tasks.
Quotable quotes
If you think education is expensive, try ignorance.
Oct 17, 2008
Is being self employed, being in business?
Running a business is not kid's play. When I first started out doing consultancy work, I thought I was in business. How wrong was I. I was merely changing employers.
As an employee, the boss is the paymaster. As a self employed person, I am the paymaster.
And as a paymaster you have to wear many hats and pick up many skills, FAST! You have to learn how to sell (your skills), learn how to manage people (employees, customers, suppliers), learn how to market your products (advertising, the media), learn how to operate the gadgets (and also learn how to fix the gadgets when it fails) and much much more.
Along the way, you pick up 'business skills' or 'entrepreneurial skills'.
Here's some quotes which i find relevant
Rory Laing
It’s serious, business, it’s not a game. And you put your heart and soul into it, otherwise don’t bother at all.
Michael Gerber
If your thinking is sloppy, your business will be sloppy. If you are disorganised, your business will be disorganised. If you are greedy, your employees will be greedy, giving you less and less of themselves and always asking for more.
Tacitus
Not because of any extraordinary talents did he succeed, but because he had a capacity on a level for business and not above it.
Warren Buffett
Many people who are smart, articulate and admired have no real understanding of business. That’s no sin; they may shine elsewhere. But they don’t belong on corporate boards.
Neil McConnelee
If you think you know everything then you probably don't understand much at all.
Peter Rip
There is only one way to grow the bottom line - make the business algebra actually work.
Anon
You’ll always get what you always got if you always do what you always did
Duke of Wellington
Call on a business man at business times only, and on business, transact your business and go about your business, in order to give him time to finish his business.
BC Forbes
The man who has won millions at the cost of his conscience is a failure
As an employee, the boss is the paymaster. As a self employed person, I am the paymaster.
And as a paymaster you have to wear many hats and pick up many skills, FAST! You have to learn how to sell (your skills), learn how to manage people (employees, customers, suppliers), learn how to market your products (advertising, the media), learn how to operate the gadgets (and also learn how to fix the gadgets when it fails) and much much more.
Along the way, you pick up 'business skills' or 'entrepreneurial skills'.
Here's some quotes which i find relevant
Rory Laing
It’s serious, business, it’s not a game. And you put your heart and soul into it, otherwise don’t bother at all.
Michael Gerber
If your thinking is sloppy, your business will be sloppy. If you are disorganised, your business will be disorganised. If you are greedy, your employees will be greedy, giving you less and less of themselves and always asking for more.
Tacitus
Not because of any extraordinary talents did he succeed, but because he had a capacity on a level for business and not above it.
Warren Buffett
Many people who are smart, articulate and admired have no real understanding of business. That’s no sin; they may shine elsewhere. But they don’t belong on corporate boards.
Neil McConnelee
If you think you know everything then you probably don't understand much at all.
Peter Rip
There is only one way to grow the bottom line - make the business algebra actually work.
Anon
You’ll always get what you always got if you always do what you always did
Duke of Wellington
Call on a business man at business times only, and on business, transact your business and go about your business, in order to give him time to finish his business.
BC Forbes
The man who has won millions at the cost of his conscience is a failure
Sep 16, 2008
My Raving Fan
Today I got a call from one MYOB user. He informed me that he is leaving his present employment to join another employer, and he never fails to keep me informed every time he makes an upward career move. This is his 4th move in 10 years. And every time he joins a new company, I get a new sale of MYOB software.
This user and I go back a long time, some 10 years ago. His first employment (an orthodontist) is one of my first few MYOB implementation. And being new to MYOB, I was not so well versed in all the features. And he being fresh from college, was not competent in computers or computerised accounting software. Together we preserved and finally implemented MYOB at the workplace.
The nurses enter the patients details, and prints and the sales receipt from MYOB Accounting software. The doctors get their sales report broken down into types of services, and the accounts department completes the payments to suppliers. I am proud of this implementation because till today, the nurses are still using MYOB system to issue the receipts to patients. The nurses come and go, but they managed to teach each other before they leave employment (that's how easy it is to transfer MYOB knowledge). So if the nurses can use MYOB Accounting in their daily work, there is no stopping others. (no offence meant to the nursing profession, just an example, of how easy it is to use MYOB)
I have many users who are my raving fans. Every time they change employment, they inform me, either to find a replacement for them, or to buy another MYOB software for their new employer. My comprehensive training, amongst others, does the trick, I guess.
This user and I go back a long time, some 10 years ago. His first employment (an orthodontist) is one of my first few MYOB implementation. And being new to MYOB, I was not so well versed in all the features. And he being fresh from college, was not competent in computers or computerised accounting software. Together we preserved and finally implemented MYOB at the workplace.
The nurses enter the patients details, and prints and the sales receipt from MYOB Accounting software. The doctors get their sales report broken down into types of services, and the accounts department completes the payments to suppliers. I am proud of this implementation because till today, the nurses are still using MYOB system to issue the receipts to patients. The nurses come and go, but they managed to teach each other before they leave employment (that's how easy it is to transfer MYOB knowledge). So if the nurses can use MYOB Accounting in their daily work, there is no stopping others. (no offence meant to the nursing profession, just an example, of how easy it is to use MYOB)
I have many users who are my raving fans. Every time they change employment, they inform me, either to find a replacement for them, or to buy another MYOB software for their new employer. My comprehensive training, amongst others, does the trick, I guess.
Aug 10, 2008
MYOB Asia launches latest version of MYOB Accounting software
MYOB Asia (the publisher of MYOB software for Asia) has launched the latest version of MYOB Accounting v18 and MYOB Premier v12. Also included in this latest launch is MYOB Premier Plus v12.
What's new in the latest version, as compared to the previous version? I want to highlight 2 new interesting features.
1. Spelling check.
Something seemingly unrelated to Accounting, but equally important if you want to present a professional image to your customers. MYOB software can now check the spelling in your sales, purchase and item information. It checks for misspelled words, and the user can have a choice to add the word to to the spelling dictionary or to ignore the word. For example, the word 'Petaling Jaya' is considered a misspelled word in the dictionary, but it is a valid spelling of the city I am living in! So I add it to the dictionary, and in future if I spelled it as 'Petalign Jaya' (which I always do), then it will highlight to me my typo error. Cool!
2. Enhanced search feature
There are now more options to sort information in the Cards,Items, Activities and Locations list. Example of search filters for Cards List are : phone number, email address, city and postcode, while for Items list, you can search by Primary supplier and Supplier Item number.
MYOB Premier Plus v12 has a new Payroll feature suitable for Malaysian companies.
Other features was introduced to make working in MYOB a breeze.
To learn more about the new features go to MYOB website
Note : Upgrading your file from an older version can be done in minutes. Try it out
What's new in the latest version, as compared to the previous version? I want to highlight 2 new interesting features.
1. Spelling check.
Something seemingly unrelated to Accounting, but equally important if you want to present a professional image to your customers. MYOB software can now check the spelling in your sales, purchase and item information. It checks for misspelled words, and the user can have a choice to add the word to to the spelling dictionary or to ignore the word. For example, the word 'Petaling Jaya' is considered a misspelled word in the dictionary, but it is a valid spelling of the city I am living in! So I add it to the dictionary, and in future if I spelled it as 'Petalign Jaya' (which I always do), then it will highlight to me my typo error. Cool!
2. Enhanced search feature
There are now more options to sort information in the Cards,Items, Activities and Locations list. Example of search filters for Cards List are : phone number, email address, city and postcode, while for Items list, you can search by Primary supplier and Supplier Item number.
MYOB Premier Plus v12 has a new Payroll feature suitable for Malaysian companies.
Other features was introduced to make working in MYOB a breeze.
To learn more about the new features go to MYOB website
Note : Upgrading your file from an older version can be done in minutes. Try it out
Jul 21, 2008
How to run an efficient restaurant business
The food business is people oriented. Most times good food comes with slow service. Not so with this Chinese restaurant
What makes this restaurant attract the crowd? It boils down to systemising the business. The owner has definitely covered most aspects of the bottlenecks that slows down a restauranter
1. Orderly system for the cooks. Each cook has a preparer assisting him. Thus the food can be cooked much faster and your food order is served at the same time.
2. When you ask for the bill, the waiter comes with the change. You hand him your money, he hands you the change.
3. The table is covered with plastic papers (not fine dining material, I know!), which is used to bundle-wrap the plates, bowls, cutlery and leftover food when the diner leaves. The next layer of plastic that covers the table is clean and is ready to seat the next diner. There is not need for the waiter to clean tables.
The owner clearly knows how to feed the hungry customer well.
What makes this restaurant attract the crowd? It boils down to systemising the business. The owner has definitely covered most aspects of the bottlenecks that slows down a restauranter
1. Orderly system for the cooks. Each cook has a preparer assisting him. Thus the food can be cooked much faster and your food order is served at the same time.
2. When you ask for the bill, the waiter comes with the change. You hand him your money, he hands you the change.
3. The table is covered with plastic papers (not fine dining material, I know!), which is used to bundle-wrap the plates, bowls, cutlery and leftover food when the diner leaves. The next layer of plastic that covers the table is clean and is ready to seat the next diner. There is not need for the waiter to clean tables.
The owner clearly knows how to feed the hungry customer well.
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