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Recently I’ve been reviewing my app stack, aka - all the software subscriptions I pay on a monthly or annual basis and seeing if they still suit my needs or my budget.
I’m not proud to admit it but I did get a bit of ‘shiny object syndrome’ over the last 12 months and have subscribed to a few different apps simply because someone recommended it on InstaStories or I ‘needed’ it to grow and scale my business.
Newsflash - I didn’t need them and they didn’t all suit my needs.
So when I started assessing what I was using and how much it cost per month - I was shocked and felt a little sick. I believe we should see apps and software as an investment in our businesses however I can’t justify spending over $1,000 a month on software.
I first started working from home over 18 years ago but the technology available to small business owners to work remotely was pretty basic. I had my laptop, email, printer, fax machine, land line and a mobile which didn't work inside our house - only from the garage and beyond.
Working with clients interstate and internationally was hard work. Really hard work! The biggest hurdle of course was how do you work with someone who isn't in the same office? Well, you print and then post it or send a fax.
I look back now and I wonder how we actually got anything done. Clients would post big boxes of receipts and bank statements to us once a month or a quarter and then they'd have to wait as my team and I sorted through each document and processed their bookkeeping. We even ended up giving certain clients VPN access to our office server so they could log in remotely and use MYOB to do their invoicing.
At the time, you just put your head down and get...
Cash flow refers to the movement (or flow) of money into and out of your business. Generally, cash flows into your business when a customer pays you for your products or services. And cash flows out of your business when you pay a bill or have other expenses. Simple!
Good cash flow is when you have a steady stream of money coming into your accounts so that your expenses are covered.
Good cash flow is not only better for your stress levels as a small business owner (nothing worse than worrying about whether you have enough money to pay the bills), it can also mean the difference between a business that succeeds and one that fails.
Many small business owners will look to their profit margins to give them an indication of how well their business is running. But profit doesn’t tell the whole picture.
Your business may look profitable on paper, but if it’s tied up in assets like product...