Transcript Slide 1

How every SMME
can achieve
Financial Success!
Introduction
According to recent research, which included over 5,000
SMEs across 18 countries and 10 industries. Small and
midsize companies often try and make do with financial
systems they have outgrown, or which operate in isolation
from other core business systems.
Even as far back as the 18th century we have a prime
example of inadequate financial management.
Thomas Chippendale, the English cabinet and chair maker,
bore many of the hallmarks of the modern entrepreneur.
His marketing expertise and reputation as a master
craftsman brought a constant stream of rich, aristocratic
clients to the door of his London studio, and his furniture
designs were so advanced and so stylish that they are still
in widespread use today.
But Chippendale's apparent success conceals a
cautionary tale. Consumed by his quest for quality
workmanship and client satisfaction, he overlooked the
need for solid financial management. Despite years of
sustained market demand, he never managed to make
the business profitable.
Modern businesses can learn a lot from Chippendale's
mistakes. It is just as true today that the best products
and the best marketing in the world are of no avail if the
financial side of the business is not adequately managed.
Most of today's small and midsize businesses face the
same age-old difficulties of controlling cashflow, justifying
capital expenditure, negotiating favourable deals with
suppliers, balancing quality and costs, and predicting
market demand
We’ve all heard stories of people who have made loads
of money through their business ventures, only to see it
all wilt away with poor financial management.
In the recent past, and closer to home.
A man I’m sure a lot of us have heard of, Lebo Gunguluza,
Chairman of Gunguluza Enterprises and Media. He is also
the president of SABEF (The South African Black
Entrepreneurship Forum)
QuickBooks Ambassador, Lebo Gunguluza
Millionaire in his twenties.
Broke in his thirties.
Multi-millionaire in his forties.
His story reads like something you would have imagined
coming out of a novel or a Hollywood movie.
But even by his own admission, his past failures were a result
of poor financial management.
Traits of QuickBooks Successful Business
Owners
1.Cater to customers – putting yourself in the customer’s
shoes.
The products and services of a successful business
improves people’s lives. No amount of venture capital can
help a business if it doesn’t at least provide good products
or services. Successful business owners make every effort
to find out why customer either do or do not come back.
The ability to emphasise with the customer helps them to
understand the real value in what they do for them.
Traits of QuickBooks Successful Business
Owners
2.Learn from mistakes – everybody makes them.
We all make mistakes, but winners take them in their
stride and look at them as valuable lessons.
3.Do you what you love.
Starting your own business is risky and running it is even
more challenging. Only the thing you really love is worth
it. Using QuickBooks takes the hassle out of doing your
books, so that you can focus on what you love – managing
and growing your business.
Traits of QuickBooks Successful Business
Owners
4.Focus on your strengths and hire out the rest.
Don’t try to do it all yourself. Be honest about what you
are good at and what not, as this will free up your time to
do the things you excel at and love doing. We have seen
how adding technology can improve the operations of any
business as this eliminates the need for redundant data
entry and really frees up a entrepreneur to do what they
do best.
Traits of QuickBooks Successful Business
Owners
5.Hire an Accountant.
Almost all the customers we speak to stress the
importance of having solid financial information to guide
business decision making. Accounting is not the strong
point of most entrepreneurs, but they still need to know
where their money is coming from and where it is going
to – That’s where QuickBooks comes in.
Traits of QuickBooks Successful Business
Owners
6.Measure and monitor every aspect of your business.
If you are using QuickBooks you have the means to
measure and regularly monitor your business from best
customers to worst selling items to who is overdue in
paying invoices. Make sure you know what’s going on.
Traits of QuickBooks Successful Business
Owners
7.Know when to hold em; know when to fold em.
Successful small businesses choose wisely, whether its
customers, location, product lines, employees, vendors or
jobs. You need to be willing to walk away from the ones
that harm your business or take you in a different direction
than the one you want to go on.
Traits of QuickBooks Successful Business
Owners
8.Build a strong team.
Entrepreneurs can’t do it all themselves, even though
they want to at times. A better option is to build a team of
smart professionals who know more than you do about
their area of expertise.
Traits of QuickBooks Successful Business
Owners
9.Attract, build and maintain capital.
Even if you don’t need money to get your business off the
ground, building and maintaining capital, give businesses
security to weather a storm or invest in growth. Cash in
the bank is a powerful tool for success, as this can fund
long-term projects, it also means you can say no to less
profitable clients and survive the ups and downs of the
natural business cycle.
Traits of QuickBooks Successful Business
Owners
10.Committed.
Owning your own business isn’t a hobby, it’s a lifestyle. But
sticking with it takes strong commitment, and its more
than just hard work. When there’s a commitment, there’s
success.
11.Charisma.
Your potential customers want to do business with
someone they like. Charisma and people skills are thus
essential as people want to do business with those that
excite and invoke confidence.
Traits of QuickBooks Successful Business
Owners
12.Know they will succeed.
Decide that your business will succeed instead of just
hoping it will. Time and time again entrepreneurs scrape
by, nearly going broke to make it all happen. Some power
from within drives them to push forward, no matter the
consequences, because they believe they will succeed.
Without this drive, no-one would choose or be able to
stomach the roller coaster ride of starting a business
Traits of QuickBooks Successful Business
Owners
13.Know Where They Want to Go
As the leader to whom others look for vision and
inspiration, you must move away from the day-to-day
business operations and gain perspective. Examine your
company with the eyes of an outsider. Work on your
business instead of in it. Begin with a written plan that will
become a road map to help you move forward and grow
your business.
Conclusion
Whilst hard work, passion and perseverance can help
you to attain many of your business goals. The biggest
factor influencing the success of modern business, is
sound financial management. Having this knowledge
offers the business owner insight into the state of their
business, which in turn gives them the power to make
informed management decisions.
Let QuickBooks help you to take control NOW!
Thank You