Helping entrepreneurs to stay on track financially
This week's speaker are Paul Brown and Nicole Capper.
Helping entrepreneurs to keep on track with their finances is something that Hirsch’s Entrepreneur Workshop hosts Margaret Hirsch (executive director, Hirsch’s) and business coach Marlene Powell, from Action Coach, are doing over the next two weeks.
Speakers at the last workshop, FinFind’s founder and CEO Darlene Menzies and Marlene, who worked in finance before buying her Action Coach franchise 12 years ago, started the ball rolling on the Cash Flow Is King topic.
This week, on Friday, July 3, from 11am to noon, the speakers will be Paul Brown, who was a lecturer in economics before joining Hirsch’s 15 years ago and today is their managing director and chief buyer, and Nicole Capper who has a solid business background, as well as being runner-up in Survivor and being crowned Mrs South Africa 2018.
READ: Equipping you and your business with survival tools
Addressing the almost 100 entrepreneurs on the Zoom platform, Darlene explained how money flowing in the business is extremely important.
“Where are you sitting on the financial front right now? The only way to keep on top of your cash flow is to do the numbers,” she said.
“It’s all about having those numbers at your finger tips.
“Find an accountant that talks your language. Make sure that you understand the system they are using.
“If you’re not on top of your numbers you can be peddling along happily and you won’t see the cliff coming, and that could be the end of your business.”
Marlene pointed out that if we simplify business and stick to what we know we should be able to manage our money correctly.
She explained business owners need to test and measure.
“Don’t panic. Get a reality check. You need to make sure you have monthly management accounts in place,” she said.
“If you steer away from finance, you won’t know what is happening in your business.
“You need to know how much is coming in and how much is going out. Also, find out how profitable are your clients?
“Are they helping you grow your business? If you get the basics right everything comes right.
“To be on top of your business you need to know your numbers, stay on top of your numbers.”
READ: Helping enterprises get through lockdown
Margaret rounded off the talks with an inspirational piece of advice.
“Think positively and draw on that courage that’s inside you. Make a point of helping someone in need and see what a difference it makes in their lives, and in your own,” she said.
Zoom into the next Entrepreneurs Workshop by clicking on the link: https://attendee.gotowebinar.com/register/5816507078739246608
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