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Stop Playing Around. It's Time to Commit.
Rhondalynn Korolak
Your financials are to your business what the scoreboard is at a sporting contest. Do you waste money and time chasing
new leads and sales instead of fixing your business and making it profitable?
If Financial Ignorance = Bliss. You'll Be Blissfully Broke…
Imagine for a moment that you are playing an important game of tennis. It's the club final and you are the favourite.
There is a big crowd and as the game progresses, everything seems to be going to plan. You're playing well and you're
winning points. Victory can't be far away. There is only one problem: there is no scoreboard and the umpire is keeping
score to herself. No one except her knows what's really going on.
Nevertheless, you plough on and despite being in the dark about the score, you feel positive that eventually she will
declare you the winner. You are so confident that you can't help but relax just a little. You start enjoying the party-like
atmosphere.
Then out of the blue, the umpire declares that it is match-point ... to your opponent! You can't believe it. You go back to
the baseline and set yourself up for this big point. But it's too late to get your mind back into gear and you hit the return
wide. The game is over, the final is lost. If only you'd been able to track the score during the game. You would have been
able to fight back earlier.
Are You Playing A Game of Scoreboard-less Tennis in Your Business?
Every day, hundreds of businesses operate as though they are playing a game of scoreboard-less tennis. Every month
the owner runs on feelings - no more than a guess about how well the business is traveling. A day or two after month
end, she will look to the 'umpire' - her accountant - who will give her the 'score' - her financials. And most times, her
perceptions will prove inaccurate and it is far too late to do anything about it. When things changed - when her
'opponent' started to get on top - she simply didn't see it coming.
Your financials are to your business what the scoreboard is at a sporting contest. Can you honestly say that you know
where you are and where you are going? Do you often look at your financials and wonder what they mean? Do you
waste money and time chasing new leads and sales instead of fixing your business and making it profitable?
Could Your Financials Use a Bit of Foreplay?
When is the last time you took two hours out of your week to print and look at your financial statements? If you are like
most small business owners, you never dreamed that the ability to understand how money works would be very
important. You thought: "That's for the accountant to worry about. Sure, the accountant shows me a few reports from
time to time, but I don't see the need to really understand what they mean. If there was a problem, she would tell me,
wouldn't she?"
You probably don't realise that all those numbers - the financial DNA of your business - can tell you a lot more than you
thought. They can tell you why you're suddenly struggling to pay the bills, why your business is not performing as well as
you thought and why you'll have to forego your salary - again - because there isn't enough cash.
The financials are the story of your business. Numbers don't lie. They are one of the few objective indicators of how your
business is performing and WHY. Regardless of any justifications you use to explain why your business is not performing
- the economy, the shortage of 'good' staff, the competition, the rent - the numbers tell the truth and can lead you to the
solution. You just need to learn HOW to use them to your advantage.
The BEST Way To Achieve Profitable Growth
You cannot achieve profitable growth in your business without first establishing that you are in fact profitable. Closing
more sales is not enough. It's a bit like spending 100% of your time practicing your serve while neglecting to watch the
scoreboard and practice your returns.
Break-even is one of the most simple and powerful calculations that you can use to measure and enhance your
profitability. A company is said to "break-even" for a period (usually a month) when its sales revenue catches up to its
costs. Specifically, accountants talk about break-even as the point where 'fixed costs' (rent, salaries, etc.) are matched
by 'gross profit margin' (sales revenue minus COGS).
Calculating your break-even each month and knowing specifically which day of the month you break-even, allows you to
hit the sweet spot of your company and make informed, strategic decisions about how to achieve growth that is
profitable for your bottom line. And that is the best way to hit an ace in your business.
SEE RHONDALYNN LIVE
Rhondalynn Korolak is a guest speaker at the Wealth from Business event which will be held in Sydney on 15 May.
Learn more about this event here.
From humble beginnings and despite formidable obstacles, to success as a leader, writer and entrepreneur, Rhondalynn
Korolak has learned what it takes to succeed. She is a lawyer, chartered accountant, clinical hypnotherapist and Master
of NLP and is considered a leading expert at business acceleration, influence and mental toughness. She is the author
of On The Shoulders of Giants and Financial Foreplay and is featured on/in national TV, Sunday Life magazine, 3AW,
The Leader, Kochie's Business Builders, MYOB, Grazia etc.
Name: Rhondalynn Korolak
Position: Managing Director
Company: Imagineering Unlimited
Phone: 0404 906 786
Email: [email protected]
Blog: www.imagineeringunlimited.com/blog
Twitter: www.twitter.com/rhondalynn
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Women in Business eNewsletter - 13 April 2010 - Australian...
http://www.abn.org.au/womeninbusiness/newsletterissue92/F...
A focus on what's important in business
Stop playing around. It's time to commit
Siimon Reynolds, author of Why People Fail
Putting business development into perspective
Are you avoiding your financial paperwork?
Upcoming Events
Your financials are to your business what the scoreboard is at a
sporting contest. Do you waste money and time chasing new leads
and sales instead of fixing your business and making it profitable?
Read Rhondalynn's strategies for achieving profitable growth
In his breakthrough book, Why People Fail, advertising
entrepreneur Siimon Reynolds explores the 16 most common/
prevalent causes of failure, in any field, and reveals smart solutions
for overcoming them and creating a successful, happy life.
Join us on 18 May when Siimon Reynolds takes part in Booked for
Lunch - Free Webinars with the world's leading business authors and
thinkers.
Read more about this BOOKED for Lunch presentation
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Women in Business eNewsletter - 13 April 2010 - Australian...
http://www.abn.org.au/womeninbusiness/newsletterissue92/F...
Welcome to this issue of
Women in Business.
"MentorNet provided me with a flexible business development
program that I can manage with my busy schedule," explains Denise.
"As a working Mum, in the most literal sense, more traditional ‘faceto-face' business development simply isn't an option."
Continue to how Denise put the critical issues of business
development into perspective and structured her work-load
more effectively
Are you focused on the parts
of business that make a
difference? Or, do you
sometimes get caught up
working on the unimportant?
This week Rhondalynn Korolak
challenges us to 'Stop Playing
Around'. Read her tips for
achieving profitable
growth.
Member Denise Hardingham
of Renaissance Stained Glass
tells how she balanced life
and work and put business
development into perspective
through the support she
received in the MentorNet
mentoring program.
AND
Have you buried your head in the sand when it comes to your
business financials? Do you know where your money is being spent
and how much money you have earned? You never know, your
business might be doing better than you thought!
Continue to Alycia's simple steps to get back on track
with your books
More Great Blog Posts:
It's Your Money, Collect It
Budget Basics: Business budgeting made easy
The next BOOKED for Lunch
speaker is multi-award
winning entrepreneur Siimon
Reynolds. He joins us on 18
May to discuss his new book
Why People Fail - The 16
obstacles to success and how
to overcome them. BOOKED
for Lunch - Webinars with
the World's Best Business
Book Authors.
Reserve your place today.
Enjoy this issue of Women in
Business. And, tell us what
you think.
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Budget Basics
21 April - National
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Women in Business eNewsletter - 13 April 2010 - Australian...
http://www.abn.org.au/womeninbusiness/newsletterissue92/F...
Advertise in the next issue of the Women in Business eNewsletter.
Email us or call 1300 720 120 for details about opportunities to drive
your message to over 11,000 customers.
Want to contribute an article to our future newsletters?
Share your expertise with our national audience of
businesswomen. Contact us here to express your
interest.
The basics of budgeting in
business, what to account for
and how to forecast and
review your financial situation.
Presented by ABN member
Sophie de Somerville,
PrecisionPays. more
Managing
Business
Performance
28 April - National
Ensure that your systems and
reporting are growing in line
with your needs and look at
ways to ‘notch up’ your game
when it comes to monitoring
your business performance.
Presented by ABN member
Alycia Edgar, Coastal
Accounting Services. more
BOOKED for Lunch
18 May - National
Join us on 18 May when
Siimon Reynolds, author of
Why People Fail, takes part in
BOOKED for Lunch - Free
Webinars with the world's
leading business authors and
thinkers. more
MentorNet
8 June - National
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Women in Business eNewsletter - 13 April 2010 - Australian...
http://www.abn.org.au/womeninbusiness/newsletterissue92/F...
Grow your business and
expand your knowledge with
the MentorNet mentoring
program. Develop a business
plan and get experienced help
to achieve your business
goals. Next program starts 8
June 2010. Early Bird ends
7 May. Save $$$. Apply for
a free 30-minute
consultation today. more
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