MAKE YOUR MONEY WORK FOR YOU

MAKE YOUR MONEY WORK FOR YOU

Are you a business owner who is always struggling to make ends meet? Are you wondering why your sales turnover is high but as soon as your customers pay you, the money goes out straight away to pay your suppliers and your staff. Then there’s hardly any left over to pay your taxes and BAS obligations to ATO, much less, to yourself.

You’re not alone. There are many other business owners in your shoes, also grappling with this issue of cash flow and money.

In his book, ‘You Call the Shots’, Cameron Johnson shares the following thoughts about making your money work for you.

One of the most important qualities of the most successful entrepreneurs is that they appreciate the true value of money and pay close attention to how they manage it. Good money management isn’t a minor detail; it’s often the difference between lasting success and the kind of success that quickly crumbles into failure.

New entrepreneurs often make the mistake of thinking that the purpose of building a business is to make money. But money isn’t an end to itself; it’s only a tool. At first it’s a tool to help you build and grow your business further. Later, once your business is off and running, it becomes a tool for building financial security and retirement. It also can become a tool for starting additional new businesses. The key point is that your money is a tool for accomplishing what you want to accomplish – and that only happens when you control it. If you take care of your money, your money will take care of you. If you don’t, it can enslave you.

If you want to successfully start and grow your own business, you need to have a firm grasp on basis money management skills. This is something you cannot delegate to people you hire, and even later, if your business grows large enough to warrant an accounting staff, all the really important financial decisions have to come from you – and you can’t make those decisions clearly unless you have a solid grasp of how your cash flow is running.

A lot of people out there don’t think about how they’re managing their money or their credit. As soon as they get a pay cheque, they spend it. They find themselves with credit cards with a $5,000 limit, and the next thing you know, they’re paying the minimum payment – “Hey, it’s only $30 a month” and they’re $8,000 in debt. What they don’t realize is that by not being in control of their money, they’re letting their money control them – and that can have long range consequences.

That kind of debt is the entrepreneur’s worst nightmare.

The biggest problem in business today is that people spend more than they have; they let expenses grow more than income; and they try to become too big too fast. This is no different from the way so many people overextend their credit cards, just on a much large scale.

And here’s the thing: the basics of cash flow are simple. You don’t need a business course to learn this. You just need to be determined to stay on top of your finances and make your money work for you.

If you need assistance with forecasting, budgeting, cash flow management, bookkeeping, maintaining and understanding your financial records, contact us today. We’ll help you to join the dots to make sense of the numbers and set up a plan to take control of your finances.

Leave a Reply

Quote

captcha

Moumita Ghosh
Moumita Ghosh
2020-11-18
Verified review
We've been meeting Dayan for years now and he is great with his advice and is very knowledgeable and pragmatic. We recently used his services to get the home loan for our house and he and his team went above and beyond to get us the best possible deal. Ishara in his team was super communicative and responsive in following through and made the process very easy for us. Highly recommend them!
Cara Neela
Cara Neela
2020-10-24
Verified review
Dayan and Hasi are wonderful, wouldn’t hesitate to recommend them! They went through all with a fine tooth comb to ensure all was correct. Thanks to you both and the Opulent team!
Jason Barry
Jason Barry
2020-09-29
Verified review
I was looking for a different accountant and was recommended to Opulent Accountants. I have been blown away with there service. I wish I moved accountant sooner. Platinum Plumbing Enterprises P/L
Afshin Koohestani
Afshin Koohestani
2020-09-10
Verified review
Uditha Illeperuma
Uditha Illeperuma
2020-09-08
Verified review
Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
Dinesh Fernando
Dinesh Fernando
2020-09-03
Verified review
Very happy with the service provided in getting my tax returns done. Mr. Dayan is very helpful and professional and has extensive knowledge in his field of expertise. Highly recommend if you are looking for a hassle free and prompt service.
Ronald Turner
Ronald Turner
2020-07-16
Verified review
Opulent were absolutely fantastic to deal with, they are competitively priced and incredibly proactive and friendly. For me I have been much better off using their fantastic services as opposed to doing tax returns myself. Sum was amazing, incredibly knowledgable and super friendlyI'll certainly be back with Opulent next year
Milinda Wickramasinghe
Milinda Wickramasinghe
2020-07-05
Verified review
Opulent team has been fantastic and it has been truly a pleasure dealing with the team for more than 10 years. Dayan and Ishara have gone above and beyond to assist and communicated with me even when I was overseas. Excellent service has being provided in a professional and timely manner. I would highly recommend the team.
Chami Ranaweera
Chami Ranaweera
2020-04-28
Verified review
I have been working with Dayan last 9 years. All of my loans, refinance and tax are done through Opulent.Dayan and his team including Ishara are very helpful and easy to deal.
Edmund Lobo
Edmund Lobo
2019-12-02
Verified review
We were new entrants to the cattle farming scene. All the rules and regulations surrounding primary production can be very confusing. The team at Opulent Accountants walked us through all the steps, set up the necessary ABNs and Company / Trust accounts, filed the related pending BAS and Tax returns, and is currently keeping us up-to-date with all ATO related transactions. We recommend them highly to all.