Queen of Profit

Queen of Profit Several years ago a client called me the Queen of Profit and it stuck!

As an award winning accountant I know how important numbers are in business and profit is the lifeblood - without this and cash itโ€™s a struggle to stay in business. My clients call me the Queen of Profit, as the name suggests Iโ€™m right royally great at helping you make more profit in your business... Fast!

๐˜ฟ๐™ค ๐™ฎ๐™ค๐™ช ๐™›๐™ž๐™ก๐™š ๐™ฎ๐™ค๐™ช๐™ง ๐™ค๐™ฌ๐™ฃ ๐˜พ๐™ค๐™ข๐™ฅ๐™–๐™ฃ๐™ฎ ๐˜ผ๐™˜๐™˜๐™ค๐™ช๐™ฃ๐™ฉ๐™จ? If itโ€™s a yes, then there are some changes you must be aware of or you will be fi...
15/07/2025

๐˜ฟ๐™ค ๐™ฎ๐™ค๐™ช ๐™›๐™ž๐™ก๐™š ๐™ฎ๐™ค๐™ช๐™ง ๐™ค๐™ฌ๐™ฃ ๐˜พ๐™ค๐™ข๐™ฅ๐™–๐™ฃ๐™ฎ ๐˜ผ๐™˜๐™˜๐™ค๐™ช๐™ฃ๐™ฉ๐™จ?

If itโ€™s a yes, then there are some changes you must be aware of or you will be fined!

From 1 April 2027, all companies will need to file their annual accounts using compliant commercial software, which means that you can no longer log into Companies House and submit from here. You have plenty of time to prepare from now which is one full accounting year, plus 9 months, to make the switch (a total of 21 months).

If you are already filing your accounts using software, you do not need to take any action.

Their other online services will stay the same so you will still be able to file other documents such as confirmation statements and director updates.

The changes are being introduced as part of a broader reform package under the Economic Crime and Corporate Transparency Act 2023.

The changes will improve the accuracy and quality of the data on your register and reduce errors and formatting issues as well as speeding up processing times and helps Companies House detect and prevent fraud by reducing the risk of deliberate misuse of the minimal disclosure options to hide money laundering and other fraudulent activity.

One of the changes is to make basic profit and loss information available on the register to help you access credit, including trade credit lending, as well as to provide confidence for those who want to do business with your company.

For more information go to https://www.gov.uk/guidance/using-software-to-file-your-companys-information

Tip: Remember to check with your software provider to make sure youโ€™re ready.

How to send information to Companies House using using commercial software.

๐—ฃ๐—ฟ๐—ฒ๐—ฐ๐—ถ๐˜€๐—ถ๐—ผ๐—ป ๐—ฝ๐—ฟ๐—ฎ๐—ฐ๐˜๐—ถ๐—ฐ๐—ฒThis weekend I have been invited to present a workshop at ๐—ง๐—ต๐—ฒ ๐—ฅ๐—ผ๐˜†๐—ฎ๐—น ๐—–๐—ผ๐—น๐—น๐—ฒ๐—ด๐—ฒ ๐—ผ๐—ณ ๐—ฃ๐—ผ๐—ฑ๐—ถ๐—ฎ๐˜๐—ฟ๐˜† - ๐—ฆ๐—ฐ๐—ผ๐˜๐˜๐—ถ๐˜€๐—ต ๐—–๐—ผ๐—ป...
21/05/2025

๐—ฃ๐—ฟ๐—ฒ๐—ฐ๐—ถ๐˜€๐—ถ๐—ผ๐—ป ๐—ฝ๐—ฟ๐—ฎ๐—ฐ๐˜๐—ถ๐—ฐ๐—ฒ

This weekend I have been invited to present a workshop at ๐—ง๐—ต๐—ฒ ๐—ฅ๐—ผ๐˜†๐—ฎ๐—น ๐—–๐—ผ๐—น๐—น๐—ฒ๐—ด๐—ฒ ๐—ผ๐—ณ ๐—ฃ๐—ผ๐—ฑ๐—ถ๐—ฎ๐˜๐—ฟ๐˜† - ๐—ฆ๐—ฐ๐—ผ๐˜๐˜๐—ถ๐˜€๐—ต ๐—–๐—ผ๐—ป๐—ณ๐—ฒ๐—ฟ๐—ฒ๐—ป๐—ฐ๐—ฒ ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฑ ๐—ถ๐—ป ๐—š๐—น๐—ฎ๐˜€๐—ด๐—ผ๐˜„ and Iโ€™m very excited! The subject Iโ€™m speaking about applies to any business as itโ€™s on the ๐—ฃ๐—ผ๐˜„๐—ฒ๐—ฟ ๐—ผ๐—ณ ๐—ก๐—ถ๐—ฐ๐—ต๐—ถ๐—ป๐—ด ๐—ณ๐—ผ๐—ฟ ๐—ฆ๐˜‚๐˜€๐˜๐—ฎ๐—ถ๐—ป๐—ฎ๐—ฏ๐—น๐—ฒ ๐—š๐—ฟ๐—ผ๐˜„๐˜๐—ต.

Letโ€™s face it, itโ€™s really hard to do everything really well and to help the Podiatrists Iโ€™m sharing over 27 years of my experience in advising small business owners on how to focus and be more successful by focusing on a niche!

Iโ€™ll be covering Four Key Points you and they need to understand and be aware of to exploit the power of niching including:

- Understand niching
- Explore the benefits and challenges
- Look at some real-world examples
- Learn how to identify and implement

As you may have found it can be difficult to stand out in todayโ€™s competitive environment and by ๐—ป๐—ถ๐—ฐ๐—ต๐—ถ๐—ป๐—ด it lets you deepen your expertise and attract more ideal clients โ€“ the ones that value you more and your unique offering.

So if youโ€™re a Podiatrist going along to the conference on Saturday I look forward to seeing you there, for anyone else in business start looking at how you can niche so you too can enjoy sustainable growth!

Making Tax Digital (MTD) has been spoken about for quite a while, so hopefully itโ€™s not the first time youโ€™ve heard abou...
08/04/2025

Making Tax Digital (MTD) has been spoken about for quite a while, so hopefully itโ€™s not the first time youโ€™ve heard about it. But it is something you need to be aware of. So to keep you up to date on what is happening with Making Tax Digital here is our handy guide.

As part of HMRCโ€™s initiative to reduce the tax gap and digitise tax, MTD is being introduced and will affect you if you have self-employment or property income. Here are the timescales and thresholds:

ยท From April 2026 โ€“ if your total business and property income is over ยฃ50,000
ยท From April 2027 - if your total business and property income is over ยฃ30,000
ยท From April 2028 โ€“ if your total business and property income is over ยฃ20,000

What does this mean for you? You need to:

ยท Keep digital records of your income and expenses, using MTD-compatible software
ยท Submit quarterly updates to HMRC
ยท Provide a โ€˜Final declarationโ€™ by 31 January after the end of the tax year. This will replace the current self-assessment tax return

If you already submit VAT returns under MTD using accounting software, then you will be familiar with the digital record-keeping requirements.

However for those that are not familiar with it this is what will be happening.
Your total income for the 2024-25 tax year will determine if you are affected. As soon as you have prepared your tax return for that period but please do check with your accountant whether you will be required to do so or not. Incidentally HMRC are also writing to those they think are likely to exceed the thresholds so be prepared to receive a letter from them in the very near future.

Remember failure to comply with these requirements could result in penalties. Importantly HMRC is introducing a points-based system, meaning that you wonโ€™t necessarily have to pay a ๏ฌne for the occasional slip-up. But, keeping up to date with your new ๏ฌling obligations will be essential.

Itโ€™s important to understand that MTD wonโ€™t change the amount of tax you have to pay, or the date you need to pay it by.

Once embedded into your daily processes, more accurate digital record-keeping can bring some practical bene๏ฌts including:

ยท Better ๏ฌnancial visibility โ€“ real-time insights into your income, expenses, and tax liabilities
ยท Improved record-keeping โ€“ reducing errors and last-minute panic at year-end
ยท More control over tax payments โ€“ knowing whatโ€™s due in advance may help with budgeting
ยท Potential opportunities to do some tax planning - in advance of the year end to try and save tax where you can

Good news for now is thereโ€™s nothing you need to do right this minute. If you think you will be affected get in touch with your accountants or give us a call as we always help our clients ensure everything is in place well before any deadlines.
Have a great week

๐—›๐— ๐—ฅ๐—–โ€™๐˜€ ๐Ÿฑ,๐Ÿฌ๐Ÿฌ๐Ÿฌ ๐—ก๐—ฒ๐˜„ ๐—–๐—ผ๐—บ๐—ฝ๐—น๐—ถ๐—ฎ๐—ป๐—ฐ๐—ฒ ๐—ข๐—ณ๐—ณ๐—ถ๐—ฐ๐—ฒ๐—ฟ๐˜€: ๐—ช๐—ต๐—ฎ๐˜ ๐—œ๐˜ ๐— ๐—ฒ๐—ฎ๐—ป๐˜€ ๐—ณ๐—ผ๐—ฟ ๐—ฆ๐—บ๐—ฎ๐—น๐—น ๐—•๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—ข๐˜„๐—ป๐—ฒ๐—ฟ๐˜€HMRC is intensifying its compliance efforts...
06/02/2025

๐—›๐— ๐—ฅ๐—–โ€™๐˜€ ๐Ÿฑ,๐Ÿฌ๐Ÿฌ๐Ÿฌ ๐—ก๐—ฒ๐˜„ ๐—–๐—ผ๐—บ๐—ฝ๐—น๐—ถ๐—ฎ๐—ป๐—ฐ๐—ฒ ๐—ข๐—ณ๐—ณ๐—ถ๐—ฐ๐—ฒ๐—ฟ๐˜€: ๐—ช๐—ต๐—ฎ๐˜ ๐—œ๐˜ ๐— ๐—ฒ๐—ฎ๐—ป๐˜€ ๐—ณ๐—ผ๐—ฟ ๐—ฆ๐—บ๐—ฎ๐—น๐—น ๐—•๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—ข๐˜„๐—ป๐—ฒ๐—ฟ๐˜€

HMRC is intensifying its compliance efforts, and as a small business owners you need to take notice. The tax authority has announced plans to recruit 5,000 new compliance officers, significantly expanding its enforcement capabilities. But what does this mean for you as a business owner?

๐—œ๐—ป๐—ฐ๐—ฟ๐—ฒ๐—ฎ๐˜€๐—ฒ๐—ฑ ๐—ฆ๐—ฐ๐—ฟ๐˜‚๐˜๐—ถ๐—ป๐˜† ๐—ผ๐—ป ๐—ง๐—ฎ๐˜… ๐—–๐—ผ๐—บ๐—ฝ๐—น๐—ถ๐—ฎ๐—ป๐—ฐ๐—ฒ

With a larger compliance team, HMRC will have more resources to investigate tax returns, check for irregularities, and ensure businesses are paying the correct amount of tax. This means greater scrutiny of tax records, VAT submissions, and payroll compliance. If your accounts are not up to date or contain errors, the risk of an investigation will increase. If you get an investigation they will trawl through everything and if you have been claiming for things that are not allowable, they could go delve back into your records for years.

๐—™๐—ผ๐—ฐ๐˜‚๐˜€ ๐—”๐—ฟ๐—ฒ๐—ฎ๐˜€ ๐—ณ๐—ผ๐—ฟ ๐—›๐— ๐—ฅ๐—–

HMRC has been clear about its key focus areas, which include:

โ€ข ๐—ฉ๐—”๐—ง ๐—–๐—ผ๐—บ๐—ฝ๐—น๐—ถ๐—ฎ๐—ป๐—ฐ๐—ฒ โ€“ Ensuring businesses correctly charge, report, and pay VAT.
โ€ข ๐—ฃ๐—”๐—ฌ๐—˜ ๐—ฎ๐—ป๐—ฑ ๐—ฃ๐—ฎ๐˜†๐—ฟ๐—ผ๐—น๐—น โ€“ Verifying that employers are correctly reporting and paying employment taxes.
โ€ข ๐—–๐—ผ๐—ฟ๐—ฝ๐—ผ๐—ฟ๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—ง๐—ฎ๐˜… ๐—ฎ๐—ป๐—ฑ ๐—ฆ๐—ฒ๐—น๐—ณ-๐—”๐˜€๐˜€๐—ฒ๐˜€๐˜€๐—บ๐—ฒ๐—ป๐˜ โ€“ Checking for underreported profits or incorrect expense claims.
โ€ข ๐—™๐—ฟ๐—ฎ๐˜‚๐—ฑ ๐—ฃ๐—ฟ๐—ฒ๐˜ƒ๐—ฒ๐—ป๐˜๐—ถ๐—ผ๐—ป โ€“ Cracking down on businesses suspected of tax evasion or abuse of government schemes.

๐—ช๐—ต๐—ฎ๐˜ ๐—ฆ๐—บ๐—ฎ๐—น๐—น ๐—•๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—ข๐˜„๐—ป๐—ฒ๐—ฟ๐˜€ ๐—ฆ๐—ต๐—ผ๐˜‚๐—น๐—ฑ ๐——๐—ผ

๐Ÿญ. ๐—ฅ๐—ฒ๐˜ƒ๐—ถ๐—ฒ๐˜„ ๐—ฌ๐—ผ๐˜‚๐—ฟ ๐—ฅ๐—ฒ๐—ฐ๐—ผ๐—ฟ๐—ฑ๐˜€

Make sure your financial records are accurate, up to date, and properly documented. Regularly reviewing accounts will help you identify and fix any discrepancies before HMRC does.

๐Ÿฎ. ๐—˜๐—ป๐˜€๐˜‚๐—ฟ๐—ฒ ๐—ฉ๐—”๐—ง ๐—ฎ๐—ป๐—ฑ ๐—ฃ๐—ฎ๐˜†๐—ฟ๐—ผ๐—น๐—น ๐—–๐—ผ๐—บ๐—ฝ๐—น๐—ถ๐—ฎ๐—ป๐—ฐ๐—ฒ

If youโ€™re VAT-registered, double-check your VAT returns. If you have employees, ensure PAYE deductions and National Insurance contributions are accurate and paid on time.

๐Ÿฏ. ๐—ฆ๐—ฒ๐—ฒ๐—ธ ๐—ฃ๐—ฟ๐—ผ๐—ณ๐—ฒ๐˜€๐˜€๐—ถ๐—ผ๐—ป๐—ฎ๐—น ๐—”๐—ฑ๐˜ƒ๐—ถ๐—ฐ๐—ฒ

With HMRC increasing its compliance checks, having an accountant or financial advisor can help you stay on top of tax regulations and reduce the risk of costly mistakes.

๐Ÿฐ. ๐—ฃ๐—ฟ๐—ฒ๐—ฝ๐—ฎ๐—ฟ๐—ฒ ๐—ณ๐—ผ๐—ฟ ๐—ฃ๐—ผ๐˜€๐˜€๐—ถ๐—ฏ๐—น๐—ฒ ๐—œ๐—ป๐˜ƒ๐—ฒ๐˜€๐˜๐—ถ๐—ด๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐˜€

Even businesses with good records may be subject to compliance checks. Having clear and well-organised documentation will make the process smoother if HMRC comes knocking.

๐—ง๐—ต๐—ฒ ๐—–๐—ผ๐˜€๐˜ ๐—ผ๐—ณ ๐—ก๐—ผ๐—ป-๐—–๐—ผ๐—บ๐—ฝ๐—น๐—ถ๐—ฎ๐—ป๐—ฐ๐—ฒ

Failing to comply with tax regulations can result in penalties, interest charges, and in serious cases, legal action. With 5,000 more officers, HMRC will be able to conduct more investigations, meaning a higher likelihood of enforcement action against non-compliant businesses.

๐™๐™ž๐™ฃ๐™–๐™ก ๐™๐™๐™ค๐™ช๐™œ๐™๐™ฉ๐™จ

HMRCโ€™s recruitment drive signals a stricter approach to tax compliance. As a small business owner, now is the time to ensure your records are accurate and your tax affairs are in order. Being proactive can help you avoid fines, stress, and potential investigations in the future. If in doubt, seek professional advice to ensure you stay compliant and avoid any unwanted attention from HMRC.

๐˜š๐˜ต๐˜ข๐˜บ๐˜ช๐˜ฏ๐˜จ ๐˜ข๐˜ฉ๐˜ฆ๐˜ข๐˜ฅ ๐˜ฐ๐˜ง ๐˜ค๐˜ฐ๐˜ฎ๐˜ฑ๐˜ญ๐˜ช๐˜ข๐˜ฏ๐˜ค๐˜ฆ ๐˜ค๐˜ฉ๐˜ข๐˜ฏ๐˜จ๐˜ฆ๐˜ด ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ฑ๐˜ณ๐˜ฐ๐˜ต๐˜ฆ๐˜ค๐˜ต ๐˜บ๐˜ฐ๐˜ถ๐˜ณ ๐˜ฃ๐˜ถ๐˜ด๐˜ช๐˜ฏ๐˜ฆ๐˜ด๐˜ดโ€”a๐˜ฏ๐˜ฅ ๐˜บ๐˜ฐ๐˜ถ๐˜ณ ๐˜ฑ๐˜ฆ๐˜ข๐˜ค๐˜ฆ ๐˜ฐ๐˜ง ๐˜ฎ๐˜ช๐˜ฏ๐˜ฅ.

๐—œ๐—ณ y๐—ผ๐˜‚ ๐—ฎ๐—ฟ๐—ฒ ๐—ฎ ๐˜€๐—ฎ๐—น๐—ผ๐—ป ๐—ผ๐˜„๐—ป๐—ฒ๐—ฟ ๐˜„๐—ต๐—ฎ๐˜'๐˜€ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฝ๐—น๐—ฎ๐—ป ๐—ณ๐—ผ๐—ฟ ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฑ?It's probably been a very busy time in recent weeks for you as a salo...
09/01/2025

๐—œ๐—ณ y๐—ผ๐˜‚ ๐—ฎ๐—ฟ๐—ฒ ๐—ฎ ๐˜€๐—ฎ๐—น๐—ผ๐—ป ๐—ผ๐˜„๐—ป๐—ฒ๐—ฟ ๐˜„๐—ต๐—ฎ๐˜'๐˜€ ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฝ๐—น๐—ฎ๐—ป ๐—ณ๐—ผ๐—ฟ ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฑ?

It's probably been a very busy time in recent weeks for you as a salon owner. But if your plan is to have more time off in 2025 and more cash in the bank then watch the webinar I did in conjunction with Phorest on ๐˜๐˜ฐ๐˜ธ ๐˜ต๐˜ฐ ๐˜›๐˜ข๐˜ฌ๐˜ฆ ๐˜ข ๐˜๐˜ณ๐˜ฆ๐˜ด๐˜ฉ ๐˜ˆ๐˜ฑ๐˜ฑ๐˜ณ๐˜ฐ๐˜ข๐˜ค๐˜ฉ ๐˜ต๐˜ฐ ๐˜‰๐˜ถ๐˜ด๐˜ช๐˜ฏ๐˜ฆ๐˜ด๐˜ด ๐˜—๐˜ญ๐˜ข๐˜ฏ๐˜ฏ๐˜ช๐˜ฏ๐˜จ

Itโ€™s not uncommon to run a business without a specific plan but often the business takes over and it ends up running you. When you started your business Iโ€™ll bet you didnโ€™t plan on working so hard? So if you can relate to that then watch ๐˜๐˜ฐ๐˜ธ ๐˜ต๐˜ฐ ๐˜›๐˜ข๐˜ฌ๐˜ฆ ๐˜ข ๐˜๐˜ณ๐˜ฆ๐˜ด๐˜ฉ ๐˜ˆ๐˜ฑ๐˜ฑ๐˜ณ๐˜ฐ๐˜ข๐˜ค๐˜ฉ ๐˜ต๐˜ฐ ๐˜‰๐˜ถ๐˜ด๐˜ช๐˜ฏ๐˜ฆ๐˜ด๐˜ด ๐˜—๐˜ญ๐˜ข๐˜ฏ๐˜ฏ๐˜ช๐˜ฏ๐˜จ

What have you got to lose? You might just find something in there that helps you plan for the things you want.

Copy and paste this link into your browser and then click through to access the webinar recording: ๐—ต๐˜๐˜๐—ฝ๐˜€://๐—ด๐—น๐—ผ๐—ฟ๐—ถ๐—ฎ๐—บ๐˜‚๐—ฟ๐—ฟ๐—ฎ๐˜†.๐—ฐ๐—ผ.๐˜‚๐—ธ/๐˜ƒ๐—ถ๐—ฑ๐—ฒ๐—ผ-๐Ÿฑ๐Ÿฒ๐Ÿฐ๐Ÿฏ-๐Ÿฑ๐Ÿต๐Ÿต๐Ÿฑ-๐Ÿฎ๐Ÿฐ๐Ÿณ๐Ÿญ-๐Ÿฒ๐Ÿฐ๐Ÿฌ๐Ÿฌ

How to take a fresh approach to Business PlanningItโ€™s not uncommon to start your business dreaming of spending more time...
19/12/2024

How to take a fresh approach to Business Planning

Itโ€™s not uncommon to start your business dreaming of spending more time with your family (or on holiday) having a lot more money and the freedom to do the things you want to do when you want to do them. But after a year or two or three, reality bites and you find yourself unwittingly working 6 days a week for much less money than youโ€™d get if you worked for someone else.

If this is you and you want to change how it is watch my recording of How to Take a Fresh Approach to Business Planning I have done in conjunction with Phorest for Salon, Clinic and Spa owners.

Click here to access the recording: https://gloriamurray.co.uk/video-5643-5995-2471-6400

Will a FREE Salon Financial Checklist help?As a salon, clinic, or spa owner, it can be difficult to navigate the world o...
17/12/2024

Will a FREE Salon Financial Checklist help?

As a salon, clinic, or spa owner, it can be difficult to navigate the world of business finance especially at the year-end, when financial reporting and planning are paramount. To help you streamline the process and reduce this stress, Iโ€™ve created this bite-sized, year-end financial checklist, designed to help you organise your taxes coherently and identify where you can take advantage of legal tax breaks to reduce costs. I've done this in conjunction with Phorest but obviously it applies to all salon, clinic and spa owners.

Your Salon Financial Checklist is here: https://www.phorest.com/gb/blog/7-things-to-put-on-your-year-end-salon-financial-checklist/

Hope it helps to reduce the stress and helps you drive your business forward.

Gloria

Running late on paperwork? Don't let the new year get ahead of you and your team. Bookmark this year-end salon financial checklist and set yourself up for growth!

"๐˜ผ ๐™ฌ๐™š๐™ก๐™ก-๐™ฉ๐™๐™ค๐™ช๐™œ๐™๐™ฉ-๐™ค๐™ช๐™ฉ ๐™ฅ๐™ก๐™–๐™ฃ ๐™–๐™˜๐™ฉ๐™จ ๐™–๐™จ ๐™– ๐™˜๐™ค๐™ข๐™ฅ๐™–๐™จ๐™จ ๐™›๐™ค๐™ง ๐™ฎ๐™ค๐™ช๐™ง ๐™—๐™ช๐™จ๐™ž๐™ฃ๐™š๐™จ๐™จ"๐—ง๐—ต๐—ฒ ๐—œ๐—บ๐—ฝ๐—ผ๐—ฟ๐˜๐—ฎ๐—ป๐—ฐ๐—ฒ ๐—ผ๐—ณ ๐—ฃ๐—น๐—ฎ๐—ป๐—ป๐—ถ๐—ป๐—ด ๐—ณ๐—ผ๐—ฟ ๐—ฆ๐—บ๐—ฎ๐—น๐—น ๐—•๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€๐—ฒ๐˜€Running a sm...
21/11/2024

"๐˜ผ ๐™ฌ๐™š๐™ก๐™ก-๐™ฉ๐™๐™ค๐™ช๐™œ๐™๐™ฉ-๐™ค๐™ช๐™ฉ ๐™ฅ๐™ก๐™–๐™ฃ ๐™–๐™˜๐™ฉ๐™จ ๐™–๐™จ ๐™– ๐™˜๐™ค๐™ข๐™ฅ๐™–๐™จ๐™จ ๐™›๐™ค๐™ง ๐™ฎ๐™ค๐™ช๐™ง ๐™—๐™ช๐™จ๐™ž๐™ฃ๐™š๐™จ๐™จ"

๐—ง๐—ต๐—ฒ ๐—œ๐—บ๐—ฝ๐—ผ๐—ฟ๐˜๐—ฎ๐—ป๐—ฐ๐—ฒ ๐—ผ๐—ณ ๐—ฃ๐—น๐—ฎ๐—ป๐—ป๐—ถ๐—ป๐—ด ๐—ณ๐—ผ๐—ฟ ๐—ฆ๐—บ๐—ฎ๐—น๐—น ๐—•๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€๐—ฒ๐˜€

Running a small business can be an exciting journey, full of opportunities and challenges. Not everyone is cut out for this as you have to take the bad along with the good!
Planning often takes a back seat to the other demands of the business, particularly when itโ€™s small and the business owner is the one with all the responsibility. But this can hinder short and long-term success, as thoughtful planning is the foundation of sustainable growth.
It doesnโ€™t matter if you're just starting out or looking to scale, having a clear plan ensures you steer your business in the right direction.

Itโ€™s not just about setting goals (although this is really important and canโ€™t be skipped!). It's about creating a roadmap to achieve them. It allows you to align your resources, anticipate risks, and adapt to changing circumstances.

In a competitive landscape, this foresight can be the difference between thriving and merely surviving. Without a solid plan, businesses can lose focus, miss growth opportunities, or struggle to stay afloat during challenging times.

๐—ช๐—ต๐—ฎ๐˜ ๐—ฎ๐—ฟ๐—ฒ ๐˜๐—ต๐—ฒ ๐—ธ๐—ฒ๐˜† ๐—ฏ๐—ฒ๐—ป๐—ฒ๐—ณ๐—ถ๐˜๐˜€?

๐Ÿญ. ๐—–๐—น๐—ฒ๐—ฎ๐—ฟ๐—ฒ๐—ฟ ๐—š๐—ผ๐—ฎ๐—น๐˜€ ๐—ฎ๐—ป๐—ฑ ๐——๐—ถ๐—ฟ๐—ฒ๐—ฐ๐˜๐—ถ๐—ผ๐—ป
A well-thought-out plan acts as a compass for your business. It defines where you want to go, sets measurable objectives, and provides actionable steps to achieve them. This clarity not only helps you stay focused but also ensures that everyone on your team is working toward the same goals. For example, if you want to increase your profit by ยฃ50k you can work out how to do this and whether you need other resources. By having a clear goal you can communicate to your team what needs to be achieved weekly and monthly to achieve the goal and how they can contribute to this.

๐Ÿฎ. ๐—œ๐—บ๐—ฝ๐—ฟ๐—ผ๐˜ƒ๐—ฒ๐—ฑ ๐—™๐—ถ๐—ป๐—ฎ๐—ป๐—ฐ๐—ถ๐—ฎ๐—น ๐— ๐—ฎ๐—ป๐—ฎ๐—ด๐—ฒ๐—บ๐—ฒ๐—ป๐˜
Planning helps you take control of your finances by forecasting cash flow, budgeting for expenses, and setting revenue targets. This foresight allows you to identify potential shortfalls and address them proactively, rather than reacting to crises as they arise.
I love this quote from Sir John Harvey Jones, a business leader and TV personality from the 90s - โ€œPlanning is an unnatural process; it is much more fun to do something. And the nicest thing about not planning is that failure comes as a complete surprise rather than being preceded by a period of worry and depressionโ€ For small businesses, where every penny counts, a financial plan can provide the structure needed to prioritise investments, cut unnecessary costs, and ensure profitability. It also prepares you for external funding opportunities, as lenders and investors are more likely to support businesses with a clear financial plan.

๐Ÿฏ. ๐—•๐—ฒ๐˜๐˜๐—ฒ๐—ฟ ๐—ฃ๐—ฟ๐—ฒ๐—ฝ๐—ฎ๐—ฟ๐—ฒ๐—ฑ ๐—ณ๐—ผ๐—ฟ ๐—–๐—ต๐—ฎ๐—น๐—น๐—ฒ๐—ป๐—ด๐—ฒ๐˜€
The business environ

๐™‚๐™š๐™ฉ ๐™ฉ๐™๐™š ๐™ฅ๐™š๐™ง๐™จ๐™ค๐™ฃ๐™–๐™ก ๐™ก๐™ž๐™›๐™š๐™จ๐™ฉ๐™ฎ๐™ก๐™š ๐™ฎ๐™ค๐™ช ๐™ฌ๐™–๐™ฃ๐™ฉFor those in the Hair & Beauty Industry my next webinar with Phorest helps you plan t...
15/11/2024

๐™‚๐™š๐™ฉ ๐™ฉ๐™๐™š ๐™ฅ๐™š๐™ง๐™จ๐™ค๐™ฃ๐™–๐™ก ๐™ก๐™ž๐™›๐™š๐™จ๐™ฉ๐™ฎ๐™ก๐™š ๐™ฎ๐™ค๐™ช ๐™ฌ๐™–๐™ฃ๐™ฉ

For those in the Hair & Beauty Industry my next webinar with Phorest helps you plan to get the lifestyle you want more easily.

Iโ€™ll dive straight into actionable strategies including:

1. How to set business goals that excite and motivate you
2. What numbers you need to keep track of
3. What you need to do to make it into an easy to follow plan

All focusing on getting your business on track to help you achieve the lifestyle you want!

It's happening on Monday at 10am book your place here: https://www.phorest.com/gb/resources/how-to-take-a-fresh-approach-to-business-planning/

๐˜ผ๐™ฉ ๐™ฉ๐™๐™š ๐™๐™š๐™–๐™ง๐™ฉ ๐™ค๐™› ๐™š๐™ซ๐™š๐™ง๐™ฎ ๐™—๐™ช๐™จ๐™ž๐™ฃ๐™š๐™จ๐™จ ๐™œ๐™ค๐™–๐™ก ๐™ž๐™จ ๐™– ๐™ฅ๐™š๐™ง๐™จ๐™ค๐™ฃ๐™–๐™ก ๐™™๐™š๐™จ๐™ž๐™ง๐™š, ๐™ฌ๐™๐™–๐™ฉ ๐™ž๐™จ ๐™ฎ๐™ค๐™ช๐™ง๐™จ?Start by asking yourself how your business can h...
12/11/2024

๐˜ผ๐™ฉ ๐™ฉ๐™๐™š ๐™๐™š๐™–๐™ง๐™ฉ ๐™ค๐™› ๐™š๐™ซ๐™š๐™ง๐™ฎ ๐™—๐™ช๐™จ๐™ž๐™ฃ๐™š๐™จ๐™จ ๐™œ๐™ค๐™–๐™ก ๐™ž๐™จ ๐™– ๐™ฅ๐™š๐™ง๐™จ๐™ค๐™ฃ๐™–๐™ก ๐™™๐™š๐™จ๐™ž๐™ง๐™š, ๐™ฌ๐™๐™–๐™ฉ ๐™ž๐™จ ๐™ฎ๐™ค๐™ช๐™ง๐™จ?

Start by asking yourself how your business can help you achieve the personal lifestyle youโ€™ve always wanted as this is where youโ€™ll find your motivation to take action!

To help you do it more easily I'm co-hosting a webinar with Phorest for Hair and Beauty Pros this coming Monday at 10am book your place here: https://www.phorest.com/gb/resources/how-to-take-a-fresh-approach-to-business-planning/

Iโ€™ll dive straight into actionable strategies to get your business on track and to help you achieve the lifestyle you want!

See you soon

Book here: https://www.phorest.com/gb/resources/how-to-take-a-fresh-approach-to-business-planning/

๐——๐—ฟ๐—ถ๐˜ƒ๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—ณ๐—ผ๐—ฟ๐˜„๐—ฎ๐—ฟ๐—ฑI got a new electric car last week and when I start it at night it lights up like fireworks...
01/11/2024

๐——๐—ฟ๐—ถ๐˜ƒ๐—ถ๐—ป๐—ด ๐˜†๐—ผ๐˜‚๐—ฟ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€ ๐—ณ๐—ผ๐—ฟ๐˜„๐—ฎ๐—ฟ๐—ฑ

I got a new electric car last week and when I start it at night it lights up like fireworks on bonfire night. Iโ€™m still getting used to it but Iโ€™m really excited about driving it.

It reminded me of an old blog I posted a few years back about driving your business forward and checking out the numbers. Hereโ€™s the updated versionโ€ฆ

Imagine driving your car with no fuel/๐˜ฃ๐˜ข๐˜ต๐˜ต๐˜ฆ๐˜ณ๐˜บ ๐˜จ๐˜ข๐˜ถ๐˜จ๐˜ฆ and no speedometer. Well thatโ€™s what itโ€™s like running your business. if you donโ€™t keep an eye on your numbers youโ€™re probably going nowhere fast becauseโ€ฆ.

- You donโ€™t know when youโ€™re going to run out of gas / ๐˜ฃ๐˜ข๐˜ต๐˜ต๐˜ฆ๐˜ณ๐˜บ ๐˜ฑ๐˜ฐ๐˜ธ๐˜ฆ๐˜ณ (money)

- You donโ€™t know what speed youโ€™re going at (profit)

There are other things to keep an eye on but they are relevant to your specific car (business). For example, you donโ€™t drive for nine months to find out that you should have got a service a year ago or wait until thereโ€™s no fuel in the tank before you refuel or ๐˜ฃ๐˜ข๐˜ต๐˜ต๐˜ฆ๐˜ณ๐˜บ ๐˜ญ๐˜ฆ๐˜ง๐˜ต ๐˜ต๐˜ฐ ๐˜ณ๐˜ฆ๐˜ค๐˜ฉ๐˜ข๐˜ณ๐˜จ๐˜ฆ - itโ€™s exactly the same for business!

Keeping an eye on the important performance indicators in your business gives you a headโ€™s up of where you may be heading - perhaps in the wrong direction or more hopefully the right direction. So what do you need to do?

1. Keep an eye on cashflow. Do you have monthly projections that you update regularly so you know when you might run out of cash or when you can expand?
๏ฟฝ
2. Do you look at your Profit & Loss monthly to see where you can tweak it for growth and tax purposes?๏ฟฝ

3. Are trying to expand when you should concentrate on making the core business work? Or keeping yourself in check and ๐˜ค๐˜ณ๐˜ถ๐˜ช๐˜ด๐˜ช๐˜ฏ๐˜จ when you should be trying to expand?๏ฟฝ

4. Measuring how far youโ€™ve come will tell you what you still need to change to get better results. This could be your marketing โ€“ whatโ€™s working and whatโ€™s not; or measuring your profit margin for one of your services/products thatโ€™s losing you money.๏ฟฝ

If you want a driver that works try my FREE ONE MONTH TRIAL to use the resources proven to work by 1,000โ€™s of entrepreneurs like you, run by the Entrepreneurs Circle.

Iโ€™ve been using it for 10 years and it works!

Click to get your FREE ONE MONTH TRIAL: ๐—ต๐˜๐˜๐—ฝ๐˜€://๐—ฒ๐—ป๐˜๐—ฟ๐—ฒ๐—ฝ๐—ฟ๐—ฒ๐—ป๐—ฒ๐˜‚๐—ฟ๐˜€๐—ฐ๐—ถ๐—ฟ๐—ฐ๐—น๐—ฒ.๐—ผ๐—ฟ๐—ด/๐—ณ๐—ฟ๐—ฒ๐—ฒ/?๐—ฎ๐—บ๐—ฏ๐—ฎ๐˜€๐˜€๐—ฎ๐—ฑ๐—ผ๐—ฟ_๐—ถ๐—ฑ=๐Ÿญ๐Ÿณ๐Ÿฐ

๐—ง๐—ฎ๐—ป๐—ด๐—ผ ๐—ถ๐˜€ ๐—น๐—ถ๐—ธ๐—ฒ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€Gerry and me started Argentine Tango recently and put it this way weโ€™re not naturals at it. In fac...
23/10/2024

๐—ง๐—ฎ๐—ป๐—ด๐—ผ ๐—ถ๐˜€ ๐—น๐—ถ๐—ธ๐—ฒ ๐—ฏ๐˜‚๐˜€๐—ถ๐—ป๐—ฒ๐˜€๐˜€

Gerry and me started Argentine Tango recently and put it this way weโ€™re not naturals at it. In fact weโ€™re pretty rubbish! But I keep reminding myself that it takes practice. Sometimes it feels like weโ€™ve cracked a step and then we try to do it the next time and it all falls apart.

The thing about Argentine Tango is itโ€™s not choreographed. Well it is if you watch it on Strictly but not in real life dances, so itโ€™s scary when someone you donโ€™t know asks you to dance. After all Gerry and me know our limitations, but this other person doesnโ€™t!

This got me thinking that Tango is a lot like business. No matter how experienced you are at business there are times when you will think youโ€™re rubbish at it. Itโ€™s the same in Tango and there are a few other parallels:

- It can be scary taking on a new customer. You donโ€™t know their expectations and they donโ€™t know yours!

- There are building blocks to follow, donโ€™t reinvent the wheel. Itโ€™s OK to do that when youโ€™ve built up the experience and got some cool looking moves under your feet.

- There are followers and leaders. Leaders set the direction and invite the followers to carry on their intention, it doesnโ€™t always work. But the more you practice the easier it gets. Itโ€™s all about communication!

Business is a dance and has its highs and lows. But it helps to have a teacher, someone to gee you up when youโ€™re down, celebrate your successes with and teach you the next step.

So if you think you could do with a business mentor, why not have a chat to see if thereโ€™s a good fit?

Click the link to book a chat: https://murrayassociates.co.uk/contact-us/

P.S. This is not us doing the Argentine Tango... but one day! ๐Ÿ˜‰

Address

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