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goal setting Archives - The Accounting Department Inc

Look Behind the Scenes of Uncommonly Poor Habit Skills

By | Business 101, CEO Mindset | No Comments

Recently, I’ve been looking at habits differently than I have in the past. As I open up my awareness, the universe ended up providing me with a lot of information. Information landed in my inbox, there was a summit I listened to, even the podcasts I was choosing seemed to have a similar message and theme. More importantly, it was not only something I was thinking about it, it also came up in conversations with a variety of individuals and during my mentoring sessions with customers. When the universe is basically screaming at me to notice a trend, that’s when…

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Stop the Money Leaks in Your Business to Create More Profit

By | Accounting 101, AskConnie, Bookkeeping 101, Cash Flow, CEO Mindset, Profit First | No Comments

This month’s “Ask Connie series” question about Profit First even stopped ME in my tracks. Hint: this is often where a third party, one that isn’t emotionally attached to your business, makes for a helpful profit ally.. The Question: But I can’t even see how to cut my expenses – what’s your advice? Review your expenses In my last blog post we focused on how to increase our owner’s pay. As I mentioned, one of the fastest way to increase funds to pay yourself is going to come directly from the expenses your business is paying. Here are some items…

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Time to Celebrate and Take in the View at 500′

By | Accounting 101, Bookkeeping 101, Business 101, Profit First | No Comments

As we celebrate the end of 2nd quarter and get ready to calculate our Profit Distributions, it also signals time to pause and relook at our plans for the rest of the year. A chance to review our annual goals, our TAPs (intentional money use target allocations), and to give our plan that 500 foot level review. A mid-year review can be empowering and here is how I walk myself and my clients through the process. Profit First Celebration & Review Before we celebrate just a little administrative housekeeping. So let’s make sure everything has been accounted for: Close out…

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Growing Your Business? Get Out of Your Own Way

By | Business 101, CEO Mindset | No Comments

In today’s post, I’m going to dive into a lesson that explores that when you’re growing your business, there is only one word that separates success from failure. Problem Identified: Success is Continually One Step Out of Reach This lesson learned happened during the growth phase of my business. As I look back, I can easily see the strides forward I made. Being IN the moment though, it kept feeling like I was taking 10 steps forward only to take 5, 6, or even 12 steps back. Last year I realized what was missing. It wasn’t a new tool or…

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Time to Focus on What Happens When You Add Accountability

By | Business 101, CEO Mindset, Profit First | No Comments

You’ve set an intention for financial freedom and started to implement and use the Profit First plan, and then you were derailed. This post is going to talk about how accountability is a key step in the process to keep us focused and on task of reaching our financial freedom goal. Reminder Profit First Process In an earlier post I shared the basic steps (you can read the full post, here): Create smaller buckets, set-up the basic 5 accounts Adjust your accounting tool and process to be timely, accurate, and useable Establish your Target Allocation Percentages (TAPs) and transfer funds…

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Profit First!

Successful Beginners Guide for the Profit First System

By | Bookkeeping 101, Cash Flow, Profit First | No Comments

So by now, if you’re reading with us regularly, you have heard of the book Profit First by Mike Michalowicz. Maybe you even cracked the spine and gave it a quick read. If you resonated with it, but found your Negative Nelly mindset kick in, you may not have taken any forward movement on implementing the new system. Today I am going to share the five basic steps of Profit First. This is the same basic info I presented in my very first webinar, in fact, it is the same exact system I used more than a year ago. Look: just…

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It’s True: Airline Safety Can Strengthen Your Business

By | Business 101, Cash Flow, CEO Mindset, Profit First | No Comments

On my flight to LA last week, there was a funny safety presentation; this was some spark in what is usually a rather dreary monologue, so I listened intently. As I looked around, I was one of a handful of those paying attention. Which is too bad, because those that didn’t got called out by that comedic flight attention, with a simple – “for those not listening, good luck.” Which gave me a creative pause, if the plane is falling out of the sky and oxygen is lost, will you put on your mask first? Or panic and scream since…

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Establish Realistic Targets to Unlock Your Best New Year

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, CEO Mindset | No Comments

As the year comes to a close, this is a perfect time for reflection and planning. Early on in my business ownership, I found the act of planning a little like throwing darts against the wall. I was aiming at numbers somewhere between what I thought my potential clients could afford and what I thought my competition was charging. I even remember setting my revenue goals based on what others were going after, the magical $10k per month and the elusive six figures. At no time during my early days did I actually look at that revenue goal with the…

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Business 101: Calculating Business Cash Needs

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, CEO Mindset, Outsourcing, Profit First | No Comments

  A conversation with a prospective client this week brought up an old topic: running a business based on bank-balance-accounting (you can read more on that topic here). The business owner was a start-up and their prior accountant did set-up QBO for tracking. The accountant stopped as of 12/31, and didn’t provide any training or support. Since the business owner didn’t have the skill set to update their accounting tool, he was left running his business simply based on what his bank balance was, which was the reason for the call: he needed his accounting brought current so he had…

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Business 101: Budgets and Projections, Finding the Power of Your Numbers

By | Business 101, CEO Mindset | 2 Comments

Creating a budget is a common business practice and is often referred to when you work with a coach, or planning for growth, applying for a loan, or work with your finance team. In fact since 2001 it is one of the most common activities I have assisted clients with. So if it is so “common” why don’t more business owners use them? budget as defined by Merriam-Webster noun : bud·get \ˈbə-jət\ : an amount of money available for spending that is based on a plan for how it will be spent : a plan used to decide the amount…

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