A great target to improve profit in a service business is to apply the 3x model. Put simply, the 3x model is: Revenue earned from charging staff time should be equal or greater than 3 times salaries paid.
By Sue Hirst An issue facing business owners is the management of costs – especially labour. Labour efficiency is a vital necessity for some to stay in business.
By Sue Hirst, Director of CFO On-Call The ‘Cloud’ is a term for describing online software delivery and data housing. Until recent years, most business owners have used software and kept data on their computer hard disk.
Your business accounts may not be a very sexy subject … at least when you are up to your ears in running, managing and problem-solving … but a poor set of out-dated accounts will really hold you back, when you…
By Sue Hirst – Director, CFO On-Call I recently met with an accountant in his early 50s who said he felt like he was ‘over the hill’ for many people looking to recruit an accountant.
by Sue Hirst – CFO On-Call ‘Overheads’ will not be a new term to most Business Owners. You see them each month or year when you print out a Profit and Loss report from your accounting system.
… or Why separate your cash-flow from the Business When asked the key to financial happiness one business owner said – ‘Your net income should exceed your gross habits!’ Jokes aside, I urge business owners to keep their own finances…
By Sue Hirst, CFO On-Call If this or the previous financial year isn’t as good as you’d have hoped, then it’s a good time to start setting a plan to make your next year in business better.