Day 2 – Fundamentals of Business

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Hi Victoria here again from Zest for  Success, The Bookkeeper Hub, and HBA Encompass.  I’m back again Day 2 sitting in the car waiting for the kids.  And today, we’re gonna talk about the fundamentals of business.

So the fundamentals of the business means getting it right before you start.  I think we’ve all heard that the term if you’d be plan to fail, you failed to plan, or the other way around, fail to plan and you’re planning to fail.  Well when you create a business you wanna make sure that you’ve got something that is going to work.  All of us get all kinds of great ideas.  We get all excited and think ‘yep, let’s go out and do this’.  But at the end of the day, you’ve gotta make sure that whatever it is that you’re selling whether it be product or a service that there is some underlying concrete to what you’re doing, to your business, to you the setup of your business.  So think about it like a house.  A house has a foundation and if you build on a solid foundation whether it be concrete or rock then hopefully should a storm come, the house stands.  If you don’t have the right foundations, a storm will come or a cyclone will come and everything falls down around you.  We’ll your business is exactly the same.  You need to make sure that you’ve got the right foundations underneath you.  And that comes down to having a look at what your product is.  Who you’re going to sell it to?  Do you have a market?  Is it the right price? — and then looking at all the backend systems of what you need to be able to create your plan.  So I’m talking about do you need a warehouse?  Are you gonna operate from home.  Are you virtual?  Are you gonna sell things online?  Do you have the processes and procedures in place to make sure that your business is viable.  And that’s something you can do relatively quickly.  It doesn’t have to be a full-blown business plan.  it is a matter of doing some numbers.  Yes, of course it’s all about numbers.  I’m an accountant and I love numbers.  But at the end of the day, you need to make sure that you’re going to have the capital to be able to create your business.  So getting the foundations right, getting you plans and procedures right is something that’s vital.  It’s something here that The Bookkeeper Hub, that’s taken us a good eighteen months to get started.  When we had an additional plan, we knew we had a product and stuff like that but being able to scale your business means that you need to have right products and procedures or policies and procedures even.  So, we’ve gone through the process.  We’re using Googles Sites as the repository for ideas.  We’ve had a virtual assistance create that for us.  I don’t have all the time in the day to sit there and do policies and procedures and flowcharts and videos and set up our Google Sites.  I’ve got someone else to do it.  But we’ve got the fundamentals, so now as we grow our client base I know that we can look after them.  We can do the work right.  We can sell whatever product we have.  We can market whatever product we have.  And we can move forward so that’s what you need to think about too.  I’ll see you tomorrow.  Bye.

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Day 4 – Basic Planning for Your Business

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