Get Prepared
I was reminded when I wrote last time on dreams that as the months are pushing us closer to a New Year we need to start preparing for it. I always like to start with finances. So many people hide their heads in the sand until Uncle Sam comes knocking on the door. After all the turmoil with the flooding in the South and people and businesses being displaced it is certainly important to make sure you have records that are up to date. I suggest you start with good financial records.
Why do you need Financial Statements?
1. All lenders of Capital – banks, finance companies, venture capitalists – consider them a condition for granting loans.
2. You need them for tax filing.
3. Insurance claims require accounting records – Balance sheets to substantiate the value of fixed assets.
4. Financial Statements are valuable in proving the nature and extent of any loss, in litigation they are used to substantiate your case or when you lack them, hamper it.
The Value of Your Work
Mind Masters meeting often take many turns depending on what members are working on. Brainstorming topics seem to take on common themes, like valuing the work in a service business both in time and customer perception.
When it comes to getting paid for the time spent on a clients work, everyone agreed tracking the time was important but also that each of us has to value the work we do so we can charge accordingly. No one wanted to be an unpaid consultant. The market sometimes dictates the prices that can be charged, so knowing the market contributes to the value of what we do.
The frustration comes about when clients question the cost of the completed work. That is where policies are important to have in place, like “our policy is we get 50% to start, or we need a credit card number to hold your appointment." Reviewing the areas that we stumble over, helps to develop the policies that work for each business. Check out www.mindmasters.com for a meeting time to get in on some of the things that challenge you .
