Are You Ready To Have Your Own Business V 1.0
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The document provides an overview of starting and running a successful business as an entrepreneur. It discusses establishing an organization chart to define roles and responsibilities, tracking cash flow and finances, identifying one's strengths and weaknesses, setting goals, and making choices to focus on essential priorities. The importance of developing skills, managing habits and behaviors around spending and investing money is emphasized. Overall, the document offers advice on properly setting up, growing, and sustaining a business over time.
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Are You Ready To Have Your Own Business V 1.0
- 1. ARE YOU READYTO HAVE YOUR OWN BUSINESS By : Joyce Lim Certified Financial Planner www.joycelim.net joycelim@joycelim.net 25 June 2011 Organized by Simply Empowering Enterprise All Rights Reserved
- 2. THE BEGINNING …off to a great start….
- 3. EVERYONE WAS GIVEN A CHANCE TO SHARE WHAT THEY DO INTRODUCTION BY PARTICIPANTS
- 5. Briefly…. BUSINESS Who, What, When & How $$ in business & in personal life $$$$$
- 6. EMOTION Briefly…. MENTAL Attitude & Behavior YOU How it affects you
- 7. Briefly…. YOU What role you play…. What are your habitual thoughts….
- 8. BUSINESS SET UP- ORGANIZATION CHART Organization Chart - Do I need one? Which ‘hat’ are you wearing ? Yes ! Even if I’m the only one in business…
- 9. Organization Chart Gives clarity to the roles each function plays in the success of the business… If you did not achieve your target…. CHECK WHO HAS NOT PLAYED THEIR ROLE !
- 10. FUN TIME ! PRACTICAL SESSION ..…time for some fun….
- 12. ROLES & RESPONSIBILITIES Time TO present Each Dept/Function present : Why I deserve an Increment/Bonus
- 13. PRESENTATION BY PARTICIPANTS The owners The lovely CEO Representative Where’s the finance dept? 2 because there’s disparity The sales team leader The Admin & Operation – the under-appreciated one ?
- 14. INFO & INFORMATION SYSTEM CREATE YOUR INFO SYSTEM CYS, ROY, EUS ???? …Its actually(read downwards)….. …create your own Info system… …putting data in the order that makes sense…. ** Ratio analysis
- 15. INFO & INFORMATION SYSTEM CREATE YOUR INFO SYSTEM ** Ratio analysis
- 16. INFO & INFORMATION SYSTEM CREATE YOUR INFO SYSTEM …just use simple worksheet & wordprocessor to maintain records …. ** Ratio analysis
- 17. WHAT DO I WANT TO KNOW ? …HOW TO…
- 18. WHAT ABOUT $$$$FLOW?? ? Why no money in bank account - where did the money go ? How to optimize cash usage ? What about personal wealth TRACK CASH USAGE! …pay yourself a salary…
- 19. ……HALF WAY THERE….. ….A FEW MORE ESSENTIAL POINTS TO SHARE ….
- 20. Are YOU one ? …Creative …innovative… …disciplined & …persistent… WHO’S AN ENTREPRENEUR ?
- 21. WHAT SKILLS AND KNOWLEDGE DO I HAVE OR TO ACQUIRE ? I don’t know how to sell... LEARN HOW! I don’t know about the business…but I have the capital… LEARN FROM EXPERTS! What am I good at ? BUILD ON IT ! What am I passionate about? PURSUE IT!
- 22. Build on your STRENGTH & Manage your WEAKNESSES ASSET LIABILITIES CASH FLOW EARNINGS RISKS VALUES SKILLS KNOWLEDGE TIME RESOURCES BUSINESS SELF ARE YOU READY… To face the truth about yourself?
- 23. Are you ready to make the CHOICE– what are you willing to let go? ESSENTIAL ADDS VALUE TO YOUR LIFE CAN DO WITHOUT NICE TO HAVE NEED WANT …which has a stronger pull…
- 24. WHAT’S MY HABITS AND BEHAVIOR? .. I make do with what I’m earning…no need to change.. OR ….. I want to improve my finances, I’ll work on my skills and knowledge to earn more …...
- 25. WHAT’S MY HABITS AND BEHAVIOR? .. I pay my bills before its due….. ..I settle loans faster to save interest… OR .. I spend..increases credit card balance… ..use personal loan to pay off..I’m still earning…can still pay…
- 26. WHAT’S MY HABITS AND BEHAVIOR? .. I hardly have enough to spend, where to have savings .. OR ….. I put aside xx% of what I earn before spending…...
- 27. WHAT’S MY HABITS AND BEHAVIOR? .. I spend on what I need…and little indulgences once in a while…. OR …. Sale is here…..time to buy…got ‘discount’ …..I must be seen with the trendiest stuff…..
- 28. WHAT’S MY HABITS AND BEHAVIOR? .. I invest when I have the money .. OR ….. I have a savings plan & I get advice from experts what to do with my money…
- 29. ….what changes can I make… what’s the impact ... What would my current action lead to ? What’s the possible impact of those choices made today in my foreseeable future Your current actions determines your future !!
- 30. ….my Story & my Emotions... Sad … (mostly) at early period of self employment… HAppy … getting lesser & lesser… Time sure flies ! … at one point of time… find myself at a crossroad……
- 31. ….my Story & my Emotions... Sad … (mostly) at early period of self employment… HAppy … getting lesser & lesser… … luckily someone came to the rescue…
- 32. ….whatI’m currently doing... …I focus on my goals …with some guidance…
- 33. ….a taste of success !… …What’s next.... …come up with something totally new ?.... …not really, just an enhanced version….
- 34. BRINGING YOUR BUSINESS TO GREATER HEIGHTS….
- 35. …MAKE YOUR MONEY WORK HARDER FOR YOU…. ….INVEST YOUR MONEY…. …PROPERLY… SAMPLE SAMPLE Is your $$ in the ‘right’ currency ?
- 36. Last ……but not least ... …give to those who need, when you can do so…
- 37. Be Happy, Healthy & Wealthy Best regards, Simply Empowering Team www.joycelim.net All rights reserved © June 2011
Notas do Editor
- KEY AREAS TO BE COVEREDBusiness– who, what, when, where and how Money – Money in the business and money in your personal life Mental – attitude and character Emotions – how it affects youYou – your habit patterns
- Identify the roles and responsibilities and pitch to the CEO/MD why you deserve an increment/bonus
- EXAMPLE :SALES INFO – WHO, HOW MUCHDEBTORS INFO – WHO’S YOUR MAJOR CLIENTS, COLLECTION TREND – DETERMINING CREDIT TERMSCASH FLOW – COLLECTION, SUPPLIER PAYMENTUSE EXCEL/WORD/AUTOMATION/ ACCOUNTING SOFTWARE
- EXAMPLE :SALES INFO – WHO, HOW MUCHDEBTORS INFO – WHO’S YOUR MAJOR CLIENTS, COLLECTION TREND – DETERMINING CREDIT TERMSjUSCASH FLOW – COLLECTION, SUPPLIER PAYMENTUSE EXCEL/WORD/AUTOMATION/ ACCOUNTING SOFTWARE
- EXAMPLE :SALES INFO – WHO, HOW MUCHDEBTORS INFO – WHO’S YOUR MAJOR CLIENTS, COLLECTION TREND – DETERMINING CREDIT TERMSjUSCASH FLOW – COLLECTION, SUPPLIER PAYMENTUSE EXCEL/WORD/AUTOMATION/ ACCOUNTING SOFTWARE
- ENTREPRENUER – PROFILE – MENTAL AND CHARACTER
- Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in
- Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in
- Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in
- Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in
- Increase income – increase skills, knowledge and effortReduce debt - eliminate interest paymentWise spending – buy now, buy when new or during saleAll the above increase savings Next to invest – have a plan how, where, when and what to invest in