Thursday 5 March 2015

Tried and TESTED financial success



One of the most common reasons business owners contact e and ask me for my support and advice is because they are having financial challenges. Somehow money flows out of their accounts more quickly than it drips in. Is that true for you too? Most practices can manage robbing Peter to pay Paul, until a big invoice comes in and causes an acute  drain on ash flow, this could be a larger than expected tax bill, a piece of equipment that needs repairing or renewing, a compliance, a training course or God forbid a patient or former team member suing for compensation. Whatever the reason the practice discovers they are acutely financially exposed.


I would like to share with you a tried and TESTED way to ensure that this never happens to you.

In the programme Transform your practice in 10 days, I share a 6 step process which will enable you to transform your financial situation the  first step o the process is P – Preparation which in turn in is broken down into three simple easy to remember areas denoted by P (pounds) S(Shillings) and d (pence)
Today I would like to share with you some elements from the P of PSd. In this area I would like to share with you a pneumonic TESTED which will help you to remember what to do with your income so that you always have enough.
The key is to budget, and allocate funds your money into into six different ‘piggy banks’, for very specific spending areas, as soon as it comes into your account and after you have set aside provisions for tax.

These ‘piggy banks’ are

T          Tithing – money you give away
E          Essentials money you spend on absolute essentials
S          Saving- money that you put aside for spending on things that you know are on the horizon.
T          Transformation - Money that you put aside to invest in projects that will create passive streams of income and create financial freedom for you and your family.
E          Education – money that you will spend on training course, business development and coaching, because the more you learn the more you earn
D         Delight -Money that is used to create delight in your life





There are some key % for each piggy bank and I look forward to sharing these with you when we speak.
Having read this brief article what can / will you differently that will improve your financial situation, personal y and professionally?


This article takes some ideas and concepts from the financial module of our programme “Transform your practice in 10 days.” If you would like to hear more about this please e mail Jane@IODB.co.uk

 If you would like to discuss any issues raised in this article, and how we can help you  make your good practice great,  call 07989 757 884 or e mail Jane@IODB.co.uk and discover how.

A free practice health check can be downloaded  here

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