This document discusses how to manage business challenges, frustrations, and stresses. It identifies six common challenges that businesses face: paperwork and administration issues, not having enough time, feast and famine cash flow cycles, dealing with difficult times, people challenges, and feeling overwhelmed. For each challenge, it provides solutions such as outsourcing bookkeeping tasks overseas, prioritizing tasks and delegating work, systematizing processes, focusing on marketing to stabilize cash flow, adjusting plans in difficult times, learning to work with different personality styles, and using productivity tools. The document emphasizes staying focused on goals and dreams, getting a business coach or mentor, and turning challenges into opportunities for growth.
18. OUTSOURCE OVERSEAS!
You pay a fraction of the price compared to local rates.
AND your bookkeeper will likely be better qualified than the local
person doing the same job e.g. a Senior Accountant overseas charges
considerably LESS than a bookkeeper locally
19. P.S.
Many professional accounting practices are already
doing this (outsourcing YOUR work to India, Malaysia
and Philippines, etc) and many (not all) are keeping the
savings as their extra profit!
21. But really, there are only
3 reasons why:
1. No TRUST
2. Questionable COMPETENCY
3. SECURITY and PRIVACY over the internet
22. The Solution
Connect with me for an introduction to my
TRUSTED overseas bookkeepers
For more information: https://www.equipped4success.com/is-
outsourcing-
your-bookkeeping-a-good-idea/
23. "The best thing I ever did was to have Patsy manage all my bookkeeping
for me. She has my work done by her own bookkeeper from Malaysia so I
am paying so much less than I would pay to an Australian bookkeeper.
The books done by her bookkeepers are done RIGHT, done QUICKLY and
it means that my books are always UPTO DATE.The only thing I have to
do is scan in the invoices for her each month and she does the rest. Now I
can just concentrate on my business and making more money!”
- SamYoong, Loan Hunter Australia Pty Ltd
A GOOD bookkeeper is great to have.
A GREAT bookkeeper can make a difference to your
bottom line.
26. Step 1
Use ONLINE TOOLS*
- Software is relatively cheap
- Saves time on menial tasks
- Can be outsourced if online
* Free eBook on this available at
https://www.equipped4success.com/resources/
27. Step 2
Assign a CHAMPION to document your
processes and procedures.
This one takes time!
Start NOW.
29. Pay For Professional Help
Get a REFERRAL
Do it and do it RIGHT the first time.
You CANNOT do this yourself (unless you’re a qualified
Accountant) AND you keep up to date with tax legislation.
Proper tax planning and a good accountant is worth their weight
in gold and will save you A LOT of money.
30. CHALLENGE #2
NOT ENOUGH TIME
Know anybody who thinks that
working 24/7 is the perfect life they
can have?
31. Neither do I !
We go into business to chase our dreams,
NOT to lose our life to business working
24/7 all day, everyday
33. 1. BREAK IT DOWN
– One step at a time
2. STOP PROCRASTINATING
– Cost of procrastination is enormous
3. DELEGATE WHERE YOU CAN
– You can do anything, you cannot do everything
34. 4. BE DISCIPLINED ABOUT YOUR SOCIAL MEDIA
– Balance what you MUST do on social media against
the distraction
5. STOP PROCRASTINATING
– Cost of procrastination is enormous
35. 6. BE INTENTIONAL ABOUT YOUR DAY
– Don’t reprioritize your day’s work to handle
someone else’s false emergencies.
7. SCHEDULE IN THE WHITE SPACE
– You MUST have a break
8. KNOW YOUR WHY
– Make the main thing, the main thing. Stay focused.
36. CHALLENGE #3
THE FEAST & FAMINE
CYCLE
Know anybody who likes to live from
hand to mouth all the time?
37. Neither do I !
We go into business to chase our dreams,
NOT to lose our life to business working
24/7 all day, everyday
38. Marketing
- FAMINE
Do the
work -
FAMINE
Cash in
from Sales
- FEAST
No Sales -
FAMINE
A Feast & Famine Cycle in it’s
simplest diagrammatic form
41. Once you UNDERSTAND how
YOUR industry works:
1. Brainstorm/Mastermind with your team on HOW you
can break that cycle
2. SYSTEMISE your business where you can
3. Formalise your REFERRAL system
4. Ask HOW can you PRODUCTISE your business to a
subscription model and implement the model.
42. You will get all you want in life, if
you help enough other people
get what they want.
ZIG ZIGLAR
43. What is on YOUR clients’ bucklet
list? Help them fulfil their list!
TEST Zig Ziglar out on
his statement.
I have.
It does WORK!
50. Use your time to UPSKILL and
work ON your business.
It will give you an advantage over your
competitors when the crisis is over.
51. You can predict the future of your business based on how you’re
going to show up today.
TODAY DOES MATTER.
Make the HARD decisions you have to make.
53. CULL YOUR EXPENSES
Identify your cash leakage and plug it.
Identify your cash leakage and plug it.
1. Start with areas which
will give you big gains and
are easy to do
2. Next, do those that are
easy to do that will give
you small gains.
3. Next, do those that are
hard to do that will give
you big gains.
4. Last, do those that are
hard to do and will give
you small gains.
54. IT’S A GOOD TIME TO SPEND TIME ON
BUILDING YOUR BRAND
66. DISC has been used in business to:
Reduce stress
Minimise conflict
Build trust
Raise morale
Boost sales
Enhance communication
Decrease employee turnover
Improve service quality
Maximise team performance
81. MENTORING &
COACHING IS A MUST
75% of executives say mentoring has been
CRITICAL to their career development,
according to a survey by the American Society
for Training and Development.
No matter where you are in your business, it is
never too late to start. But you do have to
START.
82. WORK WITH ME
Will having me as your coach and mentor help
you achieve SUCCESS and get you to where
you want to get to FASTER? Yes, it will –
EVERYTIME!
PATSY LIM FCA, BUSINESS MENTOR &
COACH
Tel: +61 439 935 440
www.PatsyLim.com
Let’s make business FUN again!