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So far Bruce Wade has created 106 blog entries.

Financial Statements – Statement of Financial Position

Financial statements reflect the health of a business as the life of every business is reflected in its books. It is very important that business owners familiarize themselves with the financial statements and not only leave it to the accounting team. The more you know about your financial statements the better, this enables you to be in a better position to make sound judgement in regards to the decisions you make when you know how your business is doing financially. It is very important that you do not exclude yourself as a business owner but familiarize yourself enough to at least have an idea of what is happening in your financial statements.

The statement of financial position also known as the balance sheet will reflect the business’s financial position or value at a specific point in time. It reflects the business’s assets, liabilities and equity.

Assets

What you Own

Provides value for future

Funds currently in use

Generate income

Liabilities

Owed obligations to outsiders

Equity

The owner’s share contributed/earned

The benefits of knowing what is happening in your statement of financial position includes:

It will assist you to review your business performance.
You will need to produce it when looking for  investors for your business.
It is it vital for your business plan.
Required for Annual Financial Statement.

By |2017-02-08T15:21:16+02:00February 8th, 2017|FaceBook, Financial Management, Uncategorized|0 Comments

Looking Ahead to 2017

Many people are back at work this week after taking a break. Others have worked themselves to a standstill and are looking forward to a break.

Whatever group you belong to, welcome to 2017. It is going to be just another year with the same old same old. Unless you do something to change things. We have a sign in our office that reads “If you change nothing, nothing will change”. This cannot be truer. The future is what you make it and it requires a conscious move from being a reactive person to a proactive person.

Reactive people wait to be told to do something before they start anything. They wait for the alarm clock to go off, then get out of bed, they wait for others to do things for them and wait to be told what to do.

Proactive people get up early because they want to. They seek out opportunities and explore them. They invent things to do discovering new ideas and different ways to do things. They engaged with people to initiate conversation and build networks.

May your year ahead, no matter what it may throw at you, be one of focus, enthusiasm and breaking ground for growth and expansion.

By |2017-01-09T09:22:47+02:00January 9th, 2017|EI Clients, Entrepreneurship|0 Comments

Entrepreneur Options for School Leavers

With our Matric results out in South Africa and all the mixed emotions that go with them all, we are left with the obvious question: What to do now?

If you are or know a school leaver then here are some options: Further education is always a great way to go. But remember the dropout rate and failure rate for higher education is above 50% and will often leave you with huge debt and emotional and social issues to deal with.

Getting a job and working is an awesome option, but jobs are scarce and your Matric does not really qualify you to do much other than entry level jobs. But a job is a job and experience will come. I know so many people who got a job, worked hard and have moved up to managerial positions and job security. So find a job, put in some effort and make it happen.

Then there is the gap year. A gap year without a plan is just a total waste of time and energy, not yours, but those who need to support you. If you want to take a gap year, do something with it. Learn a skill, job shadow, volunteer, travel, do things that will give you experience and mature your skills into something worthwhile.

The last option I have is to start a business. Last on the list, but should be considered first. South Africa is ripe for Entrepreneurship and ready for small business. But starting a small business on your own may be considered as imminent failure, unless you get help from a mentor and coach. Learning from others who have gone before you makes the path less hazardous and more productive.

If you are in Johannesburg and want to do a full gap year of Entrepreneurship then here is an option.

If you are in Cape Town and want to find out more about what it takes to start and run a business, then we have a specialised workshop for school leavers on Wednesday 11th Jan. Click HERE for more info.

Whatever your choices are for 2017, make sure you make then, stick to them and give it a good go. If you want to chat to our team for more advice, then go here. We are here to help you grow your business.

By |2017-01-06T09:25:45+02:00January 6th, 2017|Entrepreneurship|0 Comments

Year End Planning – Final

At the end of each season, we need to take some time to rest. Rest the body, rest the mind and rest our souls.

But too often we are so used to working in the fast lane that when it comes time for a bit or R&R, we feel guilty and put ourselves down. We need to give ourselves permission to put sown the tools of our trade and do something different. Read a book, go to movies, spend quality time with friends and family. Take a walk in nature, up a mountain, along a beach.

We were never designed to work and work and work. Even God took time to rest after creation. This models a way in which we need to live our lives. Please find time, even in this busy time of year to chill out and rejuvenate ready for the year that lies ahead.

From the team at EM-solutions to you, your staff and your family members. Congratulations for getting this far. Have a very blessed Christmas and we will pick up things in the new year as we talk about dashboards, development canvases and Wildly Important Goals.

By |2016-12-22T09:11:10+02:00December 22nd, 2016|Bruce on Business|0 Comments

Year End Planning 4 – setting goals

This is session 4 of 5 in the year-end planning process. If you have not yet read the lessons or watched the videos from the previous sessions, please do before you continue.
You should now have a list of things to do for next year. This list will have all sorts of goals, activities and hopes on it. All these items need to be sorted and prioritised in order of importance. This will help you identify what needs to be done and what is a ‘nice to have’. But be firm, it is easy to downplay some of the important issues just because it is harder to do. Like joining a gym and getting your finances sorted. Yes, it can wait, but the longer you wait the more urgent it will become ending up as a critical issue later in the year.
Once you know what needs to be done, now sort them by month. It is always great to have a 12-month plan with each month having at least one WIG – Wildly Important Goal set to be focused on and achieved during that month.
Add additional and supporting goals to each month. Now you have a year full of plans.
Now it comes time for communication of these goals to all relevant people. All people who are involved or affected by your goals need to be told. This will enable them to do two things: be aware of any task they should be doing and to hold you accountable for doing your part.

By |2016-12-20T10:39:24+02:00December 20th, 2016|Bruce on Business|0 Comments

Year End Planning part 3

So, now that you have that list of things left over from this year, what do we do with it?
Add to it. Add the new items for the next 12 months. Look at the areas required to get you and your business to the place you most desire. What do you need to be to get there – add this to the list? What does your staff need to be? What new tools, equipment and knowledge need to be within your business? Keep adding until you are satisfied that you have enough to equip and empower yourself for what lies ahead.
New we will have to deal with this list….. in the next part of this series.

By |2016-12-19T10:46:18+02:00December 19th, 2016|Bruce on Business|0 Comments

Year End Planning Part 2

Take some paper and make a list of all the things you have not achieved or got around to doing this year. This is not a guilt trip or a way to highlight your failures, but a way to acknowledge all the things just not yet done.
List the big stuff and the small items that you planned or just hoped to do, then go over the list and scratch out the ones that now seem irrelevant or unobtainable. Often we plan to do things, but circumstances change, yet we fail to change our goals. Cross these off and forget them.
The left over items can be used to determine a new list of new carry-over goals for the next year and the next exercise in this process.

By |2016-12-14T15:33:26+02:00December 14th, 2016|Bruce on Business|0 Comments

Year End Reflection Time

And into December we go. And as predicted there are always a bunch of memes, blogs and articles telling us to pause, reflect and plan. Some of them good and some not so.

But here is an exercise that could literally change your business and your future. It is so important that we have put together a short video course on the process that we will post over the next few weeks and we ask that you follow along and do the short exercise for each lesson.

Doing is different from just listening and thinking about doing. I want to encourage you to get that paper and pen out and do the work. Just 10 minutes per day over 5 days will see significant changes in your future. Guaranteed.

By |2016-12-12T12:33:52+02:00December 12th, 2016|Bruce on Business|0 Comments

Are you Planning to Fail?

The old saying: “Failing to plan is planning to fail” is never truer than it is in these busy, fast moving times in the economy.
If you and your business do not have clear-cut plans for at least the next 12 months, the chances of still being in business this time next year are drastically reduced. Your team should all be on the same page with clear objectives and strategies for the near and far future.
Plans bring ideas and people together into a focused laser beam strategy that will coordinate effort and energies into a single destination. This obviously starts with a clear Vision, mission and purpose for the business. Then breaks down into long term goals and short term plans, sprints and accountability.
But remember that setting goals is like a budget: you need to measure your actual against it on a regular basis. Goals need to be timelined with critical paths and actual progress mapped against each activity. This gives you, the manager, a clear understanding of where you are and what may be any issues or obstacles that need managing around. This, when communicated to all team members build momentum and results in forward driven progress.
So, is it not time to sit down and map out a plan for 2017?

By |2016-12-05T10:09:47+02:00December 5th, 2016|90 Day Sprint|0 Comments

Do you manage your business based on your financial information?

Financial management is, for most business owners, something that is never done well or at all. Knowing your numbers has been the take home lesson for a lot of the contestants on the Mnet Shark Tank programme. You can read some of my comments on the various presentations.
There are many business owners, who just do not know their numbers and if they do, do not know how to use them effectively to make management decisions based on their interpretation.
Here is a short check list for you to do a self-assessment:

  1. Do you know your turn-over figures for the last 6 months?
  2. Do you know the comparison to last year actual and this year budget figures?
  3. Do you know your break even points per product category?
  4. Do you have a budget for the New Year that reflects actual trends and seasonality variations?
  5. Do you know your; net profit ratio, working capital ratio, stock turnover rate, debtors turnover rate or your cost of sales values?

If any of these are foreign or even vague to you, please add financial management to your personal development plan for 2017 and get in the driving seat of your business. It could just be the thing you and your business needs to survive the next 12 months.

By |2016-11-28T11:39:50+02:00November 28th, 2016|90 Day Sprint|0 Comments
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