3 min read
Do Tradies Need a Website?
Having an online presence seems almost mandatory, especially in the competitive world of trade business. But is it really necessary for tradies?...
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0800 461 219
65 New North Road,
Eden Terrace,
Auckland, 1021
What's the net-profit delusion and why should trades businesses only work on a gross-profit basis?
Navigating through uncertain times requires a clear strategy and a unified approach across your entire business. Whether it's engaging with customers, aligning with staff, or negotiating with suppliers, creating a solid financial plan is essential for moving forward. While predicting the future is impossible, being crystal clear on your goals and having a well-thought-out plan to back them up will help you manage the inevitable bumps along the way. This blog will explore the importance of alignment in your financial planning and offer actionable steps to ensure your business stays on track during challenging times.
It’s your job now to prepare for future work and to get alignment across your business and stakeholders, including your customers, staff and suppliers, in order to develop a solid financial plan to move forward.
Alignment is key when we’re faced with uncertainty or ambiguity and no-one knows exactly how long the crisis is going to be. You can’t predict the future, but if you’re 100% clear on where you are going and have a solid plan to back it up, it puts you in good stead to tackle bumps along the way.
So what does alignment look like in terms of money?
It’s crucial that you are able to answer these six questions:
Dan, Fergus Founder and veteran tradie, ran a tutorial in which he walked through this simple cash flow forecasting template. We encourage you to watch the tutorial on-demand and use the template to document the answers to the questions above. This will then act as the foundation of your financial plan.
Once you have alignment, you’ve tackled ambiguity (the best you can) and come up with your plan, it’s time to start taking action.
Your actions should focus on you winning work and securing future cash flow. You may need to put some thought into areas of your business you need to adapt to meet changing market conditions. Consider doing some, if not all of the following:
It might not be easy, but now’s the time to put reaction aside and start acting with intention to take control of your business. You’ve got this!
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