2 min read
Fergus is Xero's featured app of the month
This month we’re celebrating the Xero team choosing Fergus as the staff pick of the month from over 1000 apps on the Xero Marketplace globally.
Quoting
Scheduling
Tracking jobs
Managing on the go
Managing teams
Invoicing
Payments
Reporting
"By adopting this system we are now seen as professional and progressive within our town"
"Since adopting Fergus, in the last 6 months, we’ve seen a 60% increase in our business."
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(Spoiler: It's you.)
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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? Read this blog by Fergus founder Dan to find out more.
No one is going to forget these last few months. Covid-19 has spread across the world at speed, stopping our lifestyles and in some cases, our livelihoods, in their tracks. It’s been a bit of a scramble, taking care of business, of each other and of ourselves amongst a lot of uncertainty.
As second waves arise, both in Australasia and around the globe, thinking is changing to how we will respond once to crisis is over to how we can survive amidst an ongoing crisis. We are no longer in reaction mode, but actively looking for ways to mitigate risk and the impact on our business more intentionally with a long term view.
Before we get into exactly what actions to take, it’s helpful to think about where we are right now, in terms of the business cycle. The Covid-19 pandemic has resulted in a sharp economic recession. A lot of the job and revenue losses were immediate, however further lockdowns in geo-specific areas is effecting further losses in these regions.
The depth of the trough will likely correlate strongly with the peak of the pandemic crisis, but as we witness numerous second waves around the world, it’s unclear at this point in time, exactly how long this crisis will last for.
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.
Here’s an example for you for a company impacted by lockdown restrictions:
Scenario 1 - with alignment: you’ve spoken to your customers and know that you have four weeks of work lined up as soon as Covid-19 restrictions are lifted. You have made an informed decision that you can afford to hold onto your lease vehicles during this time.Scenario 2 - no alignment: you haven’t spoken to your customers, but assume they will want you to commence work as soon as you’re able. You’ve also decided to hold onto your lease vehicles, only to discover now that the work you thought you had lined up, in fact wasn’t.
You get the point. So what does alignment look like in terms of money?
It’s crucial that you are able to answer these six questions:
Earlier this week, 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!
For more on remote quoting and winning work, check out our business coaching sessions with Dan.
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This month we’re celebrating the Xero team choosing Fergus as the staff pick of the month from over 1000 apps on the Xero Marketplace globally.
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