FIRING A CLIENT - Tips to Determine Client Profitability

As the CEO of an NFP, telling your story in meaningful and consistent ways is vital to delivering on your purpose.  In this podcast, I discuss storytelling through the language of accounting, and why the CEO, Board and stakeholders should speak it regularly to tell their story. 

Creating a meaningful story with the numbers on the page may be challenging at first, however when spoken regularly, this unique approach has many benefits. Using the language of accounting in storytelling creates consistency and aligns your purpose throughout the organisation. 

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

Today I want to talk to you about recruitment bias and how it plays into the daily running of your business. The cost of recruitment bias needs to be examined in order to make good decisions as you move the business forward.

In this episode we look into unconscious bias in recruitment that you may have and general unconscious bias in the workplace and how once we recognise where it shows up, we can begin to manage it. One way that unconscious bias in recruitment and selection plays out is the moment we even think about hiring. We look at the person who was hired before and think that we need another one of them when in fact, there may have been inefficiencies about that role that can now be managed in a new way. 

The good news is that our unconscious bias in recruiting can be managed if we begin to ask the right questions. If you’re not sure that you contribute to unconscious bias in the workplace (unconscious bias @ work), then I’d love for you to listen and critically examine your own behaviour and perhaps begin to put into place the suggestions I make around how to go about lowering your own recruitment bias.

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

In this episode I want to talk about paying yourself first from your business and also why, how and when to do it. So, the question is, are you paying yourself first? And if so, do you know how to pay yourself first?

If your business is bringing in income and you are doing all the work then it stands to reasons that you need to pay yourself first. It’s a big step for a lot of people to pay themselves before they pay others but you need to know how to pay yourself as a business owner because it will inform you of a number of things. It will give you a taste of what it’s like to pay employees, whether or not the business can withstand wages going out and how profitable the business truly is.

If you want to know how to pay yourself as a sole trader or how to pay yourself as a business owner in Australia then you take a look at the standard salaries and wages going in your industry and pay yourself accordingly. Knowing how to pay yourself and how much should you pay yourself will give you enormous insight into eventually hiring employees to fulfil the technical role you are currently filling.

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

Are you part of the finance team in your organisation or do you have a finance team? Today I want to talk to you about understanding finance team culture and its organisational impact so that you can make strides towards enhancing your team culture.

While the finance culture is just one area of organisational culture, it is an important one.  In today’s episode I delve into how culture not only impacts your business but how it creates value within the business. Naturally, this affects not only the team itself and the organisation but clients too.

In Australia, corporate culture (particularly accounting culture) does not get spoken about enough so as a not for profit accountant here in Australia, I want to shed light on the topic.

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

Firing a client is never easy and it’s not something any of us ever really want to do. However, it’s important to maintain a profitable business so that sometimes means doing the difficult thing. In this episode I want to take you through my process of understanding when you should be firing a client - tips to determine client profitability.

To understand when to fire a client, a great place to start is with a client profitability analysis. That being said, determining whether or not they are profitable strictly by numbers is not the whole picture and firing customers needs to be based on more data than purely numbers.

If you truly want to know when to fire a customer you need to take into account other factors such as how difficult they are to work with. Are they paying their invoices on time? Do they always question the process or the invoice? You see, if it’s purely a mathematical issue then you have a moment to discuss new fees with that client but if you are seeing behavioural things as well then terminating a client might be the best solution. 

Difficult clients are never easy but firing difficult clients brings an unprecedented amount of relief as well as gives you time back in your schedule for new and more profitable clients.

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

Personal/professional development training is one of those expenses where it can be difficult to measure in terms of impact and ROI as it’s a long term venture. Personal development training expenses can also eat up a large portion of your PD budget if you aren’t careful.

In this episode we look at personal development and professional development and how these business expenses should be considered within your training and development budget. Training and coaching employees is essential to long term success within your business. Leadership development training is essential for those in leadership positions as they need to continue to make great decisions for individuals and for the business as a whole.

Unfortunately these things do cost money (and sometimes a lot!) so as you are tracking expenses for small business and working out your budget for business expenses such as training, be mindful of the long term impact versus the short term impact of these investments.

And, if you’re asking, how much  should I spend on personal development and professional development for your staff then you’ve come to the right place.

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

Finding an accountant can be a daunting task at the best of times. On the one hand there is an abundance of accountants all seemingly performing the same duties. On the other hand, how do you know who to trust? Do they specialise in your type of business? How do you go about asking the right questions when you’re hiring an accountant?

I’m going to answer these questions and more in today’s episode. Hiring an accountant for small business doesn’t have to be scary and you don’t need to fear it. Knowing how to choose an accountant really comes down to the values you hold and whether or not the accountants you talk to hold similar values to you.

So, listen and learn how to pick an accountant, learn the difference between a cpa and accountant and take notes on the questions to ask your accountant to help inform your final decisions. 

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

I want to discuss job automation and job loss and what this means for jobs in the future.

Globally, It’s already been a wild year and the future of the workplace might feel even a little more uncertain for some. Robots taking over jobs in the near future is a real possibility as we have tasted a crisis that has, for the most part, shut the world down.

The question on many people’s lips is ‘will robots take our jobs?’ and the simple answer is, over time - yes they will. We’ve already seen it happen with the installation of ATMs and self-service checkouts in the grocery store. AI taking jobs is the modern world that we live in.

However, I want to pose to you the idea that jobs in the future, while potentially different from today's, will be abundant and require something that only humans can give. And that’s what I want to discuss in today’s video.

Will robots take my job?
Will robots replace humans?
Yes.
But jobs that will disappear will be replaced by new jobs that, I believe, will bring even more professional fulfilment.

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

If COVID has taught us one thing, it’s that having a business continuity plan is necessary moving forward. 

In this episode I want you to think about your own business continuity planning for your business and how that has effectively become a business continuity planning process that can now be documented and written into your business systems.

Second to this, I want you to think about the change management principles this pandemic has activated and how that too should be something documented and accounted for within your business.

COVID-19 business continuity has enlightened us with many learnings as we’ve been forced to pivot and adapt at lightning speed. Planning for a pandemic and business continuity were likely not on the agenda before now and in the face of such a pandemic, your ability to adapt has possibly taught you more than prepping without actual experience. That being said, how can we use COVID-19 as effective crisis management planning, business continuity planning and disaster recovery as we move forward?

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.

Are you thinking of starting an enterprise here in Australia that has a social purpose? Perhaps starting a social enterprise is something you have in your long term business plan?

Well, starting a social purpose enterprise is a little different to starting a nonprofit organisation and many people think they are one in the same. I want to use this episode to walk you through the differences and what that actually means for you as you start your enterprise.

To be clear, this is not a social enterprise vs nonprofit in terms of which is better but rather which is better for you and your goals.

Connect with me on LinkedIn or visit our website rightsource.com.au

Visit the downloads page to access accounting spreadsheets, templates and budgets.

If you have any questions, are in the process of starting up an NFP, interested in becoming an NFP CoSec, feel free to contact me on LinkedIn.

If it is of interest, join us for the NFP Governance Rendezvous, a free online event for NFP CEOs, Directors and CoSecs, or anyone aspiring to these positions; or just wanting to learn more about governance in the NFP space. Click here to learn more about upcoming Rendezvous.

Right Source Empowering Your Purpose Is Ours.