When you’re a small business, every dollar counts, and it’s important to know where your hard-earned finances are going. So having a strategic financial plan and business budget is so important. Which is where Tammy Barton comes in.
Tammy Barton is an Australian entrepreneur, businessperson, personal finance expert, and the founding director of Australian personal budgeting service MyBudget. MyBudget helps people take control of their finances through budgeting and money management.
The winner of multiple awards, Tammy is recognised as one of Australia’s most influential businesswomen and regularly appears in the media as an expert on personal money management and household budgeting. Her talk on day two of Evolve will go into small business finance and how you can take control of your business finances and budget.
Not only that, but Tammy will also be at Evolve to assist you in promoting a healthy attitude towards your business budget, how to budget and create a budget, and how to manage your business profits and losses.
How to identify and implement business strategies
Planning strategically for your business is so important because you need to know that what you are doing is working. But there’s no sense in making a strategic planning document that is long, boring or complicated, after all, you need to stay inspired to stay on your strategic plan!
A strategic plan can help you look at what you say “yes” to, or what you say “good idea, but not a priority”. The last thing you want is to go too gung-ho with your planning and take on too many projects and plans that you don’t actually have the time or resources to complete!
Tammy will help you figure out how to identify those priority projects and how to make sure the other projects are still on your to-do list, without demotivating your staff or taking on too much at once.
Establishing realistic goals for sales and profitability
Setting goals for yourself and your staff when it comes to sales, conversions, and profitability for your business is important. But it’s equally as important to make sure you have the right sort of goals in place, and that your goals are realistic.
You can’t just turnaround and say that you want to become a million dollar business in a year if you’re only taking in $1500 from every wedding. You’d need to be doing more than 600 weddings in the year before you even take out wages and business costs for that goal to be viable! The only thing that’s going to do is demotivate yourself, your staff, and give you more pressure.
Tammy will help you identify what sort of goals are realistic and where you can focus on that profitability, such as increasing your sales conversion from 1 in every 10 enquiries to 2 in every 10.
Manage your profit and losses
Money can sometimes lead businesses to make rash decisions when it comes to the money that is both coming in and going out of the business. As a business owner, you need to be able to manage your finances in terms of what is actually coming in, as well as when you might have those down times.
We know that in the wedding industry we have peak and off-peak times, so learning how to properly manage your finances throughout both of these times is crucial. Rather than having up and down times in your business, Tammy will help you streamline your budget throughout the year so that you can weather those ups and downs.
Better ways to work with your money. Period
You’re not alone if you’ve ever wondered whether you’re making the most of your money. Investing in workplace motivation activities might seem like a price for nothing, but if it makes your staff more productive then it’s worth the investment. We all need to learn how to work smarter, not harder, and the same goes for budgeting.
Budgeting for your business isn’t just something you do, it’s a philosophy you need to run your business to. Setting up your financial priorities about what you want to achieve in a month, year, or even decade can help you set your business priorities and see what is or isn’t worth investing into.
Remember, running a business in the wedding industry is a much more holistic picture than just being about making money. It’s about creating the perfect day for your couples and helping your staff enjoy themselves and feel fulfilled in the meantime.