Seven Essential Financial Terms: Cashflow by Judith Morgan

I have been invited to teach some Australian business mothers the Seven Essential Financial Terms I think are important they know.   Here is my first in an occasional series where I will share those with you over coming weeks.

I’ve put Cashflow at the top of my list of Seven Essential Financial Terms because failing to “manage” your cashflow can kill off your business very quickly indeed.   And lack of good cashflow can kill off your enthusiasm for it even faster!

Firstly what does the term Cashflow mean?   It means how much money goes into and out of your business every month.

How do you manage Cashflow?   You track it on a spreadsheet.   First off you predict how much you expect to come into your bank account and when alongside what expenses you plan to pay and when.

It’s often easier to plan what expenses you have to pay because you know when you have to pay rent, telephone, salaries and other regular expenses, usually every month or perhaps each quarter.

But do you know how much money will come in and when?   This means predicting your income from sales and when you will get paid for each sale.

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Make More Money | Just Because You Could (Doesn’t Mean You Should)

As you might know, I’ve become obsessed with the concept of success, what makes some people successful and others not, why do some strive for success and succeed while others fail?  My new Money Gym book is going to be all about that and I think I’ve come close to identifying some key factors that make you more likely to succeed.

I’ve also been interviewing loads of the successful people I know, to get their take on it, to see if they have identified a key quality or action that has made the people they mix with more successful than ordinary folk.

The other thing I’ve always been fascinated by, is the ability to make good decisions, particularly with regards to business:  which business, where, who with, what next?

I have been known to buy the odd self help and business book (the odd 500 or so plus books, more like!) and I definitely remember buying one in my early 20’s called “How To Make Good Decisions” which is probably still around somewhere here!  I used to find it hard to make any decision, let alone a good one, and it’s still a struggle sometimes.

So when I hear that a particular guru of mine has had a life changing moment, has made a momentous decision in their lives or has an opinion about success, I’m always very keen to read about it or see them explain it.

Frank Kern is one such guru – don’t know what it is about Frank but he speaks directly to the heart of many people I know (and it’s not just the girls with that blonde surfer dude thing he’s got going on – my business partner Steve Watson rates him too!)

I find him inspirational because he come across as fearless, he doesn’t have to watch what he says, and he really does seem to live the life he wants to.  Authentic and funny, Frank strikes me as honest, and trustworthy.  No mean feat, online.

The other day I had an interesting experience with his InfoMillionaire organisation.  I had previously subscribed to InfoMillionaire and for a few months enjoyed the excellent posted newsletter they produced.  Then they obviously decided to discontinue the posted version and to take all the material (and believe me it was great quality and there was a lot of it) online.

I’m the biggest fan of membership sites as you know, but as a customer….this didn’t suit me as I just wanted Frank and Trey to tell me what to do, prefereably in a format I could read in bed on a Sunday morning.  I just didn’t want to spend MORE time online.

So I emailed their support, telling them I wanted to cancel my subscription and why, and that I was still a big fan and would, no doubt buy something from them in the future.

I got a great email back saying it would be actioned immediately and a refund issued!  Wow, I hadn’t asked for a refund, in fact I had been quite happy with, and would have settled for, just cancelling.

The good vibes I got off this little exchange made me take action and dig out the free DVD I had sent off for recently, featuring Frank Kern at Rich Schefren’s Strategic Profits Conference a couple of years ago, and someone banging on about media buying (you can see where my interest lay!)

I put it in my laptop and settled down to watch a bit of it in bed, and by 1.15am I was still there……

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Are you ready to become a Business Investor? By Judith Morgan

The Money Gym is looking for 100 people with £1,000

At the Money Gym Board meeting this week, we took a big, bold decision. Big & Bold decisions R Us! We have decided to work with a US based team of Product Launch Formula experts to take our business to the next level.

What does that cliche mean? The next level?

We have reached the limits of what the three of us can achieve, that’s just me, Nicola & Steve. And we need some help. We have debated for more than a year what sort of form this help should take. There’s so much that needs doing. We’ve thought of VAs but none of us relishes the thought of training or managing them. We talk endlessly about job descriptions but no-one has got around to writing one. Actions – or inactions – speak louder than words.

And we’ve interviewed all sorts of “experts” in their field, mainly around internet marketing – our first and foremost channel for new business. SEO, Adwords gurus – none of them will offer a guarantee which meets our exacting criteria for our hard-earned profits.

So, what is PLF and how and why do we think it can help the Money Gym now?

Find out about the PLF and how you can get involved with our project and earn yourself fabulous discounts on our products and services plus advertising benefits on our website as our Friends >>

This is how it works:

Your Automated Marketing Machine – Free Report

If you are a solo professional, entrepreneur, freelancer or even an SME with several employees, the most important thing you need to succeed, in the crucial first few years of your business, is new business.  And lots of it.

What you need to keep going in your business – and to be able to build a business to love – is lots of new business coming from your ideal customer or client.  An “Automated Marketing Machine” to generate new prospects, convert those prospects into customers, converting those customers into sales for your business.

Let me ask you something….

Do you feel overwhelmed and scared when you think about marketing your business yourself?  Are you stressed out because you need more sales, but your budget prohibits a big, fancy marketing campaign?

Would you love to hire an expert but don’t know where to go, who to trust or how to afford it?  Do you wonder how your competitors afford to do the advertising they do?

Perhaps you’ve heard that 50% of advertising doesn’t work but most people don’t know which half?  Have you heard that you only get a 1% response to direct mail at best?

Tell me this …..

Would you love to find about an affordable, automated marketing machine, a proven system to send your marketing stratospheric and make your sales and profits explode?

Well, now you can!

Download this free report on how to set up an automated marketing machine for your business today >>>

Just look for the “Business Success 21st Century Style” report and download it today.  Get your Automated Marketing Machine working for your business today.

And if you need help with setting that up, after you have read the report, talk to us at http://bit.ly/internetmentoring

The Key Secret Of Business Success | A Business Mentor

It took me a monstrous 28 years to realise that I needed a business mentor, or I would probably never achieve any business success at all.  I’d been entrepreneurial since a child, but I was growing up in a family with no money and no business people in it, much less successful business people. My early business ventures were, although I didn’t know it, pretty much doomed to failure!

From flat finding to waistcoat production, from renting my paperback books at the age of 8 to being a freelance fashion designer suppling designer shops like Hunter in Brighton, or Duffer Of St George in London at the age of 26.

From helping my husband start his own dance music compilations record label, Esoteric Records, to working with many start up entrepreneurs as their PA, I always knew I wanted to build a successful, profitable business, for me, but in spite of reading many many books and attending many government sponsored courses, success STILL eluded me.

Things improved a bit at the age of 38 when I saw the light, took responsibility for my own success and results and started my wealth creation journey and my quest for financial freedom.

I have told the story many times of how I met my first wealth creation mentor, Gill Fielding, and if you haven’t read it you can enjoy that story here >>> .  However, Gill had loads of  experience of creating wealth through property investing, and investing in the stockmarket, and we all know that she is an utterly brilliant speaker, but having come from the corporate world herself, she didn’t know how to start and grow a small, startup business from scratch, on a shoestring.   We started The Wealth Company together, and after 6 months amicably agreed to go our seperate ways, Gill wanting to reach more people to “light the spark of financial possibility” as she called it, and me wanting to work more one-to-one.  Gill bought me out and in the process, giving me the first inkling that a business idea, put into action, might have an asset value and be actually be worth something.  None of my other start up business ever had been.

When I bought my run-down hotel The Acacia, no money down, gutted it and started to market it online, I quizzed my accountant Mark Nicolson from Spofforths in Worthing and my bank manager Mike Murray from Nat West, about what made the businesses they saw every day successful, and what seperated those that succeeded from those that failed, and I got some very interesting answers.

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£10k In 90 Days Challenge – Champagne Update!

Well, a big thank you for entering our Win A Week In Champagne competition and an awful lot of you there were too

To make sure that the draw was entirely fair and unbiased I decided to ask a complete stranger to pick a number which I could then match up  to the corresponding entry.

So I went to my local branch of NatWest bank and asked a cashier called Lisa to do the honours. She was delighted to do so and her only problem was that she hadn’t heard about the competition in time to enter.

Anyway she chose entry No. 10

And The Winner is Louisa Bird who will be off to Champagne in the coming few weeks, along with the friends or family she wants to take along.

Congratulations to Louisa !!

What Next? All Is Not Lost…

We promised something special to everyone who entered but didn’t win the competition.

Well, we were so amazed with the number of people who entered the competition that we got to asking ourselves what we could do for all of you champagne lovers who are  dying to visit Champagne but who didn’t win the free week, so here’s what we came up with.

We will offer a huge 50% reduction off our standard tariffs for anyone who books a week at our lovely home between now and the end of March 2010

To take advantage of this superb offer bookings must be made, and the deposit paid, before November 21st.

If this offer sounds too good to miss then all you need  to do is reply to the e-mail and we’ll send you the tariffs  and all the information you need.

Champagne is great at any time of year but remember if you go before Christmas you can stock up on all your champagne (and wine too) and have a lot of fun selecting it – much more fun and a lot more stylish  than going to the supermarket!

Please contact us as quickly as you can.  We’re  expecting a lot of people to take us up on this offer so, to get the dates you want, contact us NOW

Questions, Questions, Questions….

I can’t thank you enough for all the super champagne challenges you sent in. Over the next few weeks I’ll be sorting through all of them and producing a user-friendly guide that will give you all the answers you are looking for.   I’ll tell you more about it as soon as it’s ready.

In the meantime you can share all the secrets of champagne that I learned when I lived there, by grabbing a copy of my e-book “The Insider’s Guide to Champagne” for £19.97, less than the price of a good bottle of champagne, by going to www.madaboutbubbly.com

That’s all for now and we look forward to hearing from all of you who want to visit Champagne

Jiles and Yvonne

www.madaboutbubbly.com

Questions, Questions, So Many Questions!

Nicola here……..I just wanted to let you know about two REALLY important things.  First of all………….

** Money Gym Boardroom – 30% Discount Deadline Extended For 3 More Days **

AND……….Secondly………….

** Money Gym Boardroom – 30% Discount Secured For You No Matter When You Plan To Start **

Our first Boardroom meeting is next Saturday, 6th November and Judith and I are really excited to meet the business people we will be working with.

But as the deadline for expressing your interest and securing your place approaches (originally midnight tonight) we have been inundated with more questions and there are a few in particular that are coming up time and time again.

Q. Am I – or my business – good enough to be in the Boardroom?

A.  This one really surprised us – some of you out there are not sure if you, or your business, are ready for The Boardroom.  But the answer to that question is….mostly……absolutely yes.   We have asked a few people who cannot afford  the investment yet to give themselves a year to work their way up. And several clients have de-selected the mselves now but nailed their colours to the mast and said “I WILL be with you – later”.  But only one who contacted us wasn’t ready and that’s one of our friends who hasn’t even yet joined Silver!   Bless.   We LOVE people with big ambitions.

Q.  So, what do I have to do to qualify then?

A.  It’s quite a simple formula.   You have to be someone who demonstrates ambition, stickability, determination and follow through.  But, more importantly you have to have three goals – one for your wealth creation plans, one for your business and one for you personally, any one of which has the ability to make you an extra £10,000 in the first 90 days of the Boardroom.

Q.  Why are we making that “£10k in 90 Days” our first challenge to Boardroom members?

A.  Because we are offering you a 100% guarantee that we will refund your f ees if you don’t make at least your £9750 fees (includes launch discount) back in 12 months.   But we won’t let you continue to come to our dinners, meetings and days out if you are unable to demonstrate the ability to take some fast-start action on your part.  Judith is going to be breathing down your neck every Monday, wanting to know what you are going to do this week and every Friday, wanting to know what you have done.  If those results don’t equal £10,000 in 90 days, then we are unlikely to invite you to be our guest at a second day out in February at our expense. Does that sound fair?   We think it does.

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Shocking Truth About Judith’s Money | What Will Be YOUR “Return On Investment”?

Judith Morgan says: Nicola’s always asking me “Why won’t our clients tell us PRECISELY how much more money they have made by being in The Money Gym?”

I don’t know is the short answer!   What I do know is that in the UK we don’t like talking about money whether it’s because we’ve made less than we would like (and don’t want to share that) OR the more likely Money Gym scenario which is that we’ve made more than we think our friends and family would like (and we don’t want them to know or to show them up).

Many’s the time when we have been contacted by a particularly successful client and asked to TAKE DOWN a testimonial, because they are getting divorced, have just met someone new, don’t want to be stalked, are worried about burglars, don’t want the tax man to have any inkling….many, many differnent reasons.

This, of course, makes our Money Gym marketing very difficult, particularly for the Gold and Boardroom coaching programmes and it makes it hard to give people specific examples when they ask that age old question “How quickly will I get a return on my investment and how much will that be?”

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In Business? What Makes YOU Special?

Judith Morgan here and I’ve got a little story for you.

“I want to step up and play a bigger game”.   That’s what one of our Money Gym clients said to me today and that makes him just perfect for our Boardroom.   He’s not free to start until after Christmas and that’s cool too.

He was canny enough to ask me could he bag the 30% launch discount now but not start till later.   Since we teach financial nous, I’m glad he asked.   (There are only 4 days left to do that btw)

And I have been able to negotiate on his behalf that provided he pays deposit of £2437.50 now to secure his seat by the 31st October deadline, he can choose when he wants to start and his seat will be held for him.

Peachy!

My notes sat somewhere on my desk for the rest of the day and I kept coming back to this client in my mind.

What sets him apart?

I said, as I nearly always do, “how can we help?”

And he said he wanted “business support”.   This was useful because it meant our ideal client had worked out what was in it for him and that we are running  a special promo on price.   And I know he has ambition, and goals.

Is the cost of the Boardroom an issue for you?   Were it not for that, would you be taking your seat at The Boardroom table in the 007 room in London’s West End?   Would you be dining with Nicola and me and your Board the night before?  Would you be stepping up to the challenge of making an additional £10,000 in your first 90 days in the programme?   That’s £10k over and above your normal revenues.

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The Boardroom | Is It Right For Your Business?

In the run up to the launch of our Money Gym Boardroom, we knew we would be getting quite a few questions.  In order to facilitate that, we have set up an anonymous survey page, so that you can ask your questions freely, without needing to give us your name or email.  You can ask YOUR burning question about The Boardroom here:  http://bit.ly/MGBRoneq and we will answer them all on the blog over the next few days.  Here are a few of the questions we have received so far – is yours covered?

November & December are the busiest times for my business.  If I join now to secure the 30% discount, can I skip the first meeting and start my membership at the next Boardroom meeting in the New Year?

Yes, of course, that’s not a problem at all. Just go to http://www.themoneygym.com/boardroom and choose your payment option.

Can I come to the boardroom with more than one business?

Hmm.   Depends.   Who are you and are you working alone?   If you are, and you are working on multiple projects, sorry but here’s the real cold hard truth that we have observed from working with many, many Money Gym clients over the years.

By working on multiple projects, on your own, without business partners, you are pretty much guaranteeing that your projects will take a lot longer to reach success, if they manage it at all. Mike Filsaime demonstrated this very ably at the World Internet Summit 2006 (at which Nicola is speaking this November).

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