Finance Coach - Vol. 14

Finance tip: Extra income

Baby-sitting. Offer your baby-sitting services to friends, family and colleagues to earn some extra money in the evenings or over weekends. There are plenty of parents out there who are working night shifts or second jobs in the evenings, who need peace of mind about their little ones. Most people have some form of experience with looking after small children (whether their own children or small siblings), so translate this experience into earning potential. You can choose to do it every now and again for a little extra here and there, or take it more seriously and perhaps set up an evening child-care service at your home. The beauty of having more than one child to look after is that your earnings can multiply substantially, with only a small amount of extra effort. And if you’re any good, word of mouth spreads faster in the child-care industry than almost any other, so prepare to become popular!

Business tip: Innovation

Read anything and everything. Whether you’re looking for an industry to get into, an idea to expand your product range, or just a spark to rejuvenate your business, read whatever you can get your hands on. Personally, I read newspapers, men’s magazines, women’s magazines, business magazines, billboards, pamphlets, wall-posters, anything! You never know where your next idea or inspiration will come from, so be open to anything. And always remember to read between the lines, and make the leap to the next logical step. Say, for example, you read an article about how many mothers are being forced back into the workplace to make ends meet. More mothers at work = fewer mothers at home = children still need to be cared for = start a babysitting service! This is reducing the entrepreneurial thought process to its barest, but the point is that there is generally always something behind what you are reading at face value – dig deeper and find out what it is.

Finance Coach - Vol. 13

Here's your Thursday edition (running two days late, oops)...

Finance tip: Holidays

Stay with family and friends. If you're looking at going on holiday, but the costs seem prohibitive, consider staying with family and/or friends, even if only on some nights. It can reduce your overall bill by a massive chunk. Recently, I went to Ireland with my girlfriend, and the fact that we were able to stay with her family reduced the total cost by close to 50 percent! Alternatively, if you don't have family in the area, consider couch-surfing. This is a new way to travel where you simply crash on someone's couch, generally for free. Networks are springing up worldwide (check out www.couchsurfing.com)

Business tip: Relationships

Vet your customers and suppliers. If at all possible, try to get to know a new customer/supplier before taking them on, especially if they are going to be a major part of your business. Read their marketing material, speak to staff members, ask their management about their goals and aims. Get to know them both in and out of their own environments. Are they easily flustered? Are they organised? Do their staff work well as a team? How long have their employees worked for them? Are they regarded as good payers? Are they willing to go the extra mile to accommodate you? You'd be amazed how much you can learn about a company just by sitting in reception on an unannounced visit!

Finance Coach - Vol. 12

Hi everyone,

I’m back from my holiday in Asia (absolutely amazing!), so here’s your Monday edition of Finance Coach…

Finance tip: Electricity

Check your freezer. If your freezer is only half-full, fill empty milk bottles (plastic ones) with water, and place them in the gaps. Once these freeze, they will help keep the temperature down, and your freezer won’t have to work as hard to maintain its desired temperature – saving you electricity, and lightening the load on your wallet. Also check the seals on the edges of the door – worn ones will mean that coolness escapes, and the unit will have to use more energy to keep your supplies frozen.

Business tip: Management

Delegate your weaknesses. As a business owner or manager, it can be very easy to fall into the trap of trying to do everything yourself, and micro-manage others. Get past this by identifying your strengths and weaknesses, and then delegating your weaknesses. If, for example, you are a whiz at marketing and bringing in new business, but the thought of doing your month-end accounting scares you to death, delegate the bulk of the accounting to a partner or employee, or consider outsourcing it to a professional. Your initial reaction might that this means giving up control, or costs money, but the increased benefits of being able to focus your time, effort and attention on your strengths could well outweigh the costs. If the work is delegated to an employee, it also serves as a sign of trust and encouragement, and could be the spur that pushes them to operating at their full potential.