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.