If your business is growing and has 5+ employees, have you ever wondered when you will have lots of spare time, or when you can enjoy multi-month holidays?
Thousands of business owners have told me they just can't switch off.
They think about their businesses after work, at home at night before going to sleep, they wake up thinking about their business, and rarely take a break from thinking about it, even on holidays.
They're not working the 40 to 50 hours, they're working more like 80+ hours because time thinking about your business is still work time.
Owners often say they feel like they are 'running a busyness' - with 'no spare time' - even when they have 8 or 20+ employees.
They feel like they are owned by their business, it controls them.
While they say lack of time is a problem, it's actually the lack of understanding of the highest priorities that is the real problem, to put in place permanent solutions.
If You Focus on the Highest Priorities, You Can Solve Cash-flow Challenges AND Free Up DAYS in Your Week... Surprisingly Fast.
Knowing what the priorities are for your business, is the key to having both an abundance of time and money, to enjoy a business you love to own with a happy, productive team, and a dream life.
When you get clear on your priorities, and apply a few simple strategies, you can free up not only hours, but days of time in your week.
Your business will be "cashed up" - and completely free you from all stress and control.
You'll be able to choose if or when you work. Working becomes completely optional.
The first priority is to have your business operating with a healthy/high Net Profit Margin - i.e. over 15% when revenue is above $800,000 per year. 15% is the minimum and it may need to be higher.
Experience with hundreds of businesses has shown that Net Profit Margin percentage tends to be where cash-flow challenges disappear. Plus it frees up surplus cash-flow to pay an extra person, so you can delegate your tasks to your employees - to free up your time.
When profit opportunities are known and capitalised on with a few simple management strategies to increase profit margins, it literally changes everything about your business and quality of life.
Starting is businesses without employees. The key focus is marketing to increase sales to be able to employ someone.
This stage is where the business is now has 1 to 5 full time employees. With 5 employees the business is now moving into the consolidating stage and priorities for the owner now need to change.
At this stage of a business it has an admin person and between 6 to 15 employees. This stage is where the work can begin to increase margins and to free most or all of the owners time in the business.
The business has 15+ employees with a layer of management with a supervisor or managers. At this stage working in the business can be completely optional. The business can scale and/or hire a general manager.
Most businesses are average, struggling with cash and creating stress for the owner. Some businesses are good and a few are awesome.
An awesome business provides the owner with a high salary, a stress-free mind and all the free time they want. They can be out of the business completely.
It's because they have a dependable team who love their work, and work without supervision thanks to the culture, and systems and KPIs that keep them in check.
Most of all, regular, long holidays can be enjoyed wherever and whenever the owner wants them. Working in or on the business has become completely optional.
Unfortunately the majority of businesses are struggling or stuck in the average stage because the profit margins are average or low.
The business isn't growing, the cash levels fluctuate with regular crises, the staff are often frustrating to deal with, and the marketing doesn't seem to bring in leads or sales consistently, despite spending money on service providers.
If your business isn't awesome, you have the choice to settle for where it is, or to work on it, to make it awesome as well as your quality of life.
It starts by becoming aware of what an awesome business looks like, so you know what you need to work on to make your own business awesome.
I help businesses to grow and transform, so the owners live their business and the freedom is gives them with both time and money.
My first of the seven businesses I've started was a tree service business, operating from Western Sydney.
It was struggling to grow even though I was working 6 and 7 days per week.
After reading my first business book I started working on my business systems and invested in learning marketing. I changed it from average to awesome in less than a year.
I saw my business profits triple while I reduced my work hours from 80 down to 30 and loved my new lifestyle and freedom.
For the past 23 years as a business mentor I've searched for the best strategies, tactics, systems and tools to assist business owners to transform their businesses and lives - with amazing and inspiring results.
"Until the time we met Tim, the business turning over between $18,000 and $30,000 per month with myself struggling with one employee. Now we have 12 employees and our turnover will be in excess of $2,000,000.
Now that I have a full time manager, I don't have to be working in my business. I choose to work in the business. If I'm not working in the business I spend time with the family, I go fishing and I restore motorcycles. I'm planning on my exit strategy, having a passive income from the business, and all because I put a manager on and trust him to do the job."
Industry: Powder coating & sandblasting
"My business grew from $1.5 Million to $4 Million and I work 32 hours per week now and it used to be 65.
I'm a lot happier, I have a better lifestyle, have a lot more fun, I really enjoy coming to work and I enjoy the people I work with.
When we first met our net profit margins were up and down, as low as 8%, which was horrific and now at the start of the financial year its running at 25% net profit on a 3 times higher turnover and we have a goal to get to 28% on a $5 Million turnover.
The best money I've ever spent. Invest in yourself, get some freedom, because that's what you're going to get."
Industry: Electrical contracting
"Before the mentoring course, the business was really struggling, with the Net Profit Margin at 1% and we didn't even know what that was. We were just doing the day to day work, but not really making money.
I was really in the trenches, juggling issues, juggling staff, and trying to manage clients and not really running the business. There was a lot of stress and we really needed to do something. Now our net profit margin is running around 16.5%.
Before the course, we had expanded into America, and had a team in Poland, Sydney and Brisbane but we hadn't thought about all the systems we should have.
The best thing about the course was it improved our mindset, helped us to understand people more and gave us tools and systems to use."
Industry: Software development
"There are hundreds of courses and advisers that will sell you a myriad of promises, Tim Stokes delivers on what he says he will do.
The material that Tim provides is relevant, timeless and will improve your bottom line, increase your cash flow, create a team of employees that are completely on board, make you a better leader and ultimately a better person.
Sound unbelievable, that’s what I thought as well until I experienced it."
"Tim is the best adviser to help small businesses grow that I have come across in my 30 or so years in the accountancy profession.
He has a suite of tools that looks after the practical side for businesses wanting to grow. Too many in this industry are sprookers with little or no substance.
Tim is the real thing with experience and systems to get profits flowing."
PO Box 789 Kenmore
QLD 4069 Australia
P: +61 7 3194 0477