Virtual Bookkeeping Pro

What are some things you've learned since launching your business? I realize I should've started outsourcing sooner. I was determined to do everything by myself. What I failed to realize was that trying to learn how to do DIY my entire business was costing me thousands of dollars each month and significantly hampering my growth.

How about you?

Here are 3 cost-effective marketing strategies to take advantage of right now!

1. Social media marketing. Focus on building an engaged community across 1-2 platforms. Don’t just broadcast information - take time to interact with your followers and listen to what they have to say!

2. SEO. You don’t have to be a web genius to make SEO work for you - the basics are actually pretty easy to learn and can really help in terms of driving traffic to your site!

3. Email marketing. This is a great way to stay in touch with your customers and deliver personalised marketing that’s directly relevant to them!

Do you use any of the above strategies to market your business?

"Chase the vision, not the money, the money will end up following you." — Tony Hsieh

Would you rather be creative and innovative, or safe and secure?

How do you feel about investments?

A) I don't invest, it's too risky
B) I invest in stocks
C) I invest in real estate
D) I invest in myself

Resilience is the most important quality an entrepreneur can have.

It’s what enables you to stay positive and bounce back in the face of setbacks - and there will be setbacks.

It’s what stops you from throwing in the towel during difficult times. It’s what allows you to see failure as a teacher rather than a dead end.

But how do you become more resilient?

➡️ Learn how to manage stress. Find what works for you, whether that means meditation, yoga or martial arts.

➡️ Stay in control. This is vital during difficult times. Being super scheduled and trusting your team go a long way in building a sense of control.

➡️ Know when to say “no.” Self-preservation is an important part of resilience.

➡️ Take breaks. When it comes to exercise, overtraining causes the immune system to deteriorate and become less resilient. The same thing happens to overworked entrepreneurs!

How do you remain resilient?

"The most valuable thing you can make is a mistake – you can't learn anything from being perfect." - Adam Osborne

Negotiating with suppliers is one of the best ways to reduce costs and improve cash flow, but it’s easier said than done. So how can you be sure that you’re getting the best deal?

➡️ Identify objectives. Haggling doesn’t necessarily mean securing a cheaper price; you might want to arrange more flexible payment terms or better after-sales service.

➡️ Review the market. If your supplier has a monopoly, they most likely have the upper hand. However, if your supplier relies on you, the scales are tipped in your favor.

➡️ Think about your suppliers’ competitors and consider whether you could leverage a rivalry in your favour.

➡️ Identify mutual interests and use these as a basis for negotiations.

Do you have any useful negotiation tips? Share them below!👇

Here are my 5️⃣ golden rules for a successful business.

1️⃣ Never underestimate the power of building relationships.

2️⃣ Always know your numbers.

3️⃣ Work smarter, not harder.

4️⃣ Keep your values and mission at the heart of everything you do.

5️⃣ Be prepared to do what most people won’t so that you can live like most people can’t.

What are yours?

What are the five top books you would recommend to a fellow HVAC, Plumbing, Electrician?

What books are you currently reading for inspiration? Some of my favorites are "Start with Why" by Simon Sinek, and "Blue Ocean Strategy" by W. Chan Kim and Renée Mauborgne.

A little known fact about me, my first attempt at my own business was a virtual assistant. The problem was, I wasn't passionate about it. I was doing a business for all the wrong reasons.

Finally when I was about 40 years old I decided to go back to school and got my degree in accounting. I was passionate about the work. I loved helping my clients get their books in order. Then during my time working my compliance work, I realized that so many of HVAC, Plumbing, and other trades didn't understand their finances. They thought bookkeeping was only for taxes. So I found my passion for advising/coaching. I absolutely love what I do.

Why did you start your business? What do you love about it?

Want to get super systemized in your business? Here are some tips to help you get started:

➡️ Avoid multitasking. For maximum efficiency, create systems that allow your team to focus on one goal at a time.

➡️ Welcome external critique. As a business owner, you have a close-up view of your systems. Ask a partner, investor, mentor or client for their unbiased input.

➡️ Keep it simple. Your systems should be easy to learn and understand.

➡️ Encourage delegation. Your business should be able to continue running if you take a few days or weeks off. Your systems should ensure that your business isn’t reliant on your continuous involvement.

How do you systemise your business?

What fundamental principle serves as the foundation of your business?

For me, it's all about having stability.

This entails:

✅ Fully trusting my team without any doubt

✅ Streamlining processes wherever possible

✅ Establishing strong frameworks to ensure smooth operations

✅ Enjoying both time and freedom

What about you?

What is your ultimate business goal? Is it to grow, and be less hands-on? Many business owners I work with have a similar vision for their businesses and for their lives. Schedule a free consultation with me and I can help take charge of your bookkeeping and consult you on business growth: https://buff.ly/4gCCAMI

Here are 5️⃣ accounting terms every business owner needs to know.

1️⃣ Cash flow. This refers to the money that enters and leaves your business over a specified period of time.

2️⃣ Burn rate. The speed at which your cash reserves are decreasing. This tells you how long you can cover your operating costs for until you run out of cash.

3️⃣ Income sheet. A document detailing your revenue, expenses and net profit over a set period of time. Comparing income sheets will help you to get a clear picture of your progress.

4️⃣ Gross profit. You can calculate this by using this formula: revenue - cost of goods sold.

5️⃣ Net profit. Revenue - all business expenses (including taxes and overheads.)

If you’re struggling to make sense of your accounts, then we’re here to help. Go to https://buff.ly/4gCCAMI to find out more about how we can use our expertise to support you and allow your business to thrive.

Virtual Bookkeeping Pro | Bookkeeping and Consulting Firm | Our Business Is Growing Yours Beyond BookkeepingEmpowering Your Business Growth – Tracy Collins is a cash flow coach and founder of Virtual Bookkeeping Pro who started out providing bookkeeping services. They have grown to help clients bring in more profit while keeping expenses low, increasing their cash flow.   Schedule a C...

Don't stay stuck in a rut

Want some tips on how to increase cash flow? Start with prompt billing! Develop a system where invoices are generated immediately after services are rendered. This could involve mobile invoicing solutions that allow your team to issue invoices as soon as the job is completed. This reduces the gap between service completion and payment, improving cash flow.

Send a message to learn more