Business Owners Can Take Charge of Their Own Finances Through GoFi8ure’s BKED Training Courses

Business Owners Can Take Charge of Their Own Finances Through GoFi8ure’s BKED Training Courses

Business owners who want to understand what being a professional accountant is like can now take GoFi8ure’s BKED Training courses. Designed specifically for business owners, the training courses will enable entrepreneurs to tackle their company balance sheets and other financial matters.

Bookkeeping Education & Training Courses are a series of business courses to help business owners focus on their company. Hiring GoFi8ure’s professional services to attend to other time-consuming elements of a business increases overall productivity, and helps businesses succeed.

The courses offered includes:

Bookkeeping for owners 101. This course covers bookkeeping fundamentals that will ease entrepreneurs into the world of bookkeeping. Business owners will learn how to reconcile all balance sheet accounts. They will also gain insight on the 12-step bookkeeping process, dive deep into GST reconciliation, and more.

Business owner duties & responsibilities 101. This is an introductory business law course. It covers shareholders responsibilities, strategic decision making, and more. This is the course ideal for business heads that want to learn about the basics of business law.

Accounting Principles into Practice. This course is designed for business owners who have already mastered the basics of bookkeeping, and are moving on to the next level – accounting. This will allow them to master practical accounting solutions, and learn how to apply accounting principles and practices.

For GoFi8ure, the BKED courses are meant to equip companies with the right tools they need to prosper. Many other courses are available, depending on specific business needs. There are people courses that focus on Employers, Leadership, Management, and courses on Business Strategy, Strategy Implementation, and Business Finance. GoFi8ure can also help clients in choosing the right course for them.

To learn more, visit the BKED page. 

Minimise team turnover and time spent recruiting

Minimise team turnover and time spent recruiting  

It costs about 21% of an employee’s salary to replace them, not counting the intangible costs and frustration! Understanding what a good day’s work looks and feels like for the individuals in your team is key to improve culture and retention.

Recruiting is a hard and often a frustrating journey.
It takes you away from other important, and productive, business activities. It leads you down dead-ends; that awesome applicant who had accepted a new position before you offered them yours! Not to mention those awkward interviews, where you realise within twenty seconds that the person is not suitable, but still have to go through the motions. Ultimately, all roads lead you to taking a punt on someone who may or may not have the goods.

Research indicates replacing a lost employee costs, on average 21% of their salary.
Lower level jobs are cheaper to replace. Typically, the higher the salary, the higher the % cost to the business of replacing the employee – up to a whopping 213%! There are many intangible and untraceable costs, making it hard to predict the true cost of losing that valued team member.

There is nothing worse than an unexpected resignation from a key team member.
So, the most effective thing you can do to prevent incurring such costs, is to take an honest look at why people have left in the first place. The answer is likely to be anyone or a combination of the following:

  • Lack of career progression
  • Being under utilised
  • Being unsupported
  • Low pay
  • High pressure
  • Poor culture
  • Job not what was advertised
  • A personality clash
  • Incompetent team
  • Unfair boss

Have regular and transparent conversations with your team.
This should avoid the build-up of resentment that leads to bridge burning episodes. People have different wants and needs. Engage your team to help them define their own preferred workplace environment and management style that will enable their success. That way they’re less likely to leave.

Workplace flexibility is not ‘I lose, they win’.
Asking the question and adapting aspects of a job’s nature can build real trust and loyalty. Aside from increasing retention, it can also present real efficiency and productivity gains for the business. For example, that person who wants to start and leave an hour early – they get a whole hour before others arrive or clients call to disrupt them. That is a win-win!

Culture breeds transparency.
A good working culture can’t be built in a day and needs ongoing nurturing, but it will lead to loyalty and transparency. It can take time before the walls come down and your employees feel comfortable being honest about their true desires and workplace niggles.

Sometimes what people say can be a mask for another issue completely. A good leader seeks to understand the unique motivators and stressors of each team member, to get to the bottom of what will truly help them define and deliver a ‘good day’s work’.

Suck it up (the bad with the good).
So, whether your employee leaves graciously and gratefully (offering to recruit their replacement to minimise the fall out for the business), simply announces their resignation in a calm and dignified manner, or attempts to burn the building down on the way out, get some valuable feedback.

Ask them to complete an exit interview.
An exit interview will shed light on areas you could improve to increase your team retention. Be prepared for some ‘outlier’ comments. Don’t overreact, or rush to fix things that aren’t broken. Nor should you discuss with others mentioned in the feedback without careful consideration and reflection. One thing is for sure, there will be some gold somewhere, and everyone should strive for continuous improvement.

Interested in learning more about your Employer Responsibilities, check out our BKED training course.

Introducing BKED – GoFi8ure’s Bookkeeping Education Centre

Introducing BKED – GoFi8ure’s Bookkeeping Education Centre

We are excited to let you know that we are officially launching our BKED (Bookkeeping Education Centre) division.

After seeing the need to provide mentoring, training and support to business owners and budding Bookkeepers (on top of what we already offer), we created BKED. Our courses and mentoring programmes are customised to empower and educate our trainees from both a practical and theoretical approach. We have one on one and one to many training courses available – we even got this amazing customised made training table that breaks out into little pods. How cool is that! A big thanks to Creative Mouse for their design and hard work in getting this all sorted for us.

If you are a business owner and would like to learn more about Accounting Principles, Duties and Responsibilities, Strategy, Leadership, Management and Business Finance, then it is time to get excited. We will be releasing our courses very soon and we cannot wait to share them with you!

Remember: Talent you have naturally. Skill is only developed with spending time up-skilling, learning and educating yourself.

If you want your work and business to mean something to your clients and the economy, then you need BKED.

Become Financially Aware in 2018

Become Financially Aware in 2018Become Financially Aware in 2018

The better you understand your business, the easier it will be to make more money. Management decisions rely on a sound understanding of the financial implications for a business. It is important when you choose an Accountant that they support you in other ways, not just preparing and filing your annual Tax Returns. At GoFi8ure we help to empower business owners so they can fully understand and interpret their numbers. This gives them a strong foundation on which to grow their business.

 

Who would benefit from Financial Awareness Coaching?
If you are passionate about your business and want to better understand your numbers so you can answer questions like:
• How much profit have I made this year?
• Why has my profit increased but I have no cash?
• Is my cash level increasing or decreasing?
• What is affecting my cash level?

 

So, when should you begin Financial Awareness Coaching?
Any time is a good time to improve your understanding of your financial reports in order to improve business performance. The sooner you start Financial Awareness Coaching the better your understanding of financial results and their implications, and the more control you will have over outcomes.

 

Interested to know what the benefits of Financial Awareness Coaching are?
It will…

• Enable you to better understand your business
• Iron out any existing errors to ensure accuracy in your financial reports
• Help you better manage and monitor your cash-flow
• Customise your reports to ensure you capture the right information
• Allow you to format your reports in a way that makes decision making easier
• Help you gain better understanding of the financial implications of decisions
• Give you the ability to make better informed decisions
• Allow you to review your reports and record actions to be achieved before the next meeting
• Help you be held accountable so you can achieve progress between meetings
• Identify any burning issues that need to be addressed
• Access the collective wisdom of our accountants, our systems, products and services
• Phone support to address any burning issues between meetings

 

Call us now on 0800 463 488 to further discuss how Financial Awareness Coaching can help you and your business.