18 episodes

For some, watching paint dry, or a poke in the eye is better than dealing with their business numbers. I get it, numbers can be scary, confusing, and boring, not what your business is meant to be about.

But here’s the thing. If you’re serious about your business, you need to grab hold of your numbers, and connect with them. Falling in love with them may feel weird, but at least be on friendly terms with them if you want your business to survive and thrive.

Numbers make you accountable, showing you the financial impact of your successes, a route map to success and highlighting those flip-ups. Above all, learning to love & use your numbers means you have a better chance of making money, what’s not to love.

Fundamentally business is there to make money. You need to make money to survive and have impact. It’s about knowing how your future is going to pan out.

Bear with me as I embark on this new journey. This podcast is aimed at any business, for profit or not for profit that is looking to get more acquainted with what their numbers mean.

My aim is to make this podcast listener friendly, jargon and BS free.

In the words of W.E.B. Dubois “When you have mastered numbers, you will in fact no longer be reading numbers, any more than you read words when reading books. You will be reading meanings.”

I Hate Numbers Pro Active Resolutions

    • Business

For some, watching paint dry, or a poke in the eye is better than dealing with their business numbers. I get it, numbers can be scary, confusing, and boring, not what your business is meant to be about.

But here’s the thing. If you’re serious about your business, you need to grab hold of your numbers, and connect with them. Falling in love with them may feel weird, but at least be on friendly terms with them if you want your business to survive and thrive.

Numbers make you accountable, showing you the financial impact of your successes, a route map to success and highlighting those flip-ups. Above all, learning to love & use your numbers means you have a better chance of making money, what’s not to love.

Fundamentally business is there to make money. You need to make money to survive and have impact. It’s about knowing how your future is going to pan out.

Bear with me as I embark on this new journey. This podcast is aimed at any business, for profit or not for profit that is looking to get more acquainted with what their numbers mean.

My aim is to make this podcast listener friendly, jargon and BS free.

In the words of W.E.B. Dubois “When you have mastered numbers, you will in fact no longer be reading numbers, any more than you read words when reading books. You will be reading meanings.”

    Personal & Financial Risks of Self-Employment

    Personal & Financial Risks of Self-Employment

    Freedom is something that everyone looks forward to when self-employed. More time for yourself, live life on your own terms.


    However, just like the business and financia (https://www.proactiveresolutions.com/risks-of-self-employment/) l risks, there are personal and lifestyle risks associated with self-employment.


    Now do bear with us here, we aren’t talking about risk to put people off self-employment. We just want you to be aware of the risks so that you can manage them and take advantage of what lies ahead. So let's get into it!


    We will be covering three main topics in this episode


    Personal and Emotional risk


    Lifestyle implications


    Practical suggestion to manage time and risk


    One of these suggestions involves you being the key employee in your business. Sounds a bit odd, but have a listen and find out more


    Personal & Emotional RisksThere are many when self-employed. These include


    InstabilityThere is no such thing as a job for life when you are employed. Your employer may not want to see you go, but you may wish to move on. When you are self-employed you appreciate that no customer is forever. Keep in mind that theres no certainty here. So always be on the lookout to create resources and business opportunities in case things start to dry up!


    Personal developmentMake sure that you plan for that career and personal development and make sure that you're on top of your game in your business.


    PassionFeeling passionate about your business is a good thing but is not the most important. Just because you love something does not necessarily mean that it should be converted into a business. 


    Instead, research your business idea, check its viability and make sure there's a sufficient number of people out there that have got a problem that you are looking to solve.  Feeling passionate is important, but passion doesn't pay the bills.


    WorkloadI myself am victim to this. This can mean putting off tasks that you don't enjoy, and we're talking about tasks that are absolutely critical for your business. This can sink a business faster than anything else!


    If it's a task such as getting a quote out to a client, picking up that phone, updating your accounts and records to get them off to the tax (https://www.proactiveresolutions.com/tax-and-your-self-employed-business/) authorities. You must make sure that you prioritise and know that you can't afford to waste time on unimportant tasks while those critical ones pile up.


    Obviously, all tasks need to be done, but prioritisation helps. If you haven't got the time, think about investing some, energy and money in bringing on somebody on board to help you out.


    LifestyleLooking back over my 25 plus years of being self-employed, one thing that I can say is that lifestyle is severely impacted both in positive and negative terms. From here on out your lifestyle will not be that of an employee.


    Your working hours are going to be slightly different. When I say slightly I mean a lot more.


    Most of us starting out won't have an office space to go to. We'd typically start in a spare room in our house. As for myself, I started my business in my back bedroom.


    In the early stages of your business, big office space are not a critical need. Eventually, when things pick up, you can move out of that back bedroom, as I did myself. Though I must say, homeworking does bring its own challenges and risks as well as some potential rewards. Pyjama working certainly does have its attractions!


    Practical tipsSome tips I can share with you on lifestyle. Consider having two computer log-ins on your PC or laptop, One is for your business and one for social. Consider applying the same have to your mobile numbers, and remember to turn that phone off. it's a lesson that I am slowly learning myself.


    You might not necessarily do a nine to five, but give yourself a start and end ti

    • 17 min
    Risks of Self-Employment

    Risks of Self-Employment

    Being your own boss has a good ring to it, but there are Risks of self-employment.


    Making that transition to being self-employed is what millions dream about. It's filled with excitement, nerves, and a whole host of other emotions.


    I still remember clearly making that transition over 25 years ago. It was good decision for me, not without its mistakes, successes, highs, and lows.


    In this episode of I Hate Numbers I am going to run through 10 financial and business risks you are likely to face on your self-employment journey. Buckle up!


    Risks of Self-EmploymentIf you have an idea of your business future, a plan, and the challenges and actions then you have choices. You can figure what you need to do to minimise risk and maximise opportunities. Avoiding bankruptcy becomes a lot easier!


    Here is a flavour of some of those business risks, more are covered in the podcast.


    Business structure.Number one is the structure that you choose for your business. Main choices come down to sole trader vs. limited company.  We've dived deeper into this in our last podcasts Have a listen and get up to speed.


    Saving and hustling.Who knows what lies ahead ? Certainly, the current pandemic has shown how life can be turned upside down .


    Cash flow is what keeps you going and enables you to survive and thrive . Put money aside for those times when things are slow, don’t stop marketing, hustling, and selling.


    Taking care of yourself.In the early days of your business money is not going to be plentiful.


    When you become self-employed, you don't have the benefit of holiday entitlement, sick pay, or pension schemes. You must take care of all that, you are solely responsible for earning your living. No work, no money, at least in the early stages of your self-employment. Insurance may help.


    At some point when you might be slowing down or when you want to change direction in your life, you need to have funds built up to sustain yourself.  Pensions, savings, whatever your choice, think and act now.


    A personal survival budget, with your business budget are recommended.


    Working Capital.Working capital is the money that you need for the day to day business operation and activities. Imagine your business as a beautiful car. The car won't get you anywhere without fuel into the tank to make it run, to make it operate.


    Your working capital is the fuel that will keep your business going so that you reach your destination. Poor working capital means your business will be running hand to mouth, and on the edge of stopping!


    Even if you run a business from home with a simple laptop at your kitchen table, you need to make sure you've got money to pay those ongoing bills.


    Take action!Here are just some of the risks involved with your self-employment start-up, and ongoing. Have a listen to the rest of this podcast episode to learn about more challenges that lay ahead.


    Grab a drink, make yourself comfortable, sit back and listen.


    I love doing this podcast and sharing my love of Numbers with you. Check out the links below to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, commenting, and acting!


    Coming up!Next week I'm going to be looking at the personal and lifestyle risks that you have when you're your own boss. Stay tuned!


    In This Episode


    Preparing yourself for self-employment.


    Understanding the risks involved with going out on your own.


    Managing your personal and business finances.


    Understanding what you need to sustain your business.


    Links...

    • 12 min
    The MCP approach to business growth

    The MCP approach to business growth

    How do you see your business future, optimistically, pessimistically, or is the jury out? Whatever your outlook, you cannot afford to stand and be swept away by inaction.


    In this episode of ‘I Hate Numbers’ I talk about looking at your business future in terms of growth and using the MCP approach to driving forward and growing your business. To be fair MCP is also needed if you want your business to stand still.


    What is MCP?MCP is not some new medication or drug, MCP is shorthand for


    Mindset


    Capacity


    Performance


    As words they mean nothing, or different things to different people. Let me give you a flavour of each, the podcast delves deeper


    Mindset: It affects how we tackle anything, and spoiler alert, we need a combo


    Capacity: Capability is another way to describe this, and no one business has it all.


    Performance: Be less dog, do not chase your tail. Check & manage your progress


     


    Set your Northern StarYou need to set your own Northern Star for your business. Your Northern Star represents your business destination, your business goals.


    MCP is nothing unless you know what your Northern Star is. MCP is there to help you reach that destination point.


    Good to Know


    It is largely in your hands as to how your business and financial story unfolds.


    This doesn’t mean that prosperity is guaranteed, though that would be wonderful if I could guarantee that. However, not taking MCP on board gives you that edge, that extra opportunity.


    Do not over stress if your business growth does not go in a straight line. All of us in business make mistakes, if you have not then you are extremely fortunate or telling lies.


    What Next


    Grab a coffee, make yourself comfortable, sit back and listen.


    I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting!


    In This EpisodeUnderstanding the MCP approach for your business growth


    Knowing that progress depends on a destination point and setting milestones


    Appreciating that MCP is not just a checklist and it’s perfectly natural that flip ups will, and do occur


    Developing your own Numbers confidence and decisions


    Take more control of your numbers to help make you money, survive and thrive


     


    Links (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288)


    (https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers)


    (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins)


    (https://www.stitcher.com/podcast/proactiveresolutionss-podcast)


    / (https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/)


     


     

    • 13 min
    Tax and Your Self Employed Business

    Tax and Your Self Employed Business

    If you are self-employed, you are basically your own boss. This was the topic of my podcast last week. Check it out if it you haven’t had a chance to listen to it, or need a refresher


    In this episode of ‘I Hate Numbers’ I talk about tax and your self-employed business. I dive deeper in this week’s podcast and look at the difference and add some numbers.


    Sole trader vs limited companies


    There are approximately 3.5 million sole traders and 1.9 million limited companies in the UK alone. It seems right to look at these two ways to ruin your self-employed business, partnerships get a look in.


    Tax and Choice of Business Structure


    “Death, taxes and childbirth! There's never any convenient time for any of them.” - Margaret Mitchell, Gone with the Wind.


    You should not ignore tax when deciding which business structure. Tax is factor in your decision making.


    Good to KnowDifferent business structures mean different tax consequences. The heavy lifting of reading the tax rules, how it works, how much and impact has bene done for you.


    Being aware of how you are taxed, helps you plan for it, minimise it (legally of course) and not get caught out


    What Next


    Grab a coffee, make yourself comfortable, sit back and listen.


    I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting!


    In This Episode


    Understanding how the different taxes work


    Knowing the various taxes for sole trader’s and companies


    How you decide what is your best business structure for tax purposes


    Developing your own Numbers confidence and decisions


    Take more control of your numbers to help make you money, survive and thrive


    Links


    (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288)


    (https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers)


    (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins)


    (https://www.stitcher.com/podcast/proactiveresolutionss-podcast)


    (https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/)

    • 17 min
    Your Business Structure

    Your Business Structure

    When setting up a business one of the first considerations you will have to make is what business structure you should choose. The common options are whether to operate as a limited company, a sole trader, partnership, or a charity!


    In this episode of ‘I Hate Numbers’ I talk about the options available for choosing your business structure (also known as business form), and how to decide. Mini spoiler alert if you are your own boss then you are self-employed!


    Why business structure is importantOnce a decision is made your actions will have consequences in a number of areas, including


    Your financial records and accounts


    Personal liability


    Taxes


    Raising money


    Tax planning


    Management structure and decision making


    Options, money, and taxesIn most things in life and in business there are always options. That is no different when it comes to deciding on your business structure.


    Many end up with a business structure by default, without thinking what is best for their business now, and for the future.


    This episode lays down the foundations (excuse the play on words) for


    Options


    Features


    Decisions


    Money and taxes


    Good to KnowYour business structure can change and evolve over time. You can even have differing types to suit how your business empire is made up, and where you are in your business cycle.


    In my next podcast I get down and dirty with money and taxes. Different business structures = different tax consequences


    What NextGrab a coffee, make yourself comfortable, sit back and listen.


    I love doing this podcast and sharing my love of Numbers with you. Check out the link to subscribe and do not miss an episode. Help me spread that Number Love by downloading it, listening, and acting!


    In This EpisodeUnderstanding the differing types of business structure


    Knowing what each type of business structure has as its strengths


    How to decide what is suitable for your business


    Developing your own Numbers confidence and decisions


    Take more control of your numbers to help make you money, survive and thrive


    Links (https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288)


    (https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers)


    (https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins)


    (https://www.stitcher.com/podcast/proactiveresolutionss-podcast)


    / (https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/)


     

    • 18 min
    Budgets: Your Future Business Financial Story

    Budgets: Your Future Business Financial Story

    Your Future Business Story, shorthand budget, translates and converts your business story and action plan into financial terms.  Check out my previous podcast which talks about why your business plan is a smart way to map out your future story.


    In this episode of ‘I Hate Numbers’ I am going to be talking about developing, producing and using your budget to help turn your business dream into a closer reality


    Why you need a Budget Your budget is your 12-month footprint, that normally connects with your three to five-year business plan.


    Budgets create accountability and targets.  Clear targets motivate people to high performance levels.  The numbers in your business are used to create a budget, a plan, an aspiration.


    Budgets are your stories of tomorrow. They show choices, aims and objectives. Targets are typically shown in terms of money, i.e. income, costs, and profits.  Targets play their part in motivation and performance.


    Building Your Budget In this podcast I talk about starting with your business story and then using number Lego bricks to build the numbers you need to know.


    Actions have consequences, and in the world of business, business have consequences for your numbers.  Sales and costs, profit and cash all come money in and money are affected by our actions.  Listen to find out more


    Monitoring and Making Judgements “Your numbers are there to measure how well your business journey is going.  Use your numbers to translate your business story into financial outcomes.  If income is more than expected, and/or costs less expected then this is over performance.  If income is less than expected, and/or costs more than expected then this is under performance.


    A cliched phrase is what ‘gets measured gets done’.  While we are talking clichés let us throw in another, ‘manage what your measure’.  When you start measuring and managing using numbers, performance improves.  Do not use any old measures, use ones that are controllable, relevant and meaningful to your business.


    Good to Know Numbers can be used to set targets.  If you have targets you can control and improve.  Be careful though, if targets are too tight and difficult then getting the best from your team will not happen. Looser, or easier targets, which have little motivational effect, will usually be achieved.


    What Next Grab a coffee, make yourself comfortable, sit back and listen.


    I love doing this podcast and sharing my love of Numbers with you.  Check out the link to subscribe and do not miss an episode.  Help me spread that Number Love by downloading it, listening, and taking action!


    In This Episode Understanding the importance of your business story to create your budget


    Knowing how to assemble the key parts of your budget, using number Lego


    The vital role that your budget plays in delivering your business vision


    Developing your own Numbers confidence and decisions


    Take more control of your numbers to help make you money, survive and thrive


    Links https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288 https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins https://www.stitcher.com/podcast/proactiveresolutionss-podcast https://tunein.com/podcasts/Business–Economics-Podcasts/I-Hate-Numbers-p1298505/

    • 15 min

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