Bryan Worn https://www.bryanworn.com/ describes himself as passionate and OBSESSIVE about helping SME’s achieve financial independence.
If you’re a business owner listen up; Bryan’s no-nonsense, brisk and basic, common sense strategies on financial management could well be your ticket to business success.
He got the ‘street smarts’ after years’ owning multiple and diverse businesses and as a chartered accountant – all worldly experiences which qualify this advice to business owners: it’s time to get your life goals in order and start making and saving money to achieve them.
Because no matter your motive, passion, or altruistic agenda, mull over this statistic: at the end of your tenure, your business will probably be worth NOTHING (as are 90%!) In fact, the longer you own your business the more deluded you’ll become about its saleability and its value.
Brutal? It’s brutal growing up poor too, and it forced Bryan’s hand into acknowledging how easy it is to mismanage money, and then into working out how not to. Bryan has a canny respect for money and an uncanny ability in teaching its value and its power.
Being rightfully unwilling to ride the poverty cycle led him to learn NLP (Neuro-Linguistic Programming) amongst other pseudoscientific practices and teaching these principles has shown many SME’s how to see the woods for the trees.
It also let Bryan see why business owners do things, and why they don’t; what they’re not doing and what they should be doing.
To Bryan, the simplest thing all business owners should be doing is starting off with a good understanding about the systems needed to manage your enterprise correctly, right from the word go, and before bad habits set in.
“The first 3 months are murder I'll be honest, but after that, it's just a system and you follow it."
Bryan Worn https://www.bryanworn.com/
For business owners, the systems that revolutionise progress begin with alienating the clients you don’t want to deal with. Delete the thought "anyone with a chequebook and a pulse is your client" and instead, say sayonara to folk who are hell-bent on beating down your fees. Quite simple (even if the related NLP jargonise Perception is Projection sounds a little obscure), plus it’s satisfying and empowering.
It also makes it easier to put up your prices by 20-30% - which is the next thing you need to do. Google https://milliondollarcoach.com/ Taki Moore.
Start playing the game you’re in and don’t be intimidated by the thought of scaling; it’s better to base your business plan on projected earnings and charge what you need future forward to enable expansion, niche development, and to save for a business nest egg.
Borrow off the mother-in-law if you need to but having a bit in the pot for a rainy day is sensible security, a comfy cushion. “After all, you only find out who is swimming naked when the tide goes out” - Warren Buffett.
Once you have a bit of padding in your business, you have the freedom to put financial management systems in place to control the influence of Parkinson’s Law and to create long term wealth.
Three things that business owners should do:
- Take a reasonable salary
- Set up a system that pays outgoings automatically
- Build a $$ reserve to cover at least 3 months’ overheads. Remember the game musical chairs? When you need to sit down (i.e. pay an unexpected cost) will there be a chair?
Having financial independence as your long game goal means sitting down a lot and reviewing your position every 3-12 months. Don’t rely on your accountant to come up with the goods; your horse may well have bolted before that happens! Consider hiring a virtual CFO or at the very least crunch your numbers and make some hard decisions (you, after all, are the one with a serious amount of skin in the game, 24 hours a day, 365 days a year - as do your gaggle of staff and their families).
“Never make any business decisions in the evenings, especially after a couple of beers on a Friday night. Make them in the morning when energy levels are higher, and your will power is stronger.”
Bryan Worn https://www.bryanworn.com/
Be level-headed when crisis strikes. If you’ve got a financial payment system in place, put it on pause and look at the 3 P’s of money:
Philosophy; how much money do we want, need, and what are we prepared to do to get it?
Psychology; how much are our habits, beliefs, influences to blame? Read 'Thinking, Fast and Slow' by Daniel Kahneman.
Practice; what systems and processes do we have in place?
Then go back to the beginning and: Think (work out a doable strategy), Sell Ideas (market your business, manage your staff), Deliver (on sales etc). Your ultimate objective is to create a business that’s worth something, that gives you the life you want and that’ll let you retire outrageously when the time’s right. Remember, “it’s an awful lot easier to go to work when you don’t need to”.
For more gems on how to avoid the pitfalls of poor money management and instead, create a financially free future, contact Bryan via his website: https://www.bryanworn.com/.
You can download a variety of valid resources, read his blogs - just opt-in if you want to receive them every month, or email Bryan to arrange an introductory Skype or Zoom chat; more often than not, he can offer solutions on the spot.
By the way, if you need more help in moving your business from ordinary to extraordinary visit me, Craig Oliver at http://www.projecthq.co.nz/
Or follow fellow business owners on their journeys by checking out our O2E Business Academy on Facebook.
And read the show notes from our other amazingly informative, inspirational and gritty podcasts at https://www.talkingbetterbusiness.com/
So many insights, tips, and ideas to be had! Just look back, listen, and learn.
Go on, smash through the glass ceiling, and move your business from Ordinary to Extraordinary.