Martin's Tips

Time Management

The essential secret of managing your time, or your business, is to plan your life outside the 9-5! Life outside is the reason that we do the 9-5, so we should give it as much, if not more, attention as we do our daily business.

In this world of business objectives, goals, mission statements and vision, the first thing is to establish what quality / quantity of life you want. What are the essentials for you as a person, a family member (spouse, parent or child), a member of your local community, church etc. This may be the need to spend time with your partner - to go to the theatre, the countryside - or to go football training with the yougest child, to help the oldest with a history project, and so. Whatever these essentials are, they will be personal to each one of us. These are the rocks which need to be put on our calandar first, and they are the rocks which don’t move with the tidal currents.

After this is right, we can talk about business objectives. Remember no one ever died wishing that they’d spent more time at work. “Work” is a means to an end, not the end itself.

Delegation

If you can delegate or out source work for a lower rate than you would charge for your time: DO IT. You gain profit from the work delegated and are free to concentrate on the things only you can do.

Quotes

When quoting for jobs, always allow a margin for the fact that tasks take longer than you think, and never (ever) under price just to get a job. Either situation could lead to the feeling that you are not being paid enough - this can lead to poor work, and poor personal relationships. It's better not to have the job in the first place.

Cash

Cash flow control is king! Establish a good credit control system, and tell your customers what it is. Follow the rules yourself, and your debtors level will be relatively small and under your control.

Being A Director

A director of his own limited company needs to remember that there is a tax effect whenever he takes money out of the company. PLAN IT BEFORE YOU TAKE IT