Why do business journeys never go smoothly? Zee talks about this in episode 7 of coffee with Zee, and how you can manage your business to try and prevent these hiccups where possible.
Video transcript:
Hi there, I’m Josh and I’m here with the man himself, Zee! Nice to have you here mate.
I love the intros, don’t you? And as always Josh makes me feel so humble! I love it, I love it! I love it. What are we going to talk about today? Sorry.
So today we’re going to talk about one of your older LinkedIn posts and we’re just going to discuss around the car Journey that you have a beautiful picture of you and your wife and your kids and your mum I think is in there as well, very nice but what I wanted to know is how is it even linked to business? And how are you even linking that to business, I don’t understand.
Do you know Josh pulls out number one question. A few people ask me “Zee you’re always posting all this stuff” but I would say to people, read the post. Because everything is related to your business, because you are the business in most cases. And that’s the people we deal with, having to manage their businesses believe me they’re not robots. I’m not a robot so neither are they.
Yeah.
So we need to understand what they’re about and what’s their Journey, both personal and business to make a difference.
Okay so you’re talking about this journey. What do you mean by that?
So when you’re in business, right? So you see the first picture I showed you?
Right, yeah.
And it’s like we’re looking in the rearview mirror, right? And that’s what most business owners are doing so when they get their year-end accounts done and all these things they’re just basically looking at numbers that don’t mean nothing. More they’re worried about is their tax number. Let’s be honest that’s what they’re worried about, right? How much corporation tax they’re going to pay. How much personal debt. But that’s not how you run businesses. You have to know what is happening your business today. Now. And what is going to happen in the future. So it’s a journey just like a car Journey, right? So you can have either service. Right, that’s what I’m talking about. You know you’ve got to get your car service.
Yeah.
You’re doing that, you don’t have to, yeah, but you do it because the car is going to be better. Okay, so why don’t you do that with your business, right? Yeah? Or do you just get the MOT because you have to? That’s getting your year-end accounts done because you need to get the MOT to get the road tax and everything, right? But you don’t really want to get the MOT you just get it done. That’s how people see the accounts. But the service they do with their car, they want to take care of it. That’s how you do your business and you get a forward-looking view both in your cash and how well profitable your business is. If you know if it’s profitable.
That’s interesting. Very, very interesting. So what kind of obstacles do you feel like can come along in that business journey that you’re talking about?
There’s so many obstacles and what you have to do is try to find solutions for the problems. So when we look at, um, when you get your car done and you don’t realize the tires are done in, or something’s gone wrong, those are obstacles, right? Or your engine’s about to fall apart. Right? In your business, when you do a business service for your whole business, you don’t realize they may not have the cash to pay for things, there may be a big hole in your cash flow. Or you may not even be making money. That’s the- I’m not even joking, that is the big one of the big ones. If I sell something or I’m selling something, is it actually covering my course of doing it, my time, having an office, am I actually making money? For the bottom line am I therefore charging the right price? This is where you need to make sure you get someone who is switched on to help you in that journey. So, I’m loving this video because this is so important!
No 100 percent. So keeping the theme of the video I just wanted to know what sort of solutions for these obstacles; these tires that are going down and these engines that run out what’s the solution for this?
The solution is having a strong business supplier. One that understands business, not just putting your numbers together. Knows how to see what’s happening in their environment. Are you out there watching what your competitors are doing? What you’re looking to achieve – is it realistic? Do you need money to do this? How are you going to get that money and how you’re going to finance it? What’s your cash looking like? Where’s the problems in your cash? That’s where you come and see a business advisor, you sit down with them regularly, either monthly or quarterly, and you can add huge value. And then you can even put targets like different things that you’re wanting, or different, uh, stuff that’s a successful if your business will be so it’s called KPIs – key performance indicators. And then you evaluate; challenge those, improve those and therefore everyone’s a happy bunny.
No that’s a very good insight. Right, I think that’s all we’ve got time for today. Zee, as always this is the sad bit of the episode where we’ve got to say goodbye but it’s goodbye from me.
And from myself. And it’s always a pleasure Josh.
Always a pleasure. We will see you at episode 8, so keep- stay tuned.
