Free Business Checklist to Increase Income!

Sound Executive Technologies

Business Management Solutions

12932 S.E. Kent-Kangley Rd. Suite 10 Kent, WA. 98030-7940

Ph: (253) 945-0523 Fax: (253) 630-3015
E-mail:

Achieving great heights starts with a sound foundation.

Newsletter

We at Sound Executive Technologies are dedicated to helping businesses of all sizes become more successful. As part of doing that, our newsletter is a venue for the visitors to this website to receive insight on issues effecting their business.

The format of our newsletter is designed let our visitors get a small example of the wisdom that makes up Hubbard® Management Technology. Each newsletter contains a quote from L. Ron Hubbard that has been pulled from his huge archive of management knowledge. Following Mr. Hubbard's quote will be an article showing successful examples of the standard application of the principles outlined in the quote. These articles come from vendors and consultants who themselves are veterans at applying Hubbard Management Technology in the field of business.

Quote from L. Ron Hubbard

The following series of quotes come from an issue on finance written by Mr. Hubbard in 1965 named "How To Maintain Credit Standing And Solvency". Based on the recent events on Wall Street and the government bailout, it is very timely.

How To Maintain Credit Standing and Solvency

"Credit does not entirely deal with money. It has everything to do with confidence and reliability."

"Money is basically a matter of confidence. So is credit."

"When you realize FINANCIAL CREDIT is vital in dissemination, you become very interested in what it is. As I said above, this is confidence.

Given some degree of solvency, you still do not have a good credit rating. That is achieved by HOW YOU PAY BILLS."
- L. Ron Hubbard, 1965

The following is a newsletter by Sandra Simmons. Sandra is the President of Money Management Solutions and the creator of Money Management Solutions software based on Mr. Hubbard's finance issues.

Business Checklist to Increase Profits

I have been working with companies for 30+ years that range from small one-man operations to Fortune500 corporations. During those years I have learned that the business owners have the following financial goals in common. They want to:

• Increase the company’s income

• Pay their bills on time on a consistent basis

• Avoid getting into debt or to eliminate the current debt

• Make higher profits

• Pay them selves more money

• Build enough wealth to achieve financial freedom

During the many years I have spent working with business owners to teach them how to manage their money to actually achieve those goals, I discovered the basic factors that get in the way of the owner achieving these goals. Those factors are: Lack of education about Money Management and the correct actions to take with their money.

I have yet to meet one business owner who actually received any education on how to properly manage the money and assets of a company to ensure their long term survival. False data about money and economics– the suppliers of this false data are banks, credit
card companies, the government and the news media (newspapers, TV, radio, magazines, to name a few.)

One thing I teach my business owner clients is that they should not worry about the economy of the country (the rise and fall of the stock market, interest rates, unemployment numbers, etc. ) as that is an economy they cannot control. Instead I teach them how to focus on their business and household economy, because that is an economy they CAN control.

Bad advice – this can come from friends, colleagues, family, books, the media and even your accountant and your accounting software. Here is one example of bad advice: I have spent over a decade doing accounting, tax preparation and money management planning with my clients. Now don’t get me wrong. I use QuickBooks® and I really like the simplicity of QuickBooks. However, accounting software programs all have a little betrayal mechanism built into them .That betrayal mechanism is this– all they can do is tell you what happened with your money in the PAST, and if you are making financial decisions based on what happened in the past, then your money is controlling you rather than you being in control of your money.

Correct Money Management (also called financial planning) is done by looking to the FUTURE and that planning actions be taken BEFORE the money comes in, and BEFORE it is spent.

The Solution to Increase Profits: There is a simple science of managing money correctly that guarantees profits. Very rich people know this science. It is an old-school science that is based on common sense, discipline and constant vigilance in handling money. Your grandparents probably used this science.

I distilled this science down to a simple software tool so business owners can learn to do this for them selves in a few minutes each week. My clients who use the software program have had tremendous improvements in their financial condition in a few weeks to a few months depending on how bad their condition was when they started.

The following Business Checklist to Increase Profits is based on this science.You can use the checklist to give your money management skills a tune-up and improve your financial condition.

If you have questions on any of the points on the checklist, feel free to email me at Sandra@MoneyMgmtSolutions.com and ask. Let me know what question you have had the toughest time finding an answer to. I will privately answer you back!

Sandra Simmons

Business Checklist to Increase Profits

Yes No	I know exactly what it is costing me on average each week to operate my business.

Yes No	I know exactly how much Gross Income (GI) I need to bring in each week just to break even.

Yes No	I know what my average weekly Corrected Gross Income (CGI) is. (CGI= GI minus bank charges, bounced checks received, credit card merchant fees, commissions owed to sales reps, sales tax collected, refunds requested.)

Yes No	I do Income Planning each week to work out a plan to get in the amount of Gross Income I need to do better than break even. (Income planning is planning out the marketing, promotion, sales and delivery actions and goals for the week.)

Yes No	I set weekly sales targets for my sales/scheduling staff and weekly production targets for the rest of my staff. The sales targets always include some new client/customer targets.

Yes No	I have a strategic plan in place to payoff my loans and credit cards in the shortest time possible.

Yes No	I have looked for equipment or materials I am not using or do not need, that I can sell in order to raise cash to pay off debt.

Yes No	I do financial planning (Money Management Planning ) each week before I pay any bills.

Yes No	I make sure that my staff does not waste the company’s money by having my staff submit written requests that must be approved by me before things can be purchased.

Yes No	I calculate my CGI (Corrected Gross Income) and pay bills using the CGI instead of the GI (Gross Income.)

Yes No	I always set aside some cash reserves each week to handle emergencies and build wealth for my personal financial freedom.

Yes No	Even if my payroll is due every two weeks, I set aside half the payroll on the weeks in between.

Yes No	I make sure that my staff is producing and meeting their productions targets.

Yes No	I always set aside a percentage of the CGI earmarked for promotion to use to keep sales going up.

Yes No	I always set aside a percentage of the CGI to purchase inventory or materials to ensure I can deliver what I sell.

Yes No	I consistently check the suppliers’ costs of my inventory items and materials to ensure I am making an adequate profit margin.

Yes No	I raise my prices as often as necessary to keep up with the increases in the cost of doing business.

Yes No	I consistently evaluate my current products and services to decide if there are some that are not producing enough profit and should be discontinued.

Yes No	I constantly research new products/services that my customers want from me and that will be profitable for my company.

Yes No	I always use a percentage of the CGI to pay past due bills and debt each week in addition to using some of the CGI to pay current bills. (The recommendation is 10 – 15% of the CGI be allocated to past due bills and debt.)

Yes No	I always spend less each week than I make.

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