The information to Win in Business, the information to Win in Life, all wrapped up in one winning, weekly email. Winformation Weekly.

My 14 years’ experience of growing a business from £0-£100m as well as the life that goes with it.

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Simon Says

Winformation this week...

Imposter syndrome and self-doubt. These feelings are real and they come knocking for me all the time. Not feeling ready to take the leap or lead others? Happens all the time. If that’s you too, then you need to read our One Idea to Win in Life this week. Noah Carl’s blog “Are We Lead By Midwits” will prove to you that everyone is winging it and the “further up” the chain you go, the worse it is. This could be the confidence pill you need this week and beyond.

I’m really not a numbers man. When it comes to the finances of our business, I honestly couldn't tell you the nearest £100k what our weekly wage bill is. I couldn't confidently tell you how much our office costs. Shameful really, I know. But I don’t know because these days, I don't have to. But there was a time I did, and I struggled. So, I kept to these 5 finance rules in today’s One Idea to Win in Business to ensure that even though it was “never my thing” I had a loose grip on the money until we could buy in the expertise to manage it all.

One Idea to Win in Business

Something to Get You Organised

The Entrepreneur’s First Finance Checklist: 5 Things You Can’t Ignore

In the early days the passion of starting a new business can sometimes take your mind away from the niggly bits you have to keep on top of. Here are the five basic tips on keeping on top of the money until you can hire someone to do it for you!

1. The basics. What have you invested in the business? How much profit are you making each month? When is your predicted breakeven point? What is the cost of sales for each product or service you are offering? How many of those do you need to sell to break even monthly, and then break even in terms of total investment to date.

2. Set goals. I love bootstrapping or using only my or close friends investments, so for me its a race to break even. Now you have your basics down, set goals based on the workings of point 1.

3. Set a budget. Create a costs budget and add 25% buffer. Set an expected sales budget and reduce it by 25%. Be pessimistic with sales and expect less, and overestimate your costs. Once we have these line by line on a spreadsheet, you need to track where you are monthly against each line.

4. Review contracts. Set time to review what you’re spending on suppliers. Make sure you collect the data to do so, by reviewing your purchasing history. Make sure you think about why you want to negotiate. Is it because of scaling needs, shifts in your market, or maybe cash flow issues?

5. Focus on value, as well as cost. Being financially savvy is not always about getting money off. Whatever you are spending, and this counts for time and money, think about the value it provides. Think about the bigger picture, how spend aligns with your long-term goals.

One Idea to Win in Life

Something to Get You Thinking

This Might Shock You: Proof Most Leaders Don’t Know Much More Than You Do

I came across this blog the other day and I really think it's worth sharing. We put the people “ahead of us” on such a pedestal, it can often lead to us all thinking that we aren't ready, we aren't capable and we aren't clever enough.

Whether its starting something, trying something, or leading others. This blog “Are we Lead by Midwits” proves that actually most people are winging it.

Amongst other compelling evidence this blog starts by telling us 60% of UK MPs got a very simple maths question wrong.

So, this is your sign. You have all the skills that many ahead of you (leading the country) have. You have the knowledge that others on that pedestal are also using to wing it through life. So, press the button and see where it takes you.

Win or Wonder?

Ask Me a Question…

No matter where you are on this mad journey. Starting out, scaling up, or somewhere in the messy middle feel free to ask me anything.

Business, life or mindset, I read and reply to every question. The best ones will get featured in future editions of Winformation, with your permission of course!

To ask, just hit “reply”, type your question and send. That’s it. No forms. No fuss.

Until next week! 

Let’s win, together!