Achieving Financial Freedom!

Monthly Archives: March 2016

SuperStream deadline is approaching

Get started now so you are ready by 30 June If you are an employer, it’s important you know about some changes in the way you pay super and that you take action now. All employers need to use SuperStream when paying super. This means paying super and sending employee information electronically in a standard format. If you are not already paying super using SuperStream, it’s important you get started soon. The next quarterly super payment cycle is due in April and that is a good opportunity for you to start using SuperStream so you can ensure everything is in place by the 30 June 2016 deadline. What you need to do: There are a number of options you can choose to implement SuperStream. Depending on what works best for your business, you can choose to use: › your super fund’s online system › a clearing house › a payroll system that is SuperStream ready › a messaging portal. Your accountant or bookkeeper may also be able to help you with a solution. The ATO also offers the Small Business Superannuation Clearing House as a free online service that you can use. If you are already using this service you can rest easy that you are SuperStream ready. Also, if you pay using Xero and your auto super function, you are SuperStream compliant.

Starting with the END in Mind

What do you want out of life? Do you want a new car, a new house, or financial freedom? Or maybe, you want all of it and more? Well, I can tell you that anything is possible. You just have to start with the END (what you want/your goals), then create a “Game Plan” to get there. In our business, we help our clients “Live Life”. We help them get to the END – to their goals and to attain what it is they want. More often than not, people come to us with really ambitious goals and tell us where they want to go. However, they lack a game plan – which is the “what” and the “how” to get there. Having goals are great, but without figuring out the “what” and the “how”, your chances of achieving your goals are slim. That is where we can help. Not only do we show our clients what’s possible, we also help create a “Game Plan” – the “what” and “how” to get there. The first step to creating a game plan is the No Action Gap Analysis. With this tool, we look at where you are now and based on what you are doing, where you are going to be. We will then work with you to go through different scenarios, and show you where you can go by making a few changes. This allows us to build a Game Plan to help you get there. It is a great tool because it provides the both of us great insight as to where you can be in the future. With the “Game Plan”, we can therefore monitor your progress and make adjustments as necessary. Contact us today so you can start creating your “Game Plan.” Here at Preston, Coe & Ring, we will help you “Live Life” the way you want to.

Meetings, MEETings, MEETINGS!!!!

If you’re thinking that meetings waste your time and effort at work (or your business), they go for too long which is stopping you from completing what you need to finish, then you are having the WRONG meetings. Meetings should be short, sharp, and concise. We have a daily meeting which consists most days of 5 people. These meetings last between 90-120 seconds (that’s right, 1 and a half minutes to 2 minutes). That is on average 18-24 seconds per person. We also have a weekly meeting that runs for 20-40mins. So for the week, both meetings (weekly and daily) add up to 26-48 minutes. Doesn’t sound that bad, right? I think everyone could agree they could do that. I know of a business that has the daily meeting for each team (marketing, sales, product development, management, etc.) as well as the whole team (everyone together) daily meeting. The individual team meetings take about the same amount of time as ours (90-120 seconds) and the full team meeting (approximately 20 people) goes for about 7 minutes. You might be thinking that the secret is to spend less time in meetings, but have more of them. First of all, it is no secret: the answer is in Mastering the Rockefella Habits by Verne Harnish. What we do is an adaptation of what he mentions in his book. For us, this is how we go about our meetings; in our daily meetings there is no sitting down – stand up only. This means people don’t get comfortable and results in a much faster meeting. These are the 3 core questions that must be asked (we have added a 4th): 1. “What’s up?” – This is what are you doing for the day to add value to your team/business. Nobody wants to hear checking emails, returning phone calls – you should be doing that anyway.
2. “What will you complete?” – This is how you will measure success for the day so it must be easily measurable. Saying “I will get some applications complete,” is not adequate. It needs to be said “I will get 5 applications complete”. Easily measurable because you will either do it or not.
3. “Are you stuck?” – This is where you indicate who you might need help from to complete your task.
4. “How did you go?” – This is the 4th question we added at the beginning (after the first question). So stop wasting your time in the WRONG meetings and start having the RIGHT meetings.

Doing the RIGHT things

Previously, I have mentioned about “Doing the RIGHT things”. The question is, what are the “RIGHT” things? To answer that, ask yourself these questions – What do you want to achieve? Where do you want to go? And lastly, what are your goals and aspirations? Doing the RIGHT things is different for everyone because where they want to go is different. An example of this is the typical small business owner. Nowadays, people go into business for a variety of reasons, but two of them seem fairly common; lifestyle and money. These individuals want to make more money so they can fund a better lifestyle, but what happens with a lot of small business owners? They end up working harder but making less money OR they end up with more money but no time to enjoy it. So, why does this happen? The answer is simple, they aren’t “doing the RIGHT things”. Most people get caught up in the day to day tasks of running and owning a business but only end up working IN the business rather than ON the business. How do you fix it? Well, I’m sorry to say that there is no magic bullet. It requires you to take the first step of taking time for self-reflection. Here, at Preston Coe and Ring, we help small businesses achieve more than what they thought was possible. We help them “Live Life” and this starts with looking at where you are now and where you want to go. If you want to improve your business and take the first step to an improved lifestyle, complete our free business review at and start the journey today. Live life like you have always wanted.