Coffee Time Minutes - 24th February 2010

Coffee Time – 24th February 2010

Welcome

Welcome to our new visitors.

Apologises

Dean, John, Tony, Sue, Karen

Who we are?

Small and Home Business owners meeting to build relationships from other SBO’s.

What is CT?

Relatively casual meeting group, where you can network, talk about business ideas and strategies, and learn from one another.

Where?

Tuggerah’s Zenith Centre.

When?

At 10.30 am on the 2nd & 4th Wednesdays of the month. Arrival 10.25 am for 10.30 am start. (Runs for about 1 hour)

Raffle?

The raffle is going around. This will go together with today’s collection to the Iris Foundation. So far this year we have raised $105.00

Tickets will be $2 each, or three for $5. If you would like to donate a prize to the group for the raffle, please let me know. Other wise I will purchase from the collection of funds and will be worth up to the value of $10 each fortnight. All monies will be donated each month to the charity of choice.

Update:

B2B with a twist was at Villa Sorgenti last week. 250 business people went along, with lots of new people. BEC and NSW Chamber of Commerce Managers crushed grapes. Lots of fun, some great food, launch of the B2B Business Festival.

Central Coast Women’s Network Luncheon was on at Mingara last week. 35 ladies attended and probably 30 who hadn’t been. It was a nice luncheon with Laura from Nutrizone speaking to us all about hormones.

Last night was the Wyong Chamber of Commerce – 114 people went along. Good night, speaker included Glen Kirkwood – re Networking and Central Coast Bears” CEO – Mr Greg Florimo & Mr David Fairleigh
Expos/Events:

· B2B Festival – Buy Local – Wyong Race Club, 13th May
· May 2010 – Home and Small Business Month
· CCWN Business Expo Extravaganza – Mingara 23rd June

Up Coming Networking:

· Coffee Times 24th Feb and 10th & 24th March
· International Women’s Day – CCWN is supporting the Day on the Central Coast at Iguana Joes on 5th Mar.
· 10th of March B2B in Newcastle – Maritime Centre

Education:

BEC courses evening courses (6 – 9pm)
· 24th Feb – Operating a business from home
· 2nd Mar – Sales and Marketing – Part A
· 10th Mar – Sales and Marketing – Part b
· 16TH Mar – Business Planning Part A
· 23rd Mar – Business Planning Part B

Wins:

Tarnia (Gurney Financial Services) – picked up 5 new clients

Tarnia (Planningwerx4u) – picked up a 10hr/week contract with a local manufacturing company to sort out their business, do their marketing and planning, office management.

Ted – www.photo5o5.com – found this great site for you

Ted – Presented Send out Cards to an Australian Charity

Jenny - Meet at Georges – 3 weeks in and business picking up. Repeat business. Local Butcher

Lyn – Buy Local Festival picked up 76 exhibitioners and 22 sponsors in the first 4 days of the launch.

Mandy – negotiated exhibition space for an artist

Mandy – has been appointed an administrator for NSW Central Coast Face Book Group

Chris – Got a testimonial from a new client “expediential”

Needs:

Ted has a person looking for some part time or casual work. If you know of anyone, please contact Ted. Thanks


Who are you & what do you do: 30 Sec story about you

Tarnia Gurney: Gurney Financial Services
www.gurneyfinancialservices.com.au

Planningwerx4U
www.planningwerx4u.com.au

Natalie Pye: C & N Freight.
www.cnfreight.com

Megan Roberts: Bell Bird Web Solutions
www.bellbirdwebsolutions.com.au

Ted O’Shannessy: Financial Freeway
www.financialfreeway.com.au

Sandra Boyd: Kani Consultants
Website still being built -sandi.kani@gmail.com

Toni Fountain: Insight Health – Chiropractor
Website still being built - toni_fountain@rslcom.net.au

Brian Maggs: Management Assistance Australia
Website still to be built – bmaggs@maagroup.com.au

Brian Plush: Management Assistance Australia
Website still to be built – brian.plush@bigpond.com

Jenny Abourizk: Job Centre Australia
www.jobcentreaustralia.com.au

Lyn Thompson: LBH Promotions
www.lbhpromotions.com.au

B2B
www.b2b.com.au

Toni Oliver: Toni Oliver Conveyancing
www.tonioliverconveyancing.com.au

Kathy Bree: Coffee News Central Coast
www.coffeenewscc.com.au

Heather Nilsen: Perfect Blooms
www.perfectblooms.com.au

Hugh Bowman: Bowman Coastwide Bookkeeping
Email – hugh.bowman@iinet.net.au

Moria Bayliss: Herbalist

Natalie Rodriquez: Unique Photography
www.uniquephotography.com.au

Mandy Apsey–Jones: Art like no other
Contact – mandy_loveslife@hotmail.com

Christopher Eather: Bunnys Computer Repairs & Builds
Contact – chris.eather@gmail.com


Presentations:

Today’s presentation is from Hugh Bowman from Bowman Bookkeeping on Cash Flow in your business.

Money Bucket
· Money comes in
· We have little go out in expenses
· Then we have unexpected bills come out

· Looking at your cashflow you need to plan.

· Invoicing problems – many business owners don’t follow up on their outstanding accounts. Ask for money.
· Change your payment terms to 7 days.
· On day 8 - call and see if they have received the invoice if so can they pay
· On day 14 – if not paid, send a reminder
· On day 28 – if not paid, send a reminder

· Discuss your terms up front for payments with clients.
· If charging a late fee or interest you need to charge up front.
· Always go through to the person who has control of the accounts and payments, speak to them

· Pull all your invoicing in.

· Control your clients and supplier payments

· Reduce outgoings

· Idea – if not comfortable ringing people for outstanding accounts, then have someone ring for you and follow up the debts

· Important to have a cashflow budget – look to 3 months of budgeting

· Know what your income due is what your outgoing expenditure

· Know when your payments are due, if cannot pay on time, organise a payment plan with the business

· Watch your spending. Especially if you have a monthly account. Don’t order in the final few days if cash flow is tight.

· If you owe the ATO, call them and discus your options for payments. If you need help ask them. But make regular payments and stick to the plan

· Registering for GST – watch out for the compliance

· Leasing vehicles –
o Chattel mortgage – tax advantage up front on GST
o Leasing with a residual – claim each month

Look at what you can afford.

For more information or any questions – please contact Hugh


Raffle Drawn:

Prize donated from: Tarnia Gurney
Amount collected this fortnight: $36
Today’s Winner – Mandy
That is a total of $141 to be donated to the Iris Foundation this quarter.

Thank you for coming along today. Feel free to network with your peers.

Our Next Meeting is on the 10th March. We will start at 10.30am sharp.

Our Next Presentation will be by Angela Anthony on Estate Planning.