If you've observed a decline in the frequency of one or two customers purchasing your products or services, it may indicate that they have churned. While most businesses face churn, it's essential to keep track of it. Research suggests that retaining existing customers is more cost-effective than acquiring new ones.

In this episode, Annette will provide you with some useful tips to prevent churn in your business

Here are a few insights you’ll hear in today’s show…

• What is ‘churn rate’ and do you compute the churn rate?
• Why is it important to monitor churn rate and why is it more effective to retain customers rather than acquiring new ones? 
• What are the causes of churn?
• How do you reduce churn, what are the strategies that you can implement in your business? 
• How to measure the success of your churn-reducing strategies.

Resources:

If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247. 

To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.

Connect with Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522

As a business owner and a mother of two, my morning routine has to involve my family.

I value family time, so I'm always there to help my children get ready for school and eat breakfast together. I've tried the "get up at 5 am and get your day done by 11" routine, but it's not sustainable for me. It's crucial to design a morning routine in the context of one's family and how one wants their family to operate. I usually start my workday after my children leave for school. I review my calendar and have a daily huddle meeting with my team. Sometimes, I exercise in the morning, but it's not a regular part of my routine. I don't do affirmations, journaling, or any of the popular morning routines. Instead, I suggest doing a brain dump at least once a week to organize all the swirling to-dos in one's head.

Resources:

If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247. 

To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.

Connect with Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522

Simply having numerous customers who owe significant debts does not necessarily equate to a successful business. In fact, it can be detrimental, particularly to the cash flow. Therefore, although offering credit to customers can be beneficial, small business owners should understand the potential negative impact that trade debtors may have on the company's stability.

Here are a few insights you’ll hear in today’s show…

Steps to manage trade debtors:

• 1st Step - Understand your payment terms - What are payment terms and how it can affect your cash flow?
• 2nd Step - Send out invoices on time.  
• 3rd Step - Chase late payments
• 4th Step - Make sure you monitor your accounts receivable - What are Accounts Receivable?
• 5th Step - Offering discounts for early repayments
• 6th Step - Setting clear credit limits 
• 7th Step - Invoice Factoring - What is invoice factoring?
• 8th Step - Build strong relationships with customers
• 9th Step - Consider offering payment plans

Resources:

If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247. 

To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.

Connect with Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522

Today's episode is about my favourite motto: trust your gut and understand the data. I explain the importance of both trusting your intuition and analyzing data when making business decisions.

Resources:

If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247. 

To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.

Connect with Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522

There are several bottlenecks business owners face and need to overcome in order to scale and grow their business to successful fruition.  It is often said that some business owners themselves are the bottleneck of their business.  That is why it is important to look into yourself and see what’s hindering you from unclogging the bottlenecks in your business.  A business owner needs to be open to feedback because being at the center of the business may mean not seeing what’s in the hindsight.  

Here are a few insights you’ll hear in today’s show…

• What are some examples of bottlenecks that can occur in any area of your business?
• What are the four steps to identify bottlenecks in your business?
• How do you eliminate those bottlenecks so that you can grow and scale your business? 
• Why does the owner themselves become the bottleneck of the business?

Resources:

If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247. 

To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.

Connect with Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522

In this episode, I discussed the current economic climate of slow wage growth and high inflation leading to the cost of living crisis situation. You will hear how this impacts businesses and why it is essential to understand the situation even if you are in a B2B environment.

I suggested ways to navigate pricing and revenue strategy in a declining economy, such as cost-cutting, reducing waste, and streamlining processes to be more efficient with operations.

Additionally, you will learn to assess the value stack and different pricing points to provide options for price-sensitive buyers. I highlighted the importance of value-based pricing, even during tighter economic times, and suggests an exercise to help businesses understand the value they deliver and how it links to price.

Finally, find out the importance of being transparent with pricing and communicating any price increases to customers or clients.

Overall, this episode provides practical tips and strategies for navigating the cost of living crisis in a business, ensuring profitability, and delivering value to customers and clients.

Resources:

If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247. 

To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.

Connect with Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522

It is a common struggle for most small business owners to move up from the five-figure to six-figure revenue in their business and oftentimes, they can’t seem to move out of a revenue plateau being experienced in their business.  As business owners you need to be able to pivot and shift in order to create space to move up the next level. 

Listen to this episode and learn from Annette the three shifts necessary to create the needle mover in your business.      

Here are a few insights you’ll hear in today’s show…

Three Shifts to Move from a 5-figure Business to a 6-figure One

• Shift #1 - From Doing to delegating - Why is there a need to delegate as the business grows?
• Shift #2 - Moving from reactive to proactive - What is the difference between the reactive and proactive approach?
• Shift #3 - Moving from transactional to relationship-based approach - Why is it important to consider a long-term relationship with customers and clients? 

Resources:

If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247. 

To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.

Connect with Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522

In this episode of from a Facebook Live, Annette shares her insights on the hardest lesson she had to learn as a small business owner. She discusses her experiences with hiring and firing, time management, and the importance of cash management in a business.

Annette explains that while she struggled with hiring and firing, she learned that ultimately, the buck stops with the business owner. She emphasizes the importance of taking responsibility for your business in order to achieve success.

She also stresses the importance of time management, setting boundaries, and analyzing how your time is spent in order to be more efficient and effective in your business.

However, Annette's biggest lesson came from understanding the importance of cash management. She discusses how for years, she thought that revenue growth would solve her business's financial problems. But it wasn't until she read the book "Profit First" and implemented its strategies that things changed for her. Annette realized that focusing on profitability and cash management was key to getting more money home from her business.

Annette concludes by encouraging her audience to read "Profit First" and to focus on cash management regularly in their businesses. She also announces that next week's topic will be on pricing and the cost of living in a crisis.

Overall, Annette's insights provide valuable lessons for small business owners on the importance of taking responsibility for their businesses, time management, and cash management.

Resources:

If you’re struggling to understand the accounting for your business, reach out to Annette at podcast@annetteandco.co.uk and join our Facebook group https://www.facebook.com/groups/915326342418247. 

To know more about financial and lifestyle freedom and if you wish to receive updates on all the workshops that will help you increase your profitability and freedom from your business, just head on over to https://www.annetteandco.co.uk/want-our-emails/.

Connect with Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522