What is Key Person Insurance?

WHAT IS KEY PERSON INSURANCE?  Key Person Insurance is a form of commercial insurance which protects businesses against the financial loss it would suffer if a person considered a vital cog in their business died or was diagnosed with a critical illness.   It is to ensure business continuity and succession planning, something overlooked by many business owners, particularly when the company is small. It pays out […]

Understanding your profit and loss statement

Understanding your profit and loss statement Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure.  Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. […]

Understanding Statement of Cash flow

Understanding statement of cash flow Revenue is vanity, profits are sanity, but cash is king – or so the saying goes. That’s because cash is what customers pay in, and what shareholders get as a dividend.  So, you must want to know more about the impact of your business activities on your cash flow?   Understanding Your Statement of […]

Successfully grow you business

Successfully grow your business Looking to scale your business? Many leaders rightly focus on improving their systems and teams, but you must also scale yourself to meet the new demands on your time and attention.  There are three fundamentals to successfully growing your business: having a clear organisation structure, having comprehensive systems, and developing great leadership.  Many […]

Management Accounts – what are they and do you need them?

Management Reporting – What is it and do you need it?  As a limited company you know that you must file a set of accounts every year, it is a statutory requirement and something that doesn’t seem to provide you much value. You cannot make proactive quick decisions based on historic data that is now probably […]

How can gym management software help your business grow?

How can gym management software help your business grow?  Whether you own a fitness facility or are considering opening one, choosing the right gym management software is key. Gym management software is not only for gyms but also, fitness studios, clubs, PT’s, dance studios, yoga studios, personal trainers etc.   It offers an all-in-one software solution to run your business efficiently. As a fitness entrepreneur you often end […]

The top 7 mistakes that Fitness Businesses are making

The top 7 mistakes fitness businesses are making In the current climate we may be feeling scared, worried, and unsure if we should be marketing our businesses. The truth is that to keep the economy moving we do need businesses to keep selling and for people to keep buying. Even if we are feeling scared […]

Insuring your fitness business

As a business owner, it’s essential that you protect yourself, your business and your clients’ by taking out an adequate, industry-specific insurance policy. It is better to be safe than sorry and protecting your business with the right insurance allows you to guard against risk and claim compensation for any losses. This is an intelligent business […]

The Cash in your bank

Cash solves problems, cash is king  What is cashflow?  Snapshot of business finances, it is a picture of money flowing in and out of a business. This picture shows the long-term financial health. You can track this on a weekly, monthly, quarterly or annual basis.   Why is cashflow important?  It enables you to buy supplies, […]