Page 27 - Paulisms: Gold Nuggets for Small Business

On a cricket scoreboard, you have the performance of the players, the ROI (Return on Investment) on bowlers and number of batsmen, and you can see in a blink what resource you have. You have the numbers in a heartbeat of what you want to achieve. You have the data in real time. And the performance history and required performance, for example how many runs you need, are easily identified.
The scoreboard person is the financial administrator who compiles the data. From there the captain, umpire, accountants, managers and owners use this information to see where they are at and to make decisions. We need to ask ourselves: ‘What is our performance and what do we need to do to win?’
It’s a great, simple analogy. Thanks, Dennis.
Strong financial information is the most important thing you need to nail in a business
1.4 GST
As soon as you start out in business, you should be GST registered. How annoying for the people you are dealing with if you are not. There’s one simple thing to say here, and that is: ‘Act like a business person and stop compromising others’ time!’
Don’t spend the GST money that you have loaned from the government for a short time. GST is collecting tax for the government, and you have to give to them. If you are dipping into the GST reserves, you are in trouble.