Russell Colbourne : Your Money Machine
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Your business is Your Money Machine. In this Show – I’ll take you under the hood of your enterprise and show you how to fine tune your business. Get ready for lift off as we add rocket fuel to your profitability! This show is focused on businesses that have launched and are preparing for exponential growth.
Are you sure you’re ready for exponential growth? Getting your mindset right to transition from business owner to CEO. Are you prepared to give up some control and trust others to help you build? As well as ensuring all your systems and standard operating procedures have been documented and are in place, you will need to ensure your financial reporting provides you with the feedback you need to run your business.
Internal controls are the procedures and methods used to help companies to achieve their performance and profitability targets and prevent the loss of resources/assets. They are also used to ensure financial reporting is accurate and reliable and that companies are compliant with regulations and laws. In other words, internal controls can help your company achieves its goals, and limit the internal and external risks and threats you’re likely to encounter. Every business will feel the pain of not being in control at some point in the growth cycle and, therefore, implementing internal controls in a measured and methodical manner will become essential at some stage. It’s better to establish internal controls now rather than continuing to trade without them. Not only do they give you more time and freedom but they enable you to manage and control the business rather than allowing the business to control you.
What You Need to Know - The What
What You Need to Do - The How
There are many activities that sit behind each of the 12 boxes and the list below is not exhaustive, but merely gives some examples of what a business owner needs to consider in the area of Internal Controls:
Written by Russell Colbourne, FCCA, GAICD
Your Money Machine
Russell is a CFO and Entrepreneur who has worked across a diverse range of industries over the past 25 years. After a short service commission as a pilot flying Seaking Helicopters in the British Royal Navy, Russell studied business and qualified as a Chartered Certified Accountant (ACCA) in the UK. Since then he has been integral with the start-up of many successful companies and operations within larger organisations. He has bought, sold and spun off business operations in the UK, Australia and the US.
In 1994 Russell joined Sir Richard Branson’s Virgin Atlantic Airlines where he was responsible for a number of innovative services that were, at the time, ground breaking and helped revolutionise air transport. From launching the world’s first limo boat on the River Thames to developing the world’s first handheld check-in device and implementing drive through check-in booths around the world, Russell has helped the Virgin Group deliver unparalleled customer service. In 2000 Russell was the first of the Virgin team to arrive in Australia to start a new low cost Airline, and within 8 months had built a team operating flights between Sydney, Brisbane and Melbourne.
Russell now works as a Part Time CFO for a number of SME businesses in South Australia. He is a Director of a health and wellbeing business; a crowdfunding website for educational costs and of the Founder Institute program in Adelaide where he lives with his wife and 3 teenage sons.
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