August 23, 2013
This week Josh C, Josh I, George, Matt and Thiago went to Waverley Cycles. We got to service two kids bikes, one was black and the other was pink. The bikes had lots of problems such as:
- Punctured tubed
- Flat tyres
- Loose parts
Then we had to take the wheel out of the bike which involved untightening bolts. After we took the wheel out we took out the tyre, Dicky told us that the smaller the tyre the harder it is to get it off. After we got the tube out we replaced it with a new one.
This week’s questions were:
What do you budget for in your business?
Monthly budget- it varies depending on time of year, Christmas is busy, usually double budget, winter morally lower budget
How do you budget for your business?
On customer demand
How do you manage your cash flow?
Keeping our costs reasonable, keeping things that customers need at the right time of the year
What do you spend your money on?
Keeping stock levels at a reasonable level,
How do you spend your money without going over your budget?
Maintain reasonable stock levels
What are the different things you spend money for bikes, bills etc.
Bills, wages, stock
What’s your average hourly rate for employees?
Based on Australian standards for wages
Does your budget start the same?
Have you ever gone over your budget and if so what do you do to fix it?
Yes, work harder. Get creative to create more customers
If you’re under your budget what do you do with the extra money?
Sit it aside for a rainy day