42. Do you know your financial numbers for your business?
June 28, 2019
This episode is brought to you by my bookkeeping strategy sessions. You’re probably in one of three areas. DIY, outsourcing or understanding. Each of these stages comes with different struggles and questions. I can help with all three.
If you’re stuck and don’t know how to begin tackling your massive bookkeeping problem that’s keeping you up at night, I can help. We can create an actionable, manageable plan for you to catch up with your books and how to not fall behind again. To book one of these limited sessions, email me at email@example.com to be sure we are a good fit to work together. Now, on with the show.
What I want you to do is take out a sheet of paper and write down these questions. Then I want you to answer them the best you can. If you can answer them all or close to them all, you know your numbers! If you have no idea what the answers are, you probably don’t know your numbers.
- Know your cash
- Know your profit
- Know your debt
- Know your major expenses
- Know your hours put in/hourly rate
Cash – how much do you have? How much do you need to cover your expenses? How much are you brining in each month? What are the slow months?
Profit – What is your profit? What programs or services are most profitable? Why are they the most profitable?
Debt – How much do you have? How much are you adding on or paying off each month? How much are you willing to tolerate? Are you close to that number?
Major expenses – What do you pay the most for each month? How is this helping your business? What is the ROI on this expense?
Hours – After all expense are paid, how much are you making per hour per project?
I want you to pause the episode and think about these questions and see if you can give a rough estimate off the top of your head. Then if you have the time, go to QuickBooks and see how close you were to the truth.
If you weren’t close, you may need to spend more time each month familiarizing yourself with these items. I can help you if you just aren’t even sure where to find the information for this.
I’d be honored to work with you. To get started, email me at firstname.lastname@example.org with the problem you’re having and we can discuss the best way to get to a solution.
If you are ready to use your numbers to help your business, please subscribe so you will be notified when the episode drops.
I would love to connect with you. You can find me on Instagram @lydia.miller.mba and always by email email@example.com.
So until next time, go, make it happen.