Here’s what we’ll cover
Why do you need to know the numbers in your business?
Is it so you can make smarter business decisions?
Is it so you can reach your financial goals faster?
Is it so you can find out exactly what’s making you money?
Once you pinpoint this, everything changes. It gives us clarity, direction and an unquestionable path to follow.
When you know what is making you money in your business, beyond a shadow of a doubt, when you absolutely, categorically and undeniably know what will make you the money you want and you know precisely what you need to do to make it happen, you open up a very enticing door.
Links and Resources
- Checkout the Simply Smarter Numbers website HERE
- Checkout the Podcast HERE
- Checkout the Instagram page HERE
Keep Listening!
Here’s the shownotes
Why do you need to know the numbers in your business?
Is it so you can make smarter business decisions? Nearly, but no.
Is it so you can reach your financial goals faster? Almost, but no.
Is it so you can find out exactly what’s making you money? Yes.
Once you pinpoint this? Everything changes.
It gives us clarity. Direction. An unquestionable path to follow.
When you know what is making you money in your business, beyond a shadow of a doubt, when you absolutely, categorically and undeniably know what will make you the money you want and you know precisely what you need to do to make it happen, you open up a very enticing door.
And it’s a profitable door.
But is that enough to be profitable? Nope. I don’t think so anyway.
Being profitable is just the start.
Once you know what’s making you money it’s time to hone in on how to do more of it.
But – of course it isn’t that easy. It’s likely we need to deal with a couple of challenges along the way. Which I’ll get to in a moment but first – for those of you thinking ‘well Jen, everything in my business makes money!’ This is about analysing your service & product offerings both individually and as a whole and finding specifically which services and products are making you the most money.
Kind of like prioritising each of your offerings firstly based on profitability but then you need to rank them on things such as;
The time it takes to deliver on the offer.
How much the offer lights you up
How aligned the offer is with your big picture goals
How aligned the offer is with your values
The types of clients the offer is attracting and how much you enjoy working with them
Let’s pretend for a moment that you have complete clarity over what you’re selling, your service or product offering, you know you need to be selling more of service a than you do of service b.
You’re going to come across a challenge. Your number one challenge is likely to be time. Finding the time to change things up in your business and do more of the things that are really making you money and lighting you up.
It’s here that you’ve typically got a couple of choices.
> You could work more hours, see less of your family and hope that it’s only a few weeks or months, finger crossed before you start seeing results. Or
> You could slice off a piece of business. Choose a service offer or product line to slice off. Stop it, sell it, outsource it, wind it back. Then use the ‘spare time’ to build version 2.0 of your business.
But which part of your business should you stop, sell, outsource, wind back or go hard at? Your numbers will help you make that decision.
And how do you know if it’s really going to be worth the effort,what is the risk involved in changing what you’re doing now? Your numbers will help you make that decision.
Growth, scaling or even building a more palatable, lifestyle-friendly, elegant business comes with some level of sacrifice. And you want to be certain that the sacrifice will be worth it. That’s where your numbers come into play again. Know before you grow. Know your numbers before you grow, scale or change your business.
So I want you to ask yourself –
How well do you know the numbers in your business?
Which of your service offerings or product lines are the most profitable?
How would you prioritise your service offerings or product lines?
Do you need to change what you’re doing now to make it more life-style friendly, more elegant?
Do the potential results outweigh the sacrifices and risks of change?
Are you moving forward with a fingers-crossed approach or are you moving forward with a clear, defined path with real results waiting for you at the other end?
