Know Your Numbers
In this episode I talk about the importance of knowing the numbers in your business.
When I say numbers I mean your finances, not how many children you have in a class.
I mean what does it cost you to run the business, to host those classes. There are so many costs to keep track of from insurance, venue hire, travel, fuel, marketing, payment gateway fees, subscriptions through to your management fees if you’re part of a franchise.
You need to be tracking your income and expenditure daily. It’s a simple equation. If you don’t have enough money coming into the business each month to cover your costs, then you’re not viable. If this is happening every month, then you need to act, because something isn’t working.
I share the story of how I helped a business get themselves out of a financial pickle into profit.
If you're a business owner who is struggling right now with your finances you may find this podcast useful.
If you would like to find out more about how to get more visibility for your business then join me for my FREE Market Like A Pop Star 5 Day Challenge in October where I will be showing you how to create captivating content that speaks to your ideal customer. Visit www.kristinemonaghan.online for the details.