Are you a numbers freak or do you freak about numbers? 

Either way, you have to get comfortable with some key numbers in your business.  

You absolutely cannot bury your head in the sand over this one. You are not an ostrich!

Let’s delve right in feet first shall we?! 

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To grow your business you have to set goals, just like setting your sat nav on a destination to somewhere.  Just like a long journey, there will be pit stops where you take stock, refuel and carry on your way. 

Your numbers are like road markers.

Are you getting closer to where you want to go or do you still have a way to go?  

You may need to refuel or plan, adjust the route if the numbers don’t add up. If you don’t keep your eye on them, how do you even know? 

You may have a bookkeeper or accountant that supports you with your finances, but that doesn’t mean your responsibility for your finances lies with them.  You have to take responsibility for your business finances. 

Do you know what your income is monthly? How about your expenses?  It’s the only way to work out the profit – that one number that really matters.

You can have a fantastic income but if your expenses are sky high it means nothing. 

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What about knowing your most profitable treatment?  Which is the one that drives your profit?  Can you do more of it instead of other treatments or is it time to put your prices up and increase your profits? 

I don’t know, but you really should. 

Getting clear on your finances should be a priority. If you don’t cover your costs, all you have is an expensive hobby and you deserve and are capable of so much more than that.

Knowledge is power and sometimes even the smallest of tweaks can steady the cash flow to avoid those fast or famine months.   

Use this clarity to inform your policies – even the smallest of business policies, just think of them as rules. 

What is your cancellation policy? Are you being left out of pocket with empty time at short notice because you let clients cancel whenever they choose without consequence? How much is this costing you in lost earning potential every month?  

Do you need to start taking deposits for booking so you can shore up your income and stop it happening?

Those that are serious about working with you shouldn’t mind one bit and those that kick up a fuss are probably after a cheap deal anyway, wave them off on their merry way if need be, or try and transform them by educating them.

Get to know clients’ figures.

I work to the saying, “don’t reinvent the wheel”. 

Look at all your appointments. Do you have regular returning clients or is it more of a revolving door. Why does it matter as long as they’re clients right? 

Wrong 

The work that has to go into attracting new clients is so much more than you think.

Most people need to have an experience with you a number of times before they consider becoming a client.

More marketing and content to build your audience to get them through the door, just to watch them come and go like the wind.

Soul destroying! 

What can you do to get that rebooking rate up so you have a loyal bank of clients who love what you do?  

If you don’t like the figure you see, get off the hamster wheel? 

Knowing the figures in your business allows you to make informed decisions. That is, making decisions based on accurate information that you weigh up, noting the pros and cons, any risks and going full steam ahead knowing where you are at right now. 

Are your suppliers cost-effective? Do you really need to change your product line or are you just being distracted by that shiny new packaging.

Are you overstocking for what you need right now and wasting products? 

Is it the right time to upgrade your eBay couch to the new lightweight sling over your shoulder, skip down the street, aluminium frame couch? 

What about that course you’ve had your eye on for weeks?  You know your ideal clients would love it, but can the bank account really take it? 

Social Media

How much time do you spend looking at your social media figures and insights?

If you are going to take the time to create content then take the time to see what is working and what nose-dived.

Then you can create more of the content that really engages your audience. 

 

Are your followers increasing and turning into clients or are they just vanity markers (meant in the nicest possible way)?  

You could have hundreds of followers but if that’s because your cousin got everyone in the office to like your page or you placed ads that add likes from followers 200 miles away who are never going to be your clients.

How are you feeling about your figures now?

What do you know? What do you not? 

Where do you need to focus more attention from here on in? 

Sally xx