Do You Know Your Numbers?
How much did you make last month? No, I’m not asking you to tell me how much, I’m just curious to ask if you know your numbers and if you know why knowing your numbers is really important. At Focus Guru I help small business owners learn the best way to keep track of the important numbers within all areas of their businesses.
Perhaps the most obvious place to start is in your accounting software, Excel spreadsheet, or pen and paper notebook, to see your incoming sales and outgoing expenses. I work with clients to help them identify their absolute minimum income to survive. Then I ask them how much their dream income would be and what they would do with it.
- Absolute Minimum Income
- Dream Income
These figures are usually easy to identify but it’s surprising how often they can be overlooked. I recommend checking your outgoings as much as your income as often there are savings to be found. For example, a Focus Guru client changed their utility supplier and saved hundreds of pounds over the year. This wasn’t a sale. It wasn’t generating money. It was being savvy and cutting back on unnecessary overheads by breaking away from an uncompetitive supplier.
- Check Your Outgoings
- Find Hidden Savings
Compare and contrast your numbers
I also recommend comparing and contrasting your numbers. I cover this in more detail in my Focus Guru Power Hour, however the principle behind this is to work out your numbers for each month and compare this month with last month and with this time last year. Don’t put your head in the sand! If you spot a problem, that’s a good thing. Problems can be fixed but if you don’t know what’s going on, that’s when small problems can become big problems.
- Know Your Accounts Numbers
- Also Know Your Business Numbers
In the Focus Guru Power Hour I talk about knowing your business numbers. These can be anything from how many customers you target, how many 121 follow-ups you do, how successful each meeting is for your business, and much more.
Networking numbers are key to return on investment.
Do you know your conversion ratio from your networking 121s? Do you know how many phone calls you need to make to generate a sale, or to recover a debt? Do you know how many people visited your website last month? Do you use Google Analytics in your business?
These are just some ways you can use the numbers in your business to identify strategic solutions to generate more sales, or even to streamline existing processes. If it can be measured it can be monitored, and if it can be monitored then it can be adjusted as and when needed.
Knowing your numbers isn’t scary! It’s one of the best business tools you can invest your time in learning. In my Focus Guru Power Hour I give you tuition and training and uncover the most important numbers within your business. Your numbers might be accounts or sales related, or they might be based around how many social media posts you create, or how many hours you work in the week.
Every business is different and that’s why knowing the numbers which relate to you and your business is so important. I’ll help you become more confident in knowing your numbers in the sixty minute Focus Guru “Know Your Numbers” Power Hour.
To book your Focus Guru Power Hour, please find the next dates here and let’s get started.
Rachael Chiverton, Focus Guru – Giving You Your Time, Your Way