Why measuring matters
I talked last week about how the fitness tracker is very similar to our accounts. This week I want to share just how important tracking & measuring is within our business, and why it’s important to stretch those goals sometimes, or at least ask how supportive they are.
I found myself actively being encouraged to exercise one evening as I hadn’t reached my steps target for that day. I then compared that to a day where I had set the intention to do some exercise in the evening but I didn’t, because I had reached my steps goal for that day. In short, I had reached my target so I took the evening off from exercise. And yet I’d eaten a little bit more that day thinking I would burn it off later…
Interestingly I noticed the same behaviour with a client recently, when he told me that he always just made enough sales to cover his costs. No more, no less, just enough. Every time his costs increased or he overspent, the pattern would be as follows:
Panic > take a breath > go out and help more people > increase sales > cover new costs/ cover the overspend.
This works in principle but not if he is forced with an unexpected change of events, hence the meeting I had with him.
If there are no profits (and/or no surplus cash) in a business, it doesn’t fair well when surprises come… I find that a lot (not all, but most) business owners come to me when things get tough. They have the opportunity to increase their sales, cut their costs or make changes in their business before they come to me and yet they don’t. I explain the reason why this happens in Successful Business Minds (and share how it happened to me too!).
If you are only just covering your costs then I truly encourage you to do something today. I wrote Successful Business Minds to help you get started. I am now offering you the opportunity to attend either a workshop or a masterclass event (or both) in order that you can price effectively so your business makes a profit without you exhausting yourself. Additionally you will learn how to budget and forecast effectively so there are less surprises.
The reason I’ve been mentioning the workshops & masterclasses lately is that I’ve had to reassess the time I can give to others through my business after an attempt to increase my team last year didn’t work. There were many reasons why it failed but the end result is, until further notice, I am capping the number of clients whose accounts I can do and the number of clients I can help on a 1-1 basis. Furthermore, the time I can meet with people is booked up in advance which means it can be several weeks before I can see them. This sadly means I am finding myself saying ‘no’ to people, or ‘yes but you’ll have to wait a while’, hence why I am eager to at least still offer something in a group capacity.
If you are a current client, I will be in touch shortly to discuss my plans to ensure that you are given a priority service. Hint: it will involve you considering monthly or quarterly accounts if you don’t already do this (on your own, with me or someone else) and getting your accounts to me within 3 months of your year-end. I will also be introducing an open morning once a week to assist with any telephone queries and to ensure a speedy response to all emails.
If you have always wanted to work with me, or know someone who you think could benefit from my expertise, please book on and/or share the details of the workshop and masterclass. Thanks!
Love Helen x
To share our 2017 Successful Business Minds Workshop on Monday 30th Jan: use this link.
To share our Budgeting and Forecasting Masterclass on the Monday 27th March, use this link.
p.s. Please feel free to share this blog too.
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