I am privileged to see a lot of business owners make incredible progress with their businesses. Sometimes they launch new products and services, sometimes they hire the right team to achieve new goals, but nothing, and I really mean nothing, makes me happier than when a business owner I am working with begins to track and really understand her numbers. Boring, right? Not at all. Let me explain!
I’m not the kind of person who’s going to make you track your numbers just for the sake of knowing your profitability or how much money you made this month. In fact, there are plenty of apps (we love GoDaddy’s Bookkeeping) that do that for you. Just open up your phone, and boom – there it is. Your profitability for the week.
But what I want to know, really know, is what’s working, not working, whether we should change your financial targets for each piece of your business so that you can work smarter not harder, AND, where you’re spending money.
Major groan, right?
Yup. It takes me a really, really long time to get small business owners to download and organize their expenses and then do a cost audit. We all *know* we should do it, but who really wants to see all those monthly recurring charges?
But when we do it, man, is it a fun exercise. You know how easy it can be to cut 10% of your costs per month? Let’s say you have $5,000 in monthly expenses – 10% would be $500 a month. Over a year, that’s $6,000! Wouldn’t you rather make a conscious choice about where to spend that $6,000?
What’s super hilarious is that once a business owner starts to get on top of these things, she gets obsessed! I’ve had women send me updated spreadsheets who were giddy with excitement about what they’d “discovered” – it really is the coolest part of my job. And by the way, none of these women have business backgrounds – they just learned how to do it.
Actually, that’s not the only thing that’s cool. When we do the cost audit, guess what? Most of the time, the money we save pays for my services. That’s true ROI (return on investment), and it also makes my socks go up and down.
So what’s stopping you from digging into your numbers? You’re not scared of saving money, making more money, or spending it more wisely, are you?
Frederique is passionate about helping women take their businesses to the next level of growth and success. As founder and CEO of Her Corner, she applies her entrepreneurial spirit & management consulting background and business operations expertise to give women the springboard they need to move forward.
Her Corner grew out of a lightbulb moment Frederique had in 2011. After realizing that access to other motivated and ambitious women business owners was lacking in her existing network she decided to do something about it – and Her Corner was born.