Last week’s email about the importance of valuing our time went down a storm, with lots of people emailing me in response. In fact, the lovely John Steel sent me a similar one in return which you might want to watch – it contains a lot of jelly beans! Click here to see what I’m talking about.
This week I want to touch on another important topic for a business owner – knowing your numbers.
I spent a lot of the day yesterday having a bit of spring clean of my accounts and there’s 3 key things I did that I want to share with you:
1. It’s amazing how many bits of software I’ve signed up to over the year that I no longer use but which I’m still paying for or will renew automatically after a year if I don’t cancel it. So I’ve cancelled a lot of things that I don’t need any more and which will save me some money.
2. I’ve got really clear on my expenses and the income I need to get in so that I can do what I want to do. As a result I have a table on my wall that reminds me exactly how much of each product/service I need to sell each month to keep on track.
3. I’ve updated my budget in Xero so that I can easily track exactly what’s going on and see where the variances are. This is a standard feature that I haven’t been making good use of and, once set up, will give me valuable information at the click of a button.
So, at the start of a new year are you really clear on your numbers – what’s going out; what needs to be coming in and how you’re going to track it all?