Knowing Your Numbers
Imagine your day is going off without a hitch, just booked another client, had a great morning work out, and just found out you’re being published in a major publication. This morning could not be going better. Then your spouse calls and you hear the words you thought you would never here: WE’RE MOVING. Your mind goes numb and all of a sudden you feel a sense of calm anxiousness that you’re not really sure about. You collect your thoughts and log onto the internet to look up your next steps. You come across something called the Restart Specialist and realize everything is going to be OK. In honor of our brand new course we are giving a little preview each week till our big release on April 19.
Common Questions About Your Numbers
The most common question, without a doubt, I get every time I meet with a client about to move is “where do I start”? This question may seem overwhelming at first but after this article it should be easy to understand. The first question everyone should have in their minds is “What are my numbers”?
What Numbers Do You Need to Know
Knowing your numbers really seems like a low priority. I mean, shouldn’t you be focused on marketing in your new area or building a relationship? NO! Before you start anything, you need to know where you are at this point. The best place to start this journey is knowing how your business is functioning right now. Here are a few numbers that are really important to know:
1. Profit and Loss Statement- this will help you to see how much money you have made and spent so far. If you have spent a lot of money so far for the year and don’t have a lot coming in, this could impact your marketing plan for your new area.
2. Total Operating Costs- Assess how much it costs to keep the doors open for your business. Keep in mind this is the bare essentials such as insurance, licensure, debt, and
things like that. Once you have this cost, make sure you save up enough to fund your
business for a year.
3. Total assets- What property do you own? How much money do you have in your accounts? Knowing your total assets will allow you to get an accurate inventory of your property and equipment. This is really useful for insurance and will allow you to see what property you can possibly sell before you move so you don’t have to move it in the first place.
I know moving is stressful. Believe me, I have done it four times in eight years and I can personally tell you it is, at time frustrating. Knowing your numbers and having a definitive plan will help you to be successful. Stay tuned too next week as we look at what kind of client experience your business offers. Please stay tuned for more updates as we launch our new and upcoming course on moving your business without fear.