I’m super excited about today’s topic because I’m about to share some practical financial tips to help you thrive as a creative entrepreneur. I’ve worked with countless creatives who’ve had similar questions and challenges, and now I want to spill the beans and get you on board with these amazing tips and processes that have worked wonders for our one-on-one clients.
We’re splitting this topic into two parts because it’s so jam-packed full of tips and I don’t want to overload you! This is episode part one, and next week, we’ll drop part two.
This episode is for you if you love what you do but absolutely dread facing the numbers – you’re not alone. Many clients who’ve joined our Accounted For You family have expressed this exact sentiment. But fear not because there’s a simple solution: focus on the numbers and reports that actually matter to you, instead of overwhelming yourself with all of them every month or quarter.
Here’s what you can do: take a step back each week or so and just glance at the key numbers that are most important to you. It could be as simple as three or four figures like your sales, GST owed, wages, and profit.
Now, how can you do that without diving into a sea of reports? I’ll take you through two options that you can start using today and explore how we present the useful info that our clients actually want to know in a format that stops their eyes glazing over.
It’s all about digesting and understanding the numbers without overwhelming yourself.
So what can we do with those condensed reports? We can track our separate income streams or different services/products, so we know which of your services are profitable. Don’t waste your time and energy on services that aren’t making you money.
We’ll also explore how to track expenses for each product or service. The bottom line comes down to: if time is a cost for you, track the hours you spend on each job. This is controversial for some, but it can be essential for accurate measurement. How else will you know if you’re over or under budget?
I get it, diving into the numbers can be daunting, especially for creative souls. But trust me, tracking profitability on a job or service level is vital. It helps you uncover any areas that are draining money from your business, even if you have other profitable areas that are hiding the issue.
Don’t let your mindset hold you back with thoughts like, “I’m a creative, I can’t deal with numbers.” You absolutely can!
Stay tuned for part two next week, where we’ll dive into even more juicy tips. Until then, keep rocking your creative business and don’t shy away from those numbers—you’ve got this!
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