This is so exciting! It’s now time to share with you the next step in our 5 step process to creating a more profitable business.
Remember Jenna? Jenna was growing her business but hid from her accounting because it was confusing to her and she didn’t have time to learn a new skill. We helped Jenna get the financial information she needed to make more strategic spending decisions so she could increase her profits and take home a bigger paycheck.
Let’s review what we have covered so far. Be sure to write this information in your Profit Planner. Our clients treat their Profit Planner as their financial diary.
Financial Goals that support the business you are creating
Time for step 3 of 5 It’s time to make business decisions with your financial data.
Pull your financial reports from your accounting system. Now let’s review your historical revenue results by asking yourself:
- What percent did your revenue growth year over year?
- What product or service has the highest sales?
- What product or service has the highest profit or lowest cost of goods sold?
- Compare your revenue to the goals you set it month 1
This analysis should be performed each month to help you monitor your progress, check your financial health and learn from your numbers.
Ready for more information or help in understanding your financials? The Profit Planner Guide will walk you through monthly financial education with daily action tasks. Visit Profitplannerbookkeeping.com today to download the first 3 weeks of the Profit Planner Foundation.