Without knowing your break-even point, you can’t make informed business decisions. Period. But it can be quite daunting finding this break even point. Will breakeven be possible, will it be reachable? To cover the costs of your business you need to sell enough goods or services to reach your break-even point. Knowing where that point is, and how long it will take you to reach it, can be fundamental to… Read more
“My business is not making enough money, and I don’t know what to do.” We hear it all the time. Instead of ignoring the cause of the problem, it is time to put the brakes on and review the non-essential costs. When faced with cash flow or profitability issues, most business owners first reaction is to try and find new clients or customers. Feeling desperate, they totally forget what their… Read more
Calling all business owners, entrepreneurs, solopreneurs, mumpreneurs, dadpreneurs – or any other fancy titles that are out there at the moment – the sooner you realise that profit is not the same as cash – the sooner you will start to plan for a fabulous financial future. You see here is the thing – I speak to business owners all the time who simply get frustrated (*insert swear words here… Read more
When you work in a service based industry, part of your life becomes focused on what you have quoted for a job and what it actually costs you. Well, let me rephrase that – it should be focused on that. Fixed prices, monthly packages, paid upfront, deposits collected or a combination of all of these – if you are not accurately looking at and recording costs per job, you business could… Read more