Benchmark Your Business…
Today’s blog post is inspired by a theme I see emerging both online and in person.
Basically the theme is that everyones noses are everywhere they shouldn’t be!
Daily I am seeing posts and calls for help centred around “what % of revenue should my wages be” “how much should my staff amenities cost” “what % of expenses do you allocate to advertising”
The answer? How long is a piece of string….
I wholeheartedly encourage you to stay in your own lane, become intimate with your own numbers, and know what is normal and profitable for you.
In answer to all of the above concerns, ask yourself:
- What % of revenue is my wages / advertising / amenities currently?
- What % was it last month?
- What % was it last year?
- Is my business currently profitable at that level?
- What % do I aim to achieve in regards to these outgoings?
The answers to the above questions are going to serve you much more valuably than some random person in a random FB group telling you there number (providing they even know!) and sending you into a spiral of doubt, fear and comparisonitis.
As my clients become financially empowered and equipped the quality of questions they ask of themselves and others elevates. No longer do they seek external validation or direction regarding their expenses, they already have a handle on their numbers and are implementing their plan to transform the numbers that don’t thrill them.
For you to begin to transition to this financially evolved position, start today. Open your accounting program, spreadsheet or notebook, take out your calculator and play with your numbers, I assure you they won’t bite.
Want more no fluff but fabulous financial support?
I invite you to join me in my private money mastering FB group, I have prepared the pink carpet for your arrival….