In this episode, Jake Conway from Omnitech Business Solutions brings our attention to what for some may be the most dreaded part of running a business, the infamous numbers. I personally have to admit, that I have a certain affinity for numbers and who knows maybe after this episode, you will too. So having said that, why do you think it’s so important to know your numbers? Discover how knowing and understanding what each key performance indicator means and how it affects your bottom line, empowers you to make sound decisions to take your business to the next level.
Learn as Jake walks us through the most important numbers to calculate and track to get a clear view and understanding of how the business is performing at any given point in time. Once equipped with this knowledge, you are ready to identify possible overspending or even underspending in crucial areas; which ultimately impacts and has a real effect on your profitability. Knowing your numbers puts you back in the driver seat of your business and will give you the confidence you need to try something new, make the necessary changes you now know your business needs to improve and grow.
In this episode, you’ll hear:
- About KPI (Key Performance Indicators) and the role they play in meeting your business objectives
- How to accurately calculate your break even point
- Valuable insights to help develop your profitability strategy
- How to efficiently research industry benchmarks to assess and compare your business performance
- Why profit should be your most important goal
- Why profit sharing is a clever way to incentivize employees
- What are your biggest profit offenders
- About the importance of setting a budget for extraordinary/non-fixed expenses
Links and resources mentioned on this episode:
- Contact Jake Conway:
- Email: firstname.lastname@example.org
- Facebook: (@OmniTechBusinessSolutions)
- Profit First by Mike Michalowicz (http://profitfirstbook.com/)
Thank you all for tuning in. If you enjoyed today’s show, please share it by using the social media buttons on this page. Also, please leave an honest review and rating for the podcast on iTunes. It will help me improve the show and make it more valuable to you! And don’t forget to subscribe to the podcast on iTunes to get automatic updates every time a new episode goes live.