The Numbers Coach

If you could snap your fingers and change your life in an instant what would it be?

Here’s the truth:

The big winners are the people who learn to invest in themselves
Think about it!

Professional athletes need coaches

Prime ministers have a cabinet full of experts to help them make important decisions

Solicitors and Accountants and Doctors require ongoing education

You’ve probably already seen the results of investing in yourself!

Whether it was working out, eating healthy, reading a professional development book...

You can look back and see what the impact of a good investment can do.

Looking back, one of my regrets is not investing in myself more and earlier on!

You can start investing in yourself today, and it doesn’t have to cost a fortune or a ton of time!

Hiring someone just because they were the cheapest option can actually cost you more money in the long run.

You can’t have all 3 - cheap, quality and speed.

If you want good quality and speed, it’s not going to be cheap.

If you want cheap and speed, it’s not going to be good quality.

If you want cheap and quality, it’s not going to be quick!

Do you agree?

Feedback Friday… what an amazing piece of feedback from a client 🤩 so greatful to have such great clients 🙏🏼

Happy Friday!!

It’s been a wee while since I have done a post as I have had some major life changes 🏠 💍

So just a wee post to say hi 👋🏼

If you’re interested in what I do and how I may be able to help you and your business then drop me a message for a chat! 👍🏼

Make More Profit Monday!

Today, let’s dive into the world of budgeting and how creating solid budgets can help you boost your business’s profitability! 📈

Set Limits to Decrease Expenses - Budgets help set limits on how much your business can spend in various areas.

By capping expenses, you can significantly decrease overall costs and allocate funds more efficiently.

Here are a few ways to implement effective budgeting:

Create Salary Caps: Establishing salary caps ensures that payroll expenses don’t spiral out of control.

Limit One-Off Costs: By setting budgets for one-off expenses like office renovations or equipment purchases, you prevent overspending and keep cash flow steady.

Decrease Administrative Costs: Budgeting can help identify areas where administrative costs can be reduced.

🔍 Why Budgeting Boosts Profits

Enhanced Financial Control: Budgets give you a clear view of your financial landscape, helping you control spending and avoid unnecessary expenses.

Improved Decision Making: With a budget in place, making financial decisions becomes more straightforward and ensures you are making the right decisions for your business.

Resource Allocation: Budgets help you allocate resources where they matter most.

Future Planning: Budgeting isn’t just about the present—it’s about planning for the future. A well-prepared budget helps you set aside funds for future investments. This foresight can lead to significant long-term profit growth.

💡 Get Started with Budgeting

To start budgeting effectively:

Analyse Past Expenses: Review your previous spending to identify patterns and areas where you can cut costs.

Set Clear Limits: Establish spending caps for different categories, like salaries, supplies, and marketing.

Monitor and Adjust: Regularly review your budget and adjust as needed to stay on track and meet financial goals.

If you need any help with budgeting for your business, please get in touch for a chat!

Let’s dive into efficiency and how measuring it can skyrocket your profits!

𝐌𝐞𝐚𝐬𝐮𝐫𝐞 𝐘𝐨𝐮𝐫 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲

To boost your bottom line, you need to measure your efficiency on an ongoing basis. This is a continuous process that ensures you’re getting the most from your resources

𝐏𝐮𝐭 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐚𝐧𝐝 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐞𝐬 𝐢𝐧 𝐏𝐥𝐚𝐜𝐞

Start by implementing systems and processes that enable you to maximise efficiency. For instance, regularly monitor how many employee hours it takes to perform specific tasks or provide services. If you notice the time increasing, it’s a red flag for inefficiency. The quicker you eliminate these inefficiencies, the more your profits will benefit

𝐓𝐨p-𝐃𝐨𝐰𝐧 𝐂𝐨𝐦𝐦𝐢𝐭𝐦𝐞𝐧𝐭

For productivity management to be successful, the commitment must come from the top. Leaders should communicate productivity targets and measurements clearly so your team feel they have clear goals to aim for. When everyone knows the target, they can work together to hit it!

𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞 𝐓𝐞𝐚𝐦 𝐈𝐧𝐜𝐞𝐧𝐭𝐢𝐯𝐞𝐬

Consider introducing team incentives to keep everyone motivated to meet targets. But, be careful - design these incentives to ensure quality isn’t sacrificed for speed. For example, you could offer bonuses for meeting production goals without compromising product quality. This keeps the focus on both efficiency and excellence

𝐃𝐞𝐟𝐢𝐧𝐞 𝐊𝐞𝐲 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐈𝐧𝐝𝐢𝐜𝐚𝐭𝐨𝐫𝐬 (𝐊𝐏𝐈𝐬)

Defining KPIs that suit your business gives you clear targets to aim for. KPIs should reflect your goals, be measurable and comparable, and allow for corrective action to keep your targets on track.

𝐓𝐡𝐞 𝐏𝐫𝐨𝐟𝐢𝐭 𝐁𝐨𝐨𝐬𝐭

By consistently measuring and improving your efficiency, you’ll not only streamline processes but also cut costs and increase productivity. This leads to higher output, better quality, and ultimately, more profit!

Make More Profit Monday!

Every Monday, I do a post about how you can make more profit in your business.

Let’s talk about finding your best customers - the ones who make your business thrive! 🌟

💰 It’s not just about your price - your customer base can make a BIG difference in your profitability! 🎯

By focusing on your most profitable customers and bidding farewell to the less lucrative ones, you can supercharge your profits! 💼

But remember, it’s all about handling this shift with sensitivity and care.

💡 So, how do you spot your MVPs?

It’s all about identification and adapting your sales strategy accordingly!

🎯 Set higher sales targets, offer similar products or services, or target similar customers.

📊 Segment your customers and their purchases into four categories: high sales/high profit, high sales/low profit, low sales/high profit, and low sales/low profit. Focus on those high-profit, high-sales champs to drive your bottom line! 💡

Once you’ve identified your best customers, it’s time to sell, sell, sell!

💸 Upsell them premium products, cross-sell complementary items, or even diversify with new offerings to meet their needs.

And don’t forget to expand your customer base by targeting new clients who resemble your top performers!

🌱 It’s all about finding more of those star customers that keep your profits soaring! 🌟

💡 So, are you ready to unlock the profit potential of your best customers?

Do you agree?

I’ve got to tell you a hard truth right now…

You are directly responsible for your own business and life.

I know that’s sometimes hard to hear. But here’s the good part that comes with it.

Since you are directly responsible for your business and life, you can design it the way you want. 

And that leads me to the most important aspect of being a business owner...

Making decisions.

So right now, you have a decision to make...

You can decide to skip on growing your business and stay where you are currently.

OR

You can decide that today, you’re going to start the journey to becoming a good leader, increasing your income and profits, and gaining skills that will help you achieve your goals. 

What will it be?

DISCOUNTS ARE KILLING YOUR PROFITS!

Swipe along to find out how with an example… 👉🏼

Make More Profit Monday 🤑

Every Monday, I’ll be doing a post on what you can do to increase your profits!

Today, we’re tackling cutting waste throughout your business.

Let’s dive into some strategies to slash waste throughout your business and supercharge those profits! 💰

🔍 First up: power costs. Is your business guilty of leaving equipment running when it’s not needed? It’s time to flip the switch on unnecessary energy consumption! 💡 By ensuring all equipment is turned off when not in use, you’ll see those power bills plummet, leaving more cash in your pocket!

💡 But wait, there’s more! Are you scoring the best deals from your power suppliers? Don’t settle for sky-high rates - shop around and negotiate to secure the best possible terms. Every pound saved on utilities is a pound added to your profits!

📞 Next on the chopping block: unused services. Are you shelling out cash for phone lines or subscriptions you don’t even use? It’s time to cut those unnecessary expenses! 💸 Cancel unused services and watch your bottom line soar!

🏢 Your premises is a major expense, so it’s crucial to make the most of every square foot! 💼 Consider whether you’re maximising your space effectively. Could a simple rearrangement boost efficiency and productivity?

💼 And, why let unused areas go to waste? Subletting unused space is a win-win—extra income for you, and a solution for someone else!

💼 Cutting waste isn’t just about saving money—it’s about unlocking hidden profits and setting your business up for success!

Stay tuned for more Make More Profit Monday tips! 💼

Are you prepared for the upcoming week??

Which type of person are you on Sunday? Do you...

A. Chill out, spend time with your family and friends?

B. Freak out and spend your day with the Sunday Scares?

Don’t be person B, especially if you find yourself upset Sunday night about all the things you didn’t do, or if you find yourself frazzled during the week with a to-do list all over the place.

Take some time to plan out your upcoming week and get organised and save time.

If you do all the tips mentioned and are still stressed, it might be time to consider outsourcing some tasks.

And this may include your business finances, your marketing, your sales or admin…

If you need help structuring your business and getting it in order to free up your time so you don’t feel like you are working in a job and are actually running a business then give us a nudge for a chat to see how we can help!

Many small businesses believe they don’t have a big enough business to take on business development services such as looking at your business strategy, planning your annual roadmap, preparing budgets and having regular meetings to help you grow your business.

However, the financial situation of their business is such that they could benefit from more regular financial review and planning and up-to-date bookkeeping.

Having an outside expert on a consulting basis is a good first step for a growing business.

Do you have the right person for this role?

To learn more about how we can help, schedule a call today!

Make More Profit Monday 🤑

Every Monday, I’ll be doing a post on what you can do to increase your profits!

Today we are talking about your teams efficiency levels.

Let’s say you have a team of 10. All work an average 8 hour day, and let’s say 1 hour is wasted per team member per day due to inefficiencies, poor processes and systems and not enough training... That is 10 hours a day! That is more than one person’s wage for the day!! Now x that by the week… now by the month… Not sure you even want to know how much that adds up to for the year 😭

So, now you know why you need to improve the things that impact efficiency within your team.

Start by creating a culture of productivity. This is about your leadership. Introducing a culture of productivity is hugely important. You must be able to engage with each team member in conversations about the value they bring to the business, so they become and remain motivated to produce good quality efficiency.

Getting your team involved in identifying inefficiencies and involved in implementing efficiency initiatives is a great place to start. Then, regular conversations and live KPIs to show them how they are performing works well.

Employee efficiency can be enhanced by training them in how to work at a faster rate. You can offer incentives to workers who cut their average job / production time (but not cutting quality of course!).

Make sure that your team’s particular skills are more closely matched to their roles. New technology / software will help here, but your team must be properly trained in how to use it.

There are so many more ways to increase your team’s efficiency levels and in turn increase your profits. The above is a good starting point! 👍

This has got to be the fastest guide you have ever seen on how to build a new habit!

It isn’t about doing the habit for 21 days straight and then automatically you’ll do it everyday!

So, what is it about?

Well pick a habit...

Let’s say you want to read 10 pages of a book everyday.

Now, pick a time you will do this habit...

Let’s say you will do it as soon as you get into bed.

Now, set yourself a reminder.

Let’s put the book on your bedside table, so that when you get into bed and see the book, you remember you have 10 pages to read before going to sleep!

Try it and see if it works ;)

Make More Profit Monday!

Every Monday, I will be doing a post on what you can do to increase your profits! 🤑

Oops, I did miss last Monday, but it was a bank holiday so I’ll let myself off 😏

Today’s tip is… only buying the stock you need.

Having money tied up in excess stock reduces your cashflow as well as eating into your business profits if its not used and thrown out.

Check the area you keep your stock, is there excess? Most likely…

What can you do improve this? Here are some ideas:

1. Only buy what you need in line with your sales

2. Buy in advance and have it ready, rather than going out multiple times to buy extra stock through the day (this also costs you time and wages)

3. Check and use your existing stock first before going out to buy more

4. If you aren’t going to use your existing stock, then sell it

The one action to do from today’s post is to create a process around buying your materials and keeping stock, ensuring you and your team stick to it!

This will reduce your costs and increase your cashflow – win win 😉

Many of us are setting goals wrong. Some of us aren’t setting goals at all. When companies and teams set the right objectives for the right reasons, they succeed. When they push forward without direction, they lose their way and eventually fail.

Doctors follow a treatment plan…

Pilots follow a flight plan…

If you want to lose weight, you follow a workout plan or diet plan…

Yet, most business owners don’t have a plan…

A business plan or a financial plan!

If you have goals for where you want your business to be, you need a plan on how to get there!

Not just a plan, but accountability too!

Need help? Get in touch to find out more

Waiting for the right time

Is not going to improve your business or profits and is no way to set your business strategy!

How do you know when the right time is?

Here are just 4 ways to prevent cashflow issues and they’re small simple things that you can implement in your business today! 🙌🏼

Scroll along to find out 👉🏼

The above came through in an email from the author James Clear and I had to repost it because recently there has been a few posts I’ve seen from people having digs at each other about what they’re posting or about their business, or trying to get one over on each other, and its like being back in a playground.

If you don’t have anything nice to say, then don’t say anything at all. If you don’t like someone or their posts, then unfollow them. But don’t talk about someone’s personaility, their posts, or their business online or even to others. It just makes you look bad, not them.

Rant over ✌

Make More Profit Monday 🤑

Every Monday, I will be doing a post on what you can do to increase your profits!
 
If you missed my first one, there is a link to it in the comments! 🔗
 
Reduce your product / material costs 📉

Reducing the cost of your products / materials that are in your cost of sales is a way to increase your gross profit.

There are some things that you can do to reduce these costs, here are just a couple:

✅ Negotiate with your suppliers – when was the last time you did this? If you have a good relationship with your suppliers, you may be able to negotiate a discount for bulk orders or prompt payment if your cashflow allows, or even increase your credit limit. Knowing the rate of other suppliers can help with this as your supplier may be keen to keep you as a customer.

✅ Shop around – many business owners stick to 1 or 2 suppliers and don’t shop around for better prices and/or quality. That’s understandable because you are busy with so many other things in your business that this is probably not even on your to do list. When was the last time you checked other supplier prices and compared it to what you are paying your current supplier? If you find better prices AND better quality, surely it is worth it?
 
Give it a go and see how much extra you can add to your profit line!

Make More Profit Monday

Every Monday, I’ll be doing a post on what you can do to increase your profits!

So, lets start with number 1… Increase your prices

As a small business, you should be reviewing your prices regularly. Many business owners started their business because they had a passion for what they do, but that doesn’t mean we should work for less money right? I have come across far too many business owners who are earning less in their business than they did in employment.

You wouldn’t expect your employees to work years without a pay rise, so why should your prices be any different?

Increasing your prices is a way to grow your business. If you don’t have the capacity to take on more customers, putting your prices up will allow you to increase your profits without having to work extra.

Low prices should never be the only way you win customers. Never compete on price alone. Otherwise, it will just be a race to the bottom.

If you want to be successful, price for profit.

Chase the vision not the money, the money will follow.

People dream of owning their own business for a number of different reasons.

Some have a desire to lead people and build great cultures. Others want to have more control of their time.

But the number one reason I hear from clients wanting to own their own business is,

“I want to make a lot of money.”

There is nothing wrong with making a lot of money in and of itself, even I want to make money, I mean who doesn’t?

When just making a lot of money is the number one goal, it is usually difficult to achieve.

The best businesses are those that are built with a vision greater than just making money. And the most satisfying businesses not only provide financially, but also impact their communities in a positive way.

What’s your number one goal in your business?

Let me know in the comments!

Asking for help is not a sign of weakness but a sign of strength.

It seems really cliche to say that but it’s true — ultimately you’re going to do more damage to yourself by denying yourself the support you may need.

Whether that’s support for yourself personally or your business, reach out for the help you need.

You’ll only benefit from it.

What people say being productive is vs what is actually being productive!

Do you agree?

Send it to your boss! 😏

Quick tip!

Put money aside each month in a separate account to save up for your taxes. That way you have the money there when it comes to the payment deadlines and you know what you have to spend in your main account.

Giving you peace of mind 😌

What thoughts play in your head as you move through the day to day of running your business? Thoughts like “I’m not a numbers person”, “I don’t like change”. These thoughts replay in our minds subconsciously and slowly chip away at our self-belief.

In your mind, these thoughts are true, but who told you they’re true? Probably yourself.

These are self-limiting beliefs – beliefs that we all have about ourselves and they are self-limiting because we let them control the thoughts we have about ourselves and our abilities. It is also part of having a fixed mindset.

Now, imagine a game-changer: the growth mindset.

Those with a growth mindset believe that you can learn skills and that new abilities can be developed through practice and effort. It is believing in your own ability to learn and grow. When faced with setbacks and challenges, it’s about learning from those and appreciating failure as part of learning and progressing.

Embracing a growth mindset doesn't mean claiming you can suddenly master quantum physics or become a concert pianist overnight. Instead, it's acknowledging that, with the right mindset, practice, and resilience, we all can enhance our skills in unexpected areas – yes, even conquering the numbers game in your business!

Let's bust a myth: there's no clear line between having a fixed or growth mindset. We all shift between the two without even realising it in various situations.

Why does all of this matter for your business? Well, in a world of constant change and challenges, shifting from a fixed to a growth mindset is the secret sauce for fostering business growth.

So, buckle up and get ready to break free from those self-imposed limits – because your business is ready to thrive with a growth mindset at the wheel! 🚀✨