Today we are in for a treat! My friend and financial expert, Shanna Skidmore, is here to give us a big dose of encouragement on the numbers that really matter in business. The ones that you may never broadcast but will keep you in business for the long haul. Put your calculator and fear of algebra away. She’s breaking down The 5 Simple Numbers in Business that determine success.
I’ll let her take it away!
It’s easy to think as business owners we have to get it all right. Everything from email lists to Instagram algorithms to pricing our products. I don’t know about you but sometimes that “should do” list can get quite overwhelming! What if I told you to drop 80% of that burden and show you how to put more money in your pocket by doing less?!
Hi! I’m Shanna Skidmore! Former Fortune 100 financial advisor turned business consultant for creative entrepreneurs. We’re all friends here so let’s skip the formalities! Hi, I’m Shanna. I help men and women make money doing what they love! My goal is to bridge the gap between the finance world and the creative world as well as make finance approachable (maybe even fun!). Ok, you seriously just rolled your eyes but keep reading and I might just convince you!
About eight years ago, I started working with creative entrepreneurs. My husband and I had just moved states for him to pursue a new passion and I left my five-year career in finance to try something new. I landed a dream job working with a start-up fashion designer. This was my front row seat opportunity to see all things creative business. From operations to fashion shows, trips to Hong Kong, down to the spreadsheets and numbers–this was my lightbulb moment. What I soon learned is this: you can have a GREAT product but if you don’t know how to make it profitable, friend, that dream is never going to float.
For the next three years, I worked with any and every creative business owner I could and studied patterns. Why were some working? Why were some not working? What characteristics did each and every one of them have in common? Here’s what I found: There are a few simple (but not easy) FUNDAMENTALS (basics really) that determines success. The blocking, tackling, catching, and throwing of business. While perfecting your Instagram grid may be good, it is NOT one of those essential “must-do” things that need to be on your list.
I feel lucky, really. While everyone else is seeing that neutral living room scene and perfect top knot, I get to see the “real behind that highlight reel.” I see the tears. I see the worry. I see the fruitless hustle. And I’m determined to not leave you there!
Here’s the big question I want all of us to start asking ourselves: BUT ARE YOU MAKING ANY MONEY?
Now, MONEY is not the reason all of us (or maybe even most of us) started our businesses. But MONEY is how all of us are going to keep going for the long haul. So while that person might have 78k Instagram followers, let’s ask the question that really matters: BUT ARE THEY MAKING ANY MONEY? And while that person may have just finished an event in Italy, let’s ask the question no one is asking: WILL THEY STILL BE AROUND A YEAR FROM NOW?
I know you’re one smart cookie so let’s look at the numbers that really count, shall we? These aren’t always the flashy numbers, but trust me, they are the important ones!
I’m going to let you in on some really good news: You don’t have to do it ALL! When it comes to finance there are actually just five numbers I need you to know and track every year. Get your pen and pencil ready cuz I’m gonna just give them to you! I’ve lovingly deemed these: “Shanna Skidmore’s NUMBERS TO KNOW!” Clever right ; )
01 | Total sales
02 | Total expenses
03 | Total profit
04 | Average Income per client, service, or product
05 | How much money did you put in your own pocket?
I believe each and every one of you can understand your finances. And when you do it’s going to give you so much insight into what you can let go of and what you need to hold on to. It’s going to free you up to keep creating—isn’t that the most important thing anyway? When you’re ready to get serious about making money doing what you love and stop sacrificing every minute to what feels like non-stop hustle, I’ll be over at shannaskidmore.com ready to walk you through those few simple steps that will get you there! Until then, I hope you know I’m TOTALLY cheering you on and believe wholeheartedly: YOU CAN DO THIS!
See I told you it wasn’t that hard! Thank you, Shanna, for reminding us of the numbers that actually matter in business as we kick off the new year! I’m so grateful for how she approaches business in a straightforward way. And if you read my 2019 Business Goals, you’ll know why I really love this post. #teamsimplifyin2019
Will you commit to tracking the numbers that matter this year over stressing over likes and followers with me? Let’s do this!