Renee Matlock, the owner of The Private Practice Coach, shares with clients her wealth of experience, gained over 30 years of building a profitable, multi-disciplinary private practice.
BLOG: Know Your Numbers
Know Your Numbers
Are you off and running? Or are you slugging along ‘business as usual?
Knowing your numbers is critical to not only the growth of your business but also to the survival of your business!
We are not accountants. So let’s keep it simple. Here is a simple 5 step plan to ‘Knowing Your Numbers”:
- Project your target annual billings. Base this on your annual billings from the previous year, keeping in mind your business expenses, including your Owners Compensation (this is what you are going to pay yourself from your business revenues).
- Divide this number by 52. This is your weekly target billing.
- Track this number weekly using whatever system works best for you. This can be anything from an Excel spreadsheet to a software program.
- Each week analyze your numbers. Are you meeting your target number? Ask yourself two key questions: What am I doing that is working for my business? What do I need to do differently?
- Then ACT accordingly!
By ‘Knowing Your Numbers’ you will know if your business is heading in the direction of success for 2015. May 2015 be your best year yet!
