• Do you want to grow your business but don't know how?
• Need help writing a business plan that works for you?
• Still considering renting a shop but worried about getting into debt?
• Do you feel like you've done everything you can, yet nothing seems to be working?

Before you rent that shop or make any more financial commitment, you need to understand what is happening with your money. I know you are busy running the business and working hard. But if you are spending money with no results, you need to stop and look at your numbers!

How do you know if your business is profitable?

Spending money isn’t how you grow your business; knowing your numbers and strategic planning is what you need to grow your business.

If you don't understand profitability or how much profit you need to make to grow your business, you put the business at risk every time you spend money. This keeps you working harder than you should and eventually leads to burnout.

That’s why I recorded this episode: to help you understand your numbers to save you all the hustle.

In today's episode, I am going to walk you through 3 ways your Revenue and Expenses can help you understand your Profitability, plus a practical guide to calculating your business profits. So you can set the right Financial Budget, build a bulletproof business plan, and avoid taking on costly debt.

This is part 3 of the Rent Shop Series.

PODCAST HIGHLIGHTS

• Learn how to do strategic business planning that drives the kind of business growth you wish you had.
• Understand the difference between your Sales Revenue and your Profit.
• Learn how to use your Revenue and Expenses to calculate your Profits, forecast your cash flow, and stay on top of your numbers.
• Understand why tracking your savings and cash reserves helps you make better business decisions.
• A simple way to plug in your business transactions and numbers into your cash flow forecast and create or refine your business plan and financial budget.

If you are having a hard time understanding what goes into your profit and loss account or how to calculate your business profits, you need to hit that play button!

Because you are about to learn what took me 8 years of business studies (accounting and finance) and 15+ years of practical business experience in about 20 minutes.

I am sharing the simple and practical way to determine how much money your business needs to make to grow and how to use your numbers strategically to drive your business forward.

I hope you're ready. Grab your favourite drink and a notebook, and let's get started.

Next Steps:

👯Become an Insider https://www.simplifyonlinebusiness.com/insider

⏰ Get your planner to save time and energy. Plug in your schedule and free up time, up to 20 hours per week. Save 15% with code: Simplify Online Business. https://bit.ly/m/GiftZion

💷 Spending Too Much on Bills? Bundle up your household costs and start saving in just a few clicks >> https://bit.ly/Savetimeandmoney

💙Join the Facebook Group https://www.facebook.com/groups/simplifyonlinebusiness

Related Episodes:

17 | RENT SHOP SERIES: Protect Your Revenue & Work-Life Balance, Mama! 7 Questions You Must Ask Before Signing a Business Property Lease (Part 2)

16 | RENT A SHOP SERIES: Should I Rent a Retail Space? 5 Mistakes to Avoid + Business Plan and Revenue Tips to Save Money (Part 1)

4 | Want to Grow Revenue? Niche Down Your Business Ideas and Attract Paying Clients (Part 3 of 3)