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Rescooped by Sedra T. from Business Improvement!

The Most Important Numbers You Need to Understand to Grow Your Business

The Most Important Numbers You Need to Understand to Grow Your Business | Social Shopping Hub |

If you’re using accounting software, it’s easy to run financial reports. But what then? There are so many numbers to look at; it can be overwhelming. Which ones are the most important to monitor the health of your business? Which numbers should you track to ensure that your business grows?

Most of my clients started their business because they’re amazing at what they do, but they’re not business people by training. So while they know exactly how to make their clients happy, they’re winging it on the business side of things. Unfortunately, this is a risky practice. A massage therapist I know recently had to close up shop and go back to working for a big spa. She is incredibly talented, and her clients loved her. But she was so focused on serving her clients that she never looked at the big picture of her business. Suddenly she didn’t have enough cash to pay the bills, and she didn’t know how to salvage the situation.


I believe that she could have avoided this worst-case scenario if she had paid attention to the financial side of her business. In fact, to show you how she might have avoided the outcome, we’ll look at how others businesses stay profitable and growing by tracking five key business numbers. A quick disclaimer—every business is different. Here I’ll focus on a typical service business, but feel free to consult your business advisor or accountant for more customized suggestions.

#1 The Bottom Line is Profit

Okay, so there’s tons of numbers you could look at. “What’s the bottom line?” Well, that expression comes from the fact that profit is the line at the bottom of the most important financial report—the Profit & Loss Statement.  Profit (also called “net income”) tells you how much money you have earned after expenses are paid out. This is a great place to start to see how your business is doing.

I recommend that you look back at your profit over each of the past 12 months. Is it a big number? A negative number?

The next step is to look at the trend. Is profit trending upward over the past year? Is it flat? Or is it trending downward? This trend helps you predict your future profit.


One of my clients, a boutique law firm, noticed that their profits for the current year were half what they were the year before. This didn’t make sense, since they were as busy as ever. Upon closer examination, we found that their case load had shifted towards a type of work that paid less but still required a lot of time. The lawyers enjoyed this new work, and they didn’t want to return to the old work. So in order to restore profitability, they renegotiated their fees for the new projects.

Ultimately, if your business isn’t profitable, or isn’t profitable enough for you to pay yourself what you want, it’s not sustainable. As a business owner, stay focused on this “bottom line” to make sure you’re earning the money you want.

#2 Trend in Expenses

A marketing consultant hired me recently with a very confusing problem. His business was growing rapidly, but he was taking home less and less money. I’ve seen this pattern in a lot of businesses, so I guessed correctly what was happening: expenses were growing faster than revenue. The consultant was landing more and bigger clients, and he was flush with cash. So he started spending more money on the business. What he didn’t realize was that his expenses were increasing faster than his revenue was growing. So he ended up with less and less to take home.

To avoid this common trap, keep an eye on the trend in your expenses. “Total Expenses” is a line in the Profit & Loss Statement. Look at this total and its trend over the last 12 months. Compare the expenses trend to the trend in “Total Revenue.”


Make sure your expenses are not growing faster than your revenue. The exception would be if you are making an intentional long-term investment, such as a new employee or new equipment.

#3 Accounts Receivable

Ever wish you could shake the trees and have money come out? Well your accounts receivable is as close as you’ll ever get to this opportunity.

Accounts receivable (sometimes abbreviated “A/R”) is the fancy way to say “money I’m owed.” This is the sum of your unpaid invoices, and it appears as a line in your Balance Sheet (another basic financial report). If A/R is a big number, you have a lot of money in the treetops.


One of my clients, a corporate trainer, had over $50,000 in accounts receivable. These were past clients who had been tough to collect from, and for the most part she had given up trying. It’s not a fun job, and she was busy with her current clients. When she realized how much money was at stake, we came up with a new strategy. She hired a part-time virtual assistant to follow up on her unpaid invoices. After a month, she had collected over $20,000 and spent only hundreds on the virtual assistant! If your accounts receivable is high, go shake the trees.

#4 Profit per Customer

Not all clients are created equal. Financially speaking, some are much more lucrative than others. However, don’t make the common mistake of thinking that the best clients are the ones who pay the biggest fees. The best clients are the ones who generate the most profit.


A client of mine is a celebrity stylist, and he was really excited because he was booking bigger and bigger gigs. But he was confused because he didn’t seem to be making much more money. When we dug into his numbers, it turned out that he was making less profit on the big gigs than he was on the smaller ones. The big gigs carried a lot of extra expenses for things he didn’t need in the smaller gigs. So even though he was charging more money, he wasn’t taking home as much at the end of the day. Knowing this, he increased his rates for future big projects, so they would be more profitable. And he also started enjoying the smaller gigs more, because he knew they were actually very lucrative.


It’s extremely important that you look at your profit per customer (or per project). This number is typically not in your accounting software, so you have to do a quick calculation at the end of the project. Take the total fees you received, and subtract out all of the expenses. That’s you gross profit for the project. Next, divide that profit by the approximate number of hours you spent on the project. That’s your “hourly wage” for this project.



$10,000 fee – $3,500 in subcontractor expenses = $6,500 gross profit

$6,500 gross profit / 60 hours = $108 hourly wage

Compare this wage between projects to see which are most lucrative for you. Focus your marketing on getting more of the most lucrative projects, even if they are not the “biggest” projects. This way you’ll earn the most money with the least time spent.

#5 Number of Client Prospects

Ever feel like your business goes through a boom and bust cycle? It’s very common. One of my clients, a web design agency, would have huge months where they billed big fees, and then months they called “cricket months.”


The reason this happens is that we get so focused on our client work that we slow down on our marketing efforts. To avoid this trap, always keep an eye on the number of prospects you have in your client pipeline.

How many people are you talking to about potential projects? Make a list, and count them. Is it a small number? Better get out there and do some marketing! Don’t let a “cricket month” sneak up on you.

Keep your prospect list current, and post it on a whiteboard near your desk. This will help you stay focused on marketing, even when things get busy, so you can create the growth you want.

Set a Schedule to Track Your Numbers

In order to stay on top of your business, so it will grow as fast as possible, I suggest looking at your key numbers on a monthly basis. Many of my clients check theirs on the first day of every month, and adjust their business strategy appropriately.

Via Daniel Watson
Sedra T.'s insight:

Important numbers to grow your business 

Des Kirby's curator insight, January 28, 2014 11:18 AM

Some  financial management health checks to help you keep your business profitable.

Alain Theriault MBA's curator insight, January 28, 2014 4:45 PM

Very Basic, but essential.  The key from my point of view ? Make sure  that the "checking the number" becomes a monthly routine that you stick to stubbornly. Block the time, no compromise!

Marie Clement's curator insight, January 30, 2014 12:28 PM

This is an excellent article that helps you to get a grip really quickly on the information that needs to be reviewed constantly and encourages setting up schedules to do this.

Scooped by Sedra T.!

Dubai Expo 2020 – Share Your Support | Townsdeal

Dubai Expo 2020 – Share Your Support | Townsdeal | Social Shopping Hub |
See on - Social Shopping Hub Dubai EXPO 2020: ‘Connecting Minds, Creating the Future’ The UAE is bidding to host the World Expo 2020 in Dubai under the theme ‘Connecting Minds, Creating the Future’.
Sedra T.'s insight:

Share you support to Duabi Expo 2020

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Scooped by Sedra T.!

Christmas Memories: Overnight Stay With Santa Clause in Khasab For Just AED 599. | Townsdeal

Christmas Memories: Overnight Stay With Santa Clause in Khasab For Just AED 599. | Townsdeal | Social Shopping Hub |
Christmas, Christmas day, overnight stay, Oman, travel and tours, Safari, desert safari, dubai safari, abu dhabi safari, sharjah safari, travel and tours, travel, tours, hotel booking, BBQ buffet, dune bashing, camel riding, sand boarding, taking ...
Sedra T.'s insight:

Travelling is beautiful but people should think of precautions to make their journey safer, healthier and, particularly, exciting. We should think and learn og the basics of health and saftey before we travel. 



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Rescooped by Sedra T. from MarketingHits!

Social Media Anxiety...Get Over It

Social Media Anxiety...Get Over It | Social Shopping Hub |

Social Media Anxiety
Got to love social media. First social media has to prove it matters and isn't just a game then people worry about "doing it wrong". Yes there are "wrong" ways to create social media content...remember when we all started sharing exactly what was happening in the moment? Don't do that anymore.

Next we had the quote stage and now we seem to be getting the idea of how to surf social media. Some still have anxiety about jumping in or doing the wrong thing. 

The half-life a tweet is hours. Remember you are in an ocean of content, so surf don't try to hold, compress or rule it. Here is another anti-anxiety pill for SMM. Look around, I've yet to follow or RT someone so brilliant I shouldn't be allowed in the same social space (lol). Yes they are out there, but I may never find them :).  

Social media is the great level. What you can SEE and FEEL fast is we all have the same obsessions, fears, strengths, weaknesses, doubts and frustrations. Social shows our humanity in all its glory and aspirations.  

Here is the other issue. If you are an Internet marketer, and who isn't these days, then social media anxiety can HURT. Don't let your "Sistine Chapel" perfectionism stop you from making social media mud pies. M  

Via Martin (Marty) Smith, Brian Yanish -
Sedra T.'s insight:

Townsdeal, social media is not just a game.

malek's curator insight, November 13, 2013 6:47 PM

The DSM 5 (the cookbook of psychiatry) recently introduced the Internet Attention Deficit Disorder. Will they add Social media Anxiety Disorder? 

Lori Wilk's curator insight, November 23, 2013 5:13 PM

This article gives some recommendations about how to handle social media. I say, "participate." #socialmedia. Experience new platforms.Connect, Learn, and Grow.

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The National Day as a symbol of “the unity”

The National Day as a symbol of “the unity” | Social Shopping Hub |
Sedra T.'s insight:

National Day has been come a symbol of “the unity”: The United leaders who paved the way to unify Arab territories as one strong, reliable and ornament infrastructure to build a prosperous future. The National Day translates the real sense of patriotism where Emiratis and expatriates wave higher and higher the UAE flag, transform their love into action and, particularly, stress on the importance of unity.

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Dubai Expo 2020 - Share Your Support

Dubai Expo 2020  - Share Your Support | Social Shopping Hub |

Dubai EXPO 2020: ‘Connecting Minds, Creating the Future’


The UAE is bidding to host the World Expo 2020 in Dubai under the theme ‘Connecting Minds, Creating the Future’. Every five years and for a period of six months, World Expos attract millions of visitors. The World Expo has never been held in the Middle East, Africa and South East Asia in the history of the event.

Our Bid

For our bid to host the 2020 World Expo in Dubai, the UAE has selected the theme “Connecting Minds, Creating the Future”.

In today’s highly interconnected world, a renewed vision of progress and development based on shared purpose and commitment is key. While a single human mind, an individual country, or a specific community is both unique and remarkable, it is by working collaboratively that we truly advance.

A World Expo in Dubai in 2020 would be the first to be held in the MENASA (Middle East, North Africa and South Asia) region. As the global community faces ever more complex, and increasingly interconnected challenges, the links between people, societies and ideas have never been more important. Dubai Expo 2020 will be a platform for connectivity to help pioneer new partnerships for growth and sustainability for the future.

Sedra T.'s insight:

Share your love to UAE and support to Dubai EXPO 2020, that focuses on  ‘Connecting Minds, Creating the Future’

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Rescooped by Sedra T. from Social Media and Healthcare!

Top Trends in Social Medical Marketing

Top Trends in Social Medical Marketing | Social Shopping Hub |

Wrangling in new patients is difficult in areas with competitive healthcare. This is especially true for specialty clinics and small hospitals that are dwarfed by large hospitals, though there are strategies via social medical marketing that can help boost your local exposure.

As everyone knows, having a strong online presence is a necessity for every industry. Marketing teams over the last few years have researched and developed strategies for generating likes, shares, followers, and other Web disciples to no avail, largely because theInternet is always changing. Simply put, every online strategy needs to be unique based on a business’ personality. As a healthcare specialist, you need to find ways to ensure your online followers know that you are an authority in your field and a practice they can trust.

Building up a reputation as an expert with social medical marketing is easy with the right approach. Firstly, you need to develop a strong social media presence by securing accounts on LinkedIn, Google+, Facebook, Twitter, and any other platform you think will help. Not only do these allow you to share information and stay in touch with patients, you are also taking control of your practice’s (your brand’s) name. Even if you decide to leave one account alone because you’re not seeing results, you can always go back to it later.

Next, you need to fill your profiles full of information that makes it easy for patients to find out who you are, what you do, and where your practice is located. This links back to branding basics; you need to develop a marketing platform, brand imagery, and messaging that relays info back to your patients that is easy to understand. Stay consistent throughout your profiles, too, in order to reduce any confusion.

Incentivizing Social Media
Having media accounts is useless without followers. Few patients have a reason to follow their doctor on Facebook — it’s up to you to convince them otherwise. Start by asking patients to like your pages and profiles (put your info on a business card, perhaps?) and even incentivize the process with deals. Or, if you’re really into making a splash in the online community, send patients information via social media about upcoming appointments and health information they may find informative. The same idea applies to emailed newsletters, text message appointment times, and other reminders.

Marketers have found that people react better to bright, attractive imagery rather than boring blocks of Web text. When you’re making posts or publishing blogs on social media, accompany them with multimedia like videos, infographics, and images. People are more likely to halt their newsfeed scrolling if they come across something that pops off the page. Think visual when you start out on your campaign and find pictures and graphs that accurately reflect your information.

Website Linking
Websites are like secondary storefronts for modern businesses. In terms of social medical marketing, link to and from your website with your social profiles and keep it stocked full of new, original, and accurate information about your practice and the healthcare industry. As mentioned, the best marketing campaigns set you up as a professional authority in a field. Writing pamphlets, articles, and blogs can help support this idea — all you have to do is link them through to your website.

Enlisting the Masses
It would be impossible for you, a busy doctor or healthcare professional, to do all of this on your own. Instead, enlist help from your staff and other experts. Did you get a new x-ray machine? Call up a radiologist and have them write up a few hundred words that you then publish on your website. Don’t be afraid to try new things, either; sometimes the most successful strategies are the ones no one has ever tried before.

Going Forward
The most important thing to do is to keep at it. Don’t give up if you don’t have every Facebook follower in town; focus instead on the long-term goal of creating an online brand and presence. Healthcare is a difficult, competitive field on the Internet. It is your job, and you should employ social medical marketing in order to support your practice as an authority and to provide patients with information.

Via Plus91
Sedra T.'s insight:

SMEs should have a strong online presence to stay competitive in online market and, particularly, produce unique and valuable content.

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