Kenesha Coleman, The Beauty CPA is back with another jam-packed episode where she drops the knowledge bombs!
In this episode, we go over:
Episode #3 Knowing your Beauty Business’ Numbers
The importance of knowing your business’ numbers
Be aware of the financial health of your business
Make sound business decisions
Use the numbers as a tool to strategically grow
It all starts with Bookkeeping
You can’t manage what you don’t track
What is bookkeeping?
Knowing the “story” behind your business’ numbers
Don’t do bookkeeping for the sake of bookkeeping, know the “story” behind what the numbers are telling you
Are you profitable?
Gross margin - service or product profitability?
Profit margin - overall business profitability?
How did you perform this month compared to last month?
Progress toward the financial goal?
How did we perform compared to the budget?
Are we progressing toward our financial goals?
Course correct on things going wrong
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