Now, I love hitting the account books at the end of the year, going through our numbers, collecting and analyzing data, and planning for the future.
But, I’ve also struggled with the accounting side of my business for years.
In fact, a running joke in my family is that if I was handling Studio Grow’s accounting, we’d already be in jail.
However, to many business owners, the fear of accounting goes way past a joke.
In fact, accounting skills, and or the lack of them, is often a source of frustration and shame.
Y’all, it absolutely shouldn’t be.
As business owners, we all have our own zones of genius. Stick to what you’re great at and outsource the rest.
One of the primary areas of your business to outsource apart from legal housekeeping, is accounting.
There are SO many experts out there who are way better at this than you and I could ever be. Not only do they have a natural knack for numbers, but they’re also been through years of schooling for this very purpose.
In today’s episode, I’m speaking to Danielle Hayden, one of the top accounting experts in the industry.
Danielle has worked with dozens of studios in the past and through this two-part series, will be sharing her expertise on what you need to be studying in your account books, the benefits of outsourcing, the KPIs you should be looking out for, and MUCH more!
Danielle shares the answers to things that have mystified and frustrated many a studio owner. So make sure you’re taking notes!
In this episode, you will learn:
- Why accounting and bookkeeping should be one of the very first things a business outsources
- What are the most important Key Performance Indicators (KPIs) to consider for a business
- Why I look at 13 months, instead of 12, for our yearly KPIs
- How to be analyzing your numbers during the pandemic (and beyond)
- The reasons that really knowing your numbers will make tough business decisions easier
- The 30/30/30 model we use to split the revenue generated by our business and to evaluate profitability
- Some tips and strategies for maximizing profitability with your studio’s retail
With grit and gratitude,