This is the first episode in our multi-part Know Your Numbers series. My own Operations Manager, Merilee Wright, and I are teaming up to help you learn the numbers in your business so that you can develop a proper business growth strategy.
In this first part, we’re starting with all things Project Profitability. We break down exactly how you can calculate your own project profitability, define terms, discuss the ever-existing topic of sharing your discounts, and how you can compare your projects to determine which are more profitable for your business.
ABOUT MERILEE WRIGHT
Merilee is a former client of Rebecca’s and an accomplished business professional with a passion for coaching people and business owners to achieve their goals.
Skilled in reaching business objectives through alignment of business operations and employee and customer experience, Merilee has a reputation for making an impact. She is known for building high-performing teams and driving efficiency.
With over 30 years of increasingly senior roles in the consumer services, financial services, and retail industries, Merilee has a breadth of experience that includes strategy development, business operations, customer experience, coaching, and change management. Merilee has a unique ability to quickly understand complex environments and provide insight for both executive decision-making and staff implementation.
When she’s not helping business owners grow their business, you can find her on her sailboat!!!
Confession: I’ve been hesitant to talk numbers with you on the podcast because I didn’t feel like I was a good authority on the subject as I’m still learning it all. But then I thought, I can share what I have learned so far and help others just get started.
For years, like a lot of other entrepreneurs, I just knew the money in my bank account and shied away from learning anything else because it all looked so overwhelming. But when it came time to hire and reinvest in my business, knowing my bank account balance, didn’t help! I needed to take the time to learn my numbers and exactly how that money ended up in my bank account.
Instead of trying to learn it all, I focused my efforts and took on bite-sized pieces. Project profitability is where I started.
Through the episode, Merilee and I share how to get comfortable with learning the numbers in your business, and how to fully comprehend the basics of calculating your own project profits. We do a deep dive into what all the terms mean and help you build your confidence in determining your business model, what you should be charging, and the way you charge. Understanding each project’s profits will tell you a bigger and better story and help you get control of your business – more so than just knowing there’s money in the bank.
To help keep you on track with us in the episode, we’ve created a Free Resource with Project Profitability terms and examples for you. Grab the resource.
Don’t be afraid of your numbers. Pick a project and just get started. Don’t anticipate what it’s going to be, don’t assume. Find a project and just get started.