004 - Money & Metrics

The 2 Cents Business Podcast

Every Monday is affectionately referred to as Money & Metrics Monday here with Team Common Cents. It’s when we stop and take stock of our progress and make plans for the coming week. It’s also what we do for our clients on Client Time Tuesdays.

Mentioned in this episode:

• The money numbers we check…and it’s more than just keeping an eye on revenue
  
• The money metrics that we check (and what makes them different than money numbers)
  
• The 3 things I want you to do
  

Highlights of this episode:

• 00:41 What do we actually check? RE: money numbers
  
• 01:13 Why do we check money numbers? Like cash flow, net profit, revenue, and budget versus actual reports
  
• 03:01 Why you should review unpaid invoices and unpaid bills
  
• 05:06 What to look at in terms of positive or negative cash flow
  
• 05:43 What indicators of business health should we all be looking at
  
• 06:50 What do we actually check? RE: money metrics
  
• 07:55 Why do we check money metrics? Like pending service agreements, consultations scheduled, conversion rate, website traffic and email signups
  
• 09:30 How to use your sales conversion rate to set your sales goals & benchmarks
  
• 11:06 Your Homework: Three Things
  
• 11:39 First thing - What numbers are the real indicators that show you if you’re getting closer to or further away from your money goals?
  
• 11:55 Second thing - set an unbreakable appointment with yourself. Treating your business like you would treat a client - set aside some time to work ON your business.
  
• 13:25 Third thing - Using your numbers and the time you set aside for your business, what actions can you take?

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RESOURCES

Kill The Vanity Metrics Challenge

Money Matters Checklist

Resources List

WORK WITH COMMON CENTS

Virtual Accounting, Bookkeeping & CFO Services

Courses & Programs

Templates

Planners & Printables

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Thanks for stopping by and listening.

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You can find the show notes at: thecommoncents.com/podcast