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A Case Study of Having Return to Corporate Even Though Business Was Good
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Have you really sat down and taken the time to figure out your sales numbers? If not, you are doing yourself a disservice and may even find yourself having to go back to working a corporate job. Today, host May Yeo Silvers shares real life examples as case studies of entrepreneurs who have had to go back to corporate in spite of their business looking like they were doing well.
When business is “good” and you have lots of money coming into your bank account every month, you may make the mistake of thinking you are in the clear and can go ahead and spend that money. However, you might just be making a big mistake! As CEO, it is critical that you take a step back and really get serious about knowing your numbers. Just making sales is not enough if you do not know how many sales you actually need to make in order to afford to pay both your personal bills and your business bills. Also, unlike a corporate job where you make a set amount of money every month, entrepreneurship is trickier. You will likely have some months that are slower where you make much less money or might not have any sales at all. By accounting for this in your calculations, you can determine exactly how many sales you need to be making and how much money you need to have in the bank at all times in order to afford your lifestyle and keep your business afloat even in hard times.
Even if you do not consider yourself a numbers person, it is a crucial component of being a successful CEO. Being great at sales is only one part of the equation. Determining and keeping track of your numbers will help you to make the best decisions for yourself and your business as well as protect you from having to go back to a corporate job.
Quotes
• “In running a business, you have to understand what are the must track numbers… all these numbers will determine what you need to do, the next course of action in your business.” (3:53 | May)
• “These four numbers are what's going to save you from not having to go back to corporate.” (5:09 | May)
• “You not only need to do the selling, you need to know how much to sell.” (7:39 | May)
• “I should have taken the time to sit down and determine how much money I need in order to live and thrive as a full time CEO for my business.” (9:17 | May)
• “When you are in a corporate world, you have a fixed paycheck, so you know how much money is coming in. But when you're in business, you don't know how much money is coming in unless you do your sales projection.” (19:06 | May)
• “If you are running a full time business, it is so important to incorporate a line item, which is your salary that you need to pay your personal bills.” (28:50 | May)
Links
Connect with me at: may@events4anyone.com
Website: www.mayyeosilvers.com.
LinkedIn: www.linkedin.com/in/mayyeosilvers
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