Revenue
Dr Tess Crawley, PhD
Clinical Forensic Psychologist | Director, The Crawley Clinic | Business Coach | Author | Winner, Leadership & Management Excellence Award 2024 | Finalist, Psych of the Year 2024 & 2019 | Finalist, Tas Writers Prize 2024
At the end of the financial year you will no doubt talk with your accountant about such things as profit and loss, GST, and other delightful things. But revenue is something you should be regularly looking at. Not just overall figures, either.
Overall:
I encourage you to keep an eye on your monthly revenue throughout the year, but if you haven’t been doing that, have a look at the month-by-month figures across the course of the past 12 months. Is there a positive or negative trend. What factors have influenced that? Going forward, keep an eye on these numbers, with previously identified trends in mind. This can lead to longer term plans and strategies for heading off “lean” months in the future.
Revenue Streams:
Have a look at where your clients are coming from. Is there a single source? What would happen to your business if someone turned this tap off?
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If your business would sink if you’re not in control of that tap, then you need to add extra revenue streams to your business. If you’re a restaurant, do you offer a take home / home delivery option? If you’re a psychologist, are all your referrals reliant on Medicare? If you’re a beautician, do you offer online private tutorials for remote clients?
Identify additional revenue streams that can complement what you already offer. Not only is it good for cashflow, it can act as a bit of an insurance policy against loss of other revenue streams beyond your control. And when identifying additional revenue streams, make sure they’re not costing you money and apply the “work smarter not harder” principle. You don’t want to burn out in the process!
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