LivePlan

???? With prices fluctuating and supply chains in question, small business owners are feeling the pressure. The key to navigating uncertainty? A solid plan. Planning can help you adjust, stay resilient, and keep your business moving forward. ?? How is your business handling rising costs? Let us know in the comments!

?? Ditch the doomscroll. Start preparing, instead. More on how to plan for the impact of tariffs: https://lnkd.in/gShQXxSx

When your weekend hobby spills into the driveway, overtakes the cul-de-sac, and raises eyebrows in the neighborhood… you’ve got two choices: scale it back or turn it into something bigger. Which would you choose? ?? Season Two, Episode Two of The Hurdle podcast, with Seth San Filippo, Owner of Urban Lumber Company and Urban Hardwoods, is now live on YouTube, Spotify & Apple Podcasts.

Are you making this common mistake? ?? ?? More on COGS at our link in bio.

"Allegedly" kicked out of college for starting a business… but technically was just asked not to return. ?? Turns out, using class time to build custom longboards wasn’t exactly encouraged. ??♂? So Seth had to get creative... Season Two, Episode Two of The Hurdle podcast, with Seth San Filippo, Owner of Urban Lumber Company and Urban Hardwoods, is now live on YouTube, Spotify & Apple Podcasts.

The work is important, but it doesn't have to be mysterious in LivePlan! ?

Are you tracking the right numbers for your business? Most businesses pay attention to lagging metrics - numbers that look backwards at past results. Think revenue, profits, cash, and market share. These numbers are important, certainly. But they don't help you look forward or guide your business to future success. For that, you need to look at leading metrics: sales leads, close rate or conversion rate, customer engagement rates, website traffic patterns, and employee engagement scores. (Of course, every industry and business is unique and will have different metrics to track.) Leading metrics and lagging metrics work together in a cause-and-effect relationship. The leading metrics always trickle through and impact your lagging metrics. As a business owner, you need to look both backwards and forwards: - Look backwards at lagging metrics and see how your actuals compared to your plan. - Look forwards at leading metrics to see if you're headed in the right direction and if you need to make changes. Tracking leading metrics can help you react in real-time. Typically, these numbers are more easily corrected and serve as early warning indicators -they're the canaries in the coal mine. Lagging metrics tell you if you achieved your goals. If you made changes that impacted your leading metrics, you should see that reflected in your lagging metrics. Of course, the reporting cadence is different for every metric. Some leading metrics can be tracked in real time. Others might be updated once a week. Lagging metrics should be updated and reviewed monthly. Getting a handle on the numbers is the ultimate way to steer your ship and put you in control of your business. To help you think about the right metrics for your business, answer these questions: 1. Which metrics, if improved by 20%, would most dramatically impact your business? 2. What numbers would give you the earliest warning that something is wrong? 3. What specific outcomes define success for your business model?

?? Struggling to budget with unpredictable income? You’re not alone! ???? Here’s how small biz owners can plan smarter—even when cash flow is all over the place.

?? COGS are only what you spend making your product or delivering your service. Not everything your business spends money on is a COG. Other expenses are called are operating expenses. They are the costs that keep your business running, but aren’t tied directly to production.???