Lets Set Some Goals- Part 3

This might not work for everyone, we all have our own ways of running our businesses, and we all have our own formulas.

This is just a basic way that I work out my costings that might help you work out yours without having to consult a business coach....although if you want help being pushed in the right direction, there are some amazing coaches out there that can help you feel more accountable...

The way I break down costs, and I have helped salons do this, 

Is I take my good old trusty a4 Notebook, and I divide a page into 6 columns- Costs, Weekly, Fortnightly, Monthly, Quarterly, Yearly.

I then list every cost of my business, from the most menial to the biggest costs...and I run thru a bank statement to make sure I havent missed anything....

A salons costs could look like this 

Rent, Wages, Super, Tax, GST, Product, Electricity, Water, Workers Comp, Refreshments, Entertainment...the list will go on and on...

Then I take my costs and put them in the columns, weekly costs, fortnightly costs, monthly costs, quarterly costs, and yearly costs.  The yearly, quarterly, monthy, and fortnightly, then get divided into weekly costs...

This gives me an overall picture of my weekly costs, which can then be divided down to daily, and hourly... ( this is when breaking down your colour costs in a similar fashion can make your costs more accurate)

Now I know how much I need to make a day to cover these costs, and of course you are going to want to add profit onto those costs, because ultimately thats what we would all like to see at the end of the week hey!

It can be a daunting task if you have never worked it out before, but once you know, you will have a clearer focus and be able to set more accurate targets and goals for your business....

Let us know how you go!!

Happy goal setting peeps!