Its Not All Numbers

Hello to you all & welcome to September

I don't know about you but September for me always feels like a new year? That feeling that I need new shoes or a pencil case not to mention the new notebook!
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This year that new shoes feeling is giving me itchy feet (pun intended), as we're preparing for our forthcoming holiday (to Boston US - if you have any tips for things to do or see, hit reply), I've started thinking about what I need to pack which lead me to the thought of what shoes... and as I scanned through the shoe drawer I realised that I've not actually bought myself a pair of shoe shoes for years .. plenty of trainers worn thin, walking boots and a pair of wellies but no smarter looking shoes!
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Which then lead me down the do I need them, will I wear them enough .. the money mindset and the needs and wants is something I think we all struggle with in some way, but here's my take on that.
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Ask yourself three questions..
1. Do I have the money to buy it now, without relying on credit - buy now pay later? - no harm in paying on a credit card but try and pay of the card in full before the interest charges start.​
2. Do I need it - will it make life easier, simpler or enjoyable?
3. Will I use it - is it something that will be used regularly, or if it's a one time use will I get the value of it (see number #2)

How do you feel about money?

The numbers bit

Remember bookkeeping is a habit (that's all) and so even if you only have time this month to do 5mins here and their to scan a view receipts, or invoice a client it all helps build the habit and keeps your number story on track.
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Should you have a more time, with September being the end of the quarter why not book yourself into your diary for a numbers hour and review your year to date .. Are you on track to achieve your goals? Numbers to look at:
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​1. Sales - is your fee income what you expected it to be at the start of the year?
​2. Income per client (average) - divide you total sales income for the month(year to date) by the number of clients you have/had in the period . This is gives your average fee per client .. does this represent your minimum fee . If not how can you improve this for the next 90 day period, do you have capacity for another client?, do you need raise your fees ?
​3. Costs - what are you spending your money on? are they still relevant for your business ...
​4. Costs per client (average) - divide your total costs for the month (year to date) by the the number of clients you have/had in the period . This is gives your average fee per client .. does this feel like you're giving value for money.
5. Profit .. Sales less Costs , for your business to be profitable your sales need to be higher than your costs. So do this some ... Does it leave you with enough to pay yourself and put a bit away for your future (business and personal).
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3 things this month ...

As always .. thanks reading would love to hear your thoughts on any of the above or if you have any questions about your numbers, drop me an email.

​Until next time, Jane

Jane Whitman Your Numbers Narrator​ (or, if you prefer, Finance and Money Mentor) for female freelancers, small business owners and self-employed folks like you. I know you want to get your business working for you. You’re after the freedom to travel, to work fewer hours, maybe even to retire early.