It’s MONTH END! ARGH!
And I know you hate it, but this year you are going to be organized, right? 😉 Well, use this list for a super simplified Month End!
Enter your numbers
Firstly, open up your finance spreadsheet or program. (If you don’t have one, let me know and I will send one over). Make sure all of your sales are entered into it, as well as all of your purchases. If you don’t want to faff around with loads of receipts, take a photo of them and put it in a special folder on your computer.
Are you actually making money?
Next, work out your profit or loss. If you have made a loss, take a look at why and what you can do next month to change it. If you have made a profit, awesome! You are a super 🌟! But… now put 20% of that aside and ignore it. Don’t touch it! That is the amount you are accruing for tax. Anything left over decide if you are going to pay yourself or put it right back into the business for stock, materials etc.
Take a look at your stock
Talking of stock, take a look at what you have. Is there anything that is time-dependent like Mother’s Day items that need to be carefully packed up and stored until next year or can be put on a super discount sale? Then take a look at your forecast sales – do you need to buy more materials/stock in to meet these targets? Also, take a look at your marketing planner and see what can be unpacked from last year or needs to be brought in for upcoming promotions.
Check out your supplier prices
While looking at your stock and materials, take note of what you are paying for them. Are your suppliers still charging fair prices and giving you value for money? Or is it time to look around for new ones?
How does it compare to last year?
Another essential thing to do is look at your year on year sales. Are you doing better than this month last year? What have you changed? What worked and what didn’t? If you did better last year, what did you do and can you do it again?
Check your traffic
Now, you have sorted your finances and inventory, so the last thing you need to do is check your website traffic. What are your conversation rates like? Do you need to adjust the placement of items or the flow of the pages? Where is your traffic coming from? Remember, all social media should be part of your sales funnel that sends people to your website/
Right, I know that seems a lot, but I promise you it won’t take as long as you think! 😀
As always, if you have any questions, just ask and here’s wishing you a super simple Month End!
Love, Belinda xxx