Knowing Your Beauty Business Numbers with Kenesha Coleman

Kenesha Coleman, The Beauty CPA is back with another jam packed episode where she drops the knowledge bombs!

In this episode, we go over:

Episode #3 Knowing your Beauty Business’ Numbers

1. The importance of knowing your business’ numbers
   1. Be aware of the financial health of your business
   2. Make sound business decisions
   3. Use the numbers as a tool to strategically grow    
2. It all starts with Bookkeeping
   1. You can’t manage what you don’t track
   2. What is bookkeeping?
3. Knowing the “story” behind your business’ numbers
   1. Don’t do bookkeeping for the sake of bookkeeping, know the “story” behind what the numbers are telling you
   2. Are you profitable?
      1. Gross margin - service or product profitability?
      2. Profit margin - overall business profitability?
   3. Business Performance
      1. How did you perform this month compared to last month?
   4. Progress toward the financial goal?
      1. How did we perform compared to the budget?
      2. Are we progressing toward our financial goals?
         1. Course correct on things going wrong
         2. Lean in when things are going right!

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