Over the last couple of years, I have come to realize how important it is to look at my numbers in my business. I have become super focused on goal setting and manifesting money; tracking my revenue has become imperative to my success. And it is also fun! Tracking your revenue in your soap business can help you grow as a business and bring in more revenue.
Do you know what your sales were yesterday? Do you know what they were last month? Last year?
You should! Start tracking!
Are you hitting your goals? If you don’t track, then how do you know? My guess is that if you aren’t tracking your revenue then you probably haven’t set goals. The two go hand in hand.
Are you making enough money for your projected annual budget? Did you even make a budget? If you don’t know where to start with making a budget, check out Benjamin’s eCourse, Setting Up Your Soap and Bodycare Business for Success. In it, he walks you through the process of creating an annual budget. Having an annual budget can help you reach your longer term revenue and business goals.
Is your hustle enough? Can you take a vacation? By tracking your revenue you can determine if you need to put in more hours or if you can go on vacation next week.
What products are selling? Tracking your sales by product or service will tell you what is selling or what is not selling. Perhaps it is time to refine and cut down your product line a bit.
Where is your revenue coming from? Tracking your revenue by source is important to know which avenues are working. Is your revenue from Etsy making up 7% of your total revenue? Perhaps it is time to close your Etsy shop.
Track your revenue no matter how much you are making.
It doesn’t matter if you’re only making $5 a day or if you have some days with no revenue coming in. Know what you are bringing in.
I think some small business owners or people who are just starting have this mentality of, oh I’ll track my revenue when I actually start making a decent amount. Track it from day one.
Successful business owners track their revenue.
They keep their eyes on the numbers. Where you at the HSCG conference this past year? During her talk Charlene of Bathhouse Soapery mentioned that she has her manager send her the numbers daily in a text. I would venture to guess that this is very intentional on her part.
I asked her!
“I have the daily numbers texted so that I can sense changes. Of course we can pull up cold hard numbers from reports but if we have a low day and it’s rainy, I know it’s weather related. If there are seemingly perfect days and numbers are consistently low maybe there is an internal issue. Conversely if it’s rainy and numbers are high and not what I’m normally in tune with, I need to see if there was a special event I should be recording for next year.” – Charlene Simon
I bet Anne-Marie of Bramble Berry tracks her numbers. I asked her too! Here is what she told me.
“I absolutely track the revenue. I need to be able to adjust labor quickly depending on sales so I look at the big trends monthly but on a day to day basis, I track number of orders in, average order size, and labor hours per order. The labor hours per order is what allows me to see if we’re working effectively. Tracking hours and tying them to number of orders ensures that the profit and loss stays close to budget.
One word of caution: when you’re tracking sales daily, it’s easy to make knee-jerk reactions if sales are a bit low (aka: free shipping sale! Random % off just because sale!). It’s important to look for longer-term trends; not just single day trends. That’s where having a budget and a plan is so important; it keeps me on the path and the plan rather than acting emotionally.” – Anne-Marie
I track my revenue so that I can earn more!
I believe that nothing motivates you in business more than actually seeing results and growth. Even if things are moving slowly. So if you aren’t tracking your numbers, then you are losing out on this motivation and the chance to celebrate your growth and success.
Like I said above, I am a big believer that you can manifest money! If you don’t recognize what you have and aren’t grateful for it, then the Universe won’t bother with sending you more.
If you want to learn more about manifesting money, my favorite book is Get Rich, Lucky Bitch. You can read it free with Kindle Unlimited. Since learning some of these manifesting techniques and goal setting techniques, my revenue this year is already 2 times what I made last year and it is only July! I’m on track to bring in 4 times my revenue from last year!
Everyday when Benjamin and I get into bed, I pull up my phone and open my Quickbooks App. I check what we made that day and let Benjamin know, because we do this together.
In my goals notebook, I write the amount down. I write that I appreciate it and I state my revenue goal. Here is what I wrote down yesterday.
Today I received $___ in revenue from my wonderful customers. I see it, I accept it and I appreciate it. Thank you! I am receiving $___ in revenue every day.
I track my revenue daily, but I also track in monthly! Again, having Quickbooks Online makes it easy for me to create a report of revenue per week or revenue per month. I can easily look at my expenses. If you don’t use Quickbooks (or any other accounting software), you can simply create a spread sheet and fill in the info monthly.
I love looking at my monthly numbers. It is very motivating to see my income growth from June of 2015 compared to this past June 2016. It makes me excited. If I didn’t track those monthly numbers, I wouldn’t have this motivation and excitement in my business.
Do you track your revenue? Why do you think it is important to your business? Please share in the comments.