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I Hate Numbers - Pro Active Resolutions EPISODE 7, 11th April 2020
Knowing Your Costs Makes You Money
00:00:00 00:13:34

Knowing Your Costs Makes You Money

Knowing Your Costs Make You Money

Welcome to today’s episode of I Hate Numbers.   Knowing your costs makes you money, a statement of the obvious perhaps.  The thing with statements of the obvious is we sometimes forget the business basics. In this episode of ‘I Hate Numbers’ I am going to take a real cool way to look at your costs and for you to get great insights into your business. I don’t mean whether they're naughty, or nice, but how they react according to what your business does.

Why you should know what your costs are

Having a great product, customer focus, working hard, marketing, are all important.  Knowing your costs helps you with a lot more, including

  • Calculating your profit, current and future
  • What prices to charge
  • Your break-even
  • Putting together your budget
  • Controlling what you spend
  • Which customers lose you money

Cost Behaviour and Business Activity

Cost behaviour is all about how your costs react and change.  We need to factor in business activity to complete the picture.  Some of your costs stay the same, whatever your business does; some of costs change, based on what your business does.  Listen to find out more.

Conclusion

When you understand your costs more, you’ll inject oomph into your money making.  The power of this insight and knowledge is numbers gold

What Next

Grab a coffee, make yourself comfortable, sit back and listen.  Start looking at your costs and see if you can match make them to your business activity.

I love doing this podcast and sharing my love of Numbers with you.  Check out the link to subscribe and don’t miss an episode.  Help me spread that Number Love by sharing it this podcast and others with your network.

In This Episode

  • Knowing your costs makes you money
  • Why understanding your costs is a big deal
  • Understanding what costs behaviour means
  • Developing your own Numbers confidence and decisions
  • Take more control of your numbers to help make money

Links

https://podcasts.apple.com/podcast/proactiveresolutionss-podcast/id1500471288
https://play.google.com/music/m/I3pvpztpjvjw6yrw2kctmtyckam?t=I_Hate_Numbers
https://open.spotify.com/show/5lKjqgbYaxnIAoTeK0zins
https://www.stitcher.com/podcast/proactiveresolutionss-podcast
https://tunein.com/podcasts/Business--Economics-Podcasts/I-Hate-Numbers-p1298505/