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