Reddit Why Is Finance So Hard For Me To Understand Four Steps to Achieving Profit Clarity

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Four Steps to Achieving Profit Clarity

This past summer when I was taking a business program with Marie Forleo – bestselling author and business coach – one of the first assignments she gave us was what she called “Profit Clarity.” For any entrepreneur who wants to succeed in business, it is important to know about profit clarity.

As an artist, money coach, and financial advisor, it’s pretty easy for me to understand what profitability clarity is, and how to crunch all the numbers towards profitability in a practical way, rather than rambling about all the different scenarios. However, for many creative entrepreneurs who are not necessarily financially literate, I believe that the topic of profit clarity can often be very confusing.

I like what Marie said about this: Profit clarity is important knowledge if you want to make more money and stop wasting your time on an unprofitable income stream. This means that you need to design the right business model to reach your highest business potential.

Here are four steps that I believe can help you achieve this:

Step 1: Vision

Confession: I have changed my business model twice in the last eight months. However, the more I work on profitability clarity, the clearer my vision for my business becomes.

Essentially, to get the most out of your business, you need to develop your business model around your strengths and weaknesses. For example, I am currently in the arts and coaching business, and have over 15 years of experience in financial and accounting management. Therefore, teaching creative entrepreneurs how to finance themselves makes perfect sense to me.

The fact is, without a clear vision of your business model, it will be difficult for you to achieve much for your business. My suggestion is to sit down and write down all your strengths and skills, then develop your business model around these talents. I’ve found that one of the best ways to get a better view of your unique talents is to talk about your ideas with your family and friends—those who know you best. And of course, you need to test these – a lot.

Step 2: Creation

After you have a clear vision of your business model, write it down! This is the fun part: now you have the opportunity to design the programs you love to offer to your customers. Just remember that when you create them, you are designing your business model around your strengths and skills to reach your highest profit potential.

Step 3: Crunch the numbers

I know that for some of you, this is the hard part. You may need some help, but I’m sure you can do it! I recommend using Microsoft Excel to record all the numbers.

Not only do you need to know how much you’ll charge for each event, but also your cost of goods sold, and your overhead expenses.

It is important for you to write down this “profit clarity” so that you can see, for example, if you are charging enough for your services and products, which programs and products you should be selling more of to reach your highest profit, and if you are making any unnecessary If marketing expenses need to be cut. You can then use this benefit clarity to work strategically into your marketing plan.

Step 4: Realization, and fine-tuning

After you have completed your business model and marketing plan, you now need to test your plans. The reality of your profits will quickly tell you if your business model is working or not. If not, go back to step 1 and fine-tune your business model again.

As creative entrepreneurs, we all want to do what we love. However, to help more people and achieve our dreams, we need to keep our finances healthy!

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