The Legalpreneur Podcast
274 Numbers You Need to Know In The Business
Do you want to attract investors or simply improve the financial health of your business? Whether you're a small business owner or working on a startup company, you need to be well versed in the numbers of your business. Today on the Legalpreneur Podcast, I break down what data you need to know to confidently assess the financial health of your company.
Having a grasp on your profit and revenue is essential but investors are looking for a deeper analysis of your company’s spending habits. That means, you need to be acquainted with how much you spend to get your clients, how much they spend and what you can reliably make each month!
The more you understand the financial patterns of your business the faster you can improve your business as a whole. Knowledge is power and even knowing where your business is thriving informs you, the business owner or your investors, on what to further cultivate! If you find that you're losing money, having the information allows you to take action and turn your loss into a profit!
If you want to learn how to track and manage the finances of your business, listen now!
Key Takeaways:
[1:20] Thank you for supporting the Legalprenur book!
[1:55] Transitioning from a law firm to The Legalpreneur
[2:18] If you aren't tracking your numbers, you cannot grow your business
[3:30] Monthly recurring revenue is reliable income like subscriptions and memberships
[4:34] To improve your budget, divide annual recurring revenue by 12 for a monthly breakdown
[4:50] Your total contract value is the spending valuation of your each customers
[5:37] The lifetime value of your customer grows every month as you stay in business
[6:15] Knowing your CAC or Customer Acquisition Costs is vital if you’re seeking out investors
[7:52] CHURN rate: Be aware of how many recurring customers you lose in a month
[8:30] Investors want to know WHY you’re losing customers not just that you are losing them
[9:00] The moment you tap into why you’re losing clients you can work towards retaining them
[9:20] The Burn Rate is simply your monthly and annual expenses
[9:40] If you have an app, it’s important to track your active users
[9:55] Month over Month growth rate: Separately tracking revenue versus membership dollars
[10:15] Profit and Revenue are vital to tracking the financial health of your business
THE LEGALPRENEUR BOOK IS HERE!
Click this link to buy it now: Amazon
Get Legally Protected!
Want to legally protect your business without the seemingly over-complicated approach? We have THE solution for you, the Legal Protection Playbook! Get started here.
Links:
_____
Disclaimer:
The Legalpreneur Podcast is advertising/marketing material. It is not legal advice. Please consult with your attorney on these topics. Copyright Legalpreneur Inc 2022
Do you want to attract investors or simply improve the financial health of your business? Whether you're a small business owner or working on a startup company, you need to be well versed in the numbers of your business. Today on the Legalpreneur Podcast, I break down what data you need to know to confidently assess the financial health of your company.
Having a grasp on your profit and revenue is essential but investors are looking for a deeper analysis of your company’s spending habits. That means, you need to be acquainted with how much you spend to get your clients, how much they spend and what you can reliably make each month!
The more you understand the financial patterns of your business the faster you can improve your business as a whole. Knowledge is power and even knowing where your business is thriving informs you, the business owner or your investors, on what to further cultivate! If you find that you're losing money, having the information allows you to take action and turn your loss into a profit!
If you want to learn how to track and manage the finances of your business, listen now!
Key Takeaways:
[1:20] Thank you for supporting the Legalprenur book!
[1:55] Transitioning from a law firm to The Legalpreneur
[2:18] If you aren't tracking your numbers, you cannot grow your business
[3:30] Monthly recurring revenue is reliable income like subscriptions and memberships
[4:34] To improve your budget, divide annual recurring revenue by 12 for a monthly breakdown
[4:50] Your total contract value is the spending valuation of your each customers
[5:37] The lifetime value of your customer grows every month as you stay in business
[6:15] Knowing your CAC or Customer Acquisition Costs is vital if you’re seeking out investors
[7:52] CHURN rate: Be aware of how many recurring customers you lose in a month
[8:30] Investors want to know WHY you’re losing customers not just that you are losing them
[9:00] The moment you tap into why you’re losing clients you can work towards retaining them
[9:20] The Burn Rate is simply your monthly and annual expenses
[9:40] If you have an app, it’s important to track your active users
[9:55] Month over Month growth rate: Separately tracking revenue versus membership dollars
[10:15] Profit and Revenue are vital to tracking the financial health of your business
THE LEGALPRENEUR BOOK IS HERE!
Click this link to buy it now: Amazon
Get Legally Protected!
Want to legally protect your business without the seemingly over-complicated approach? We have THE solution for you, the Legal Protection Playbook! Get started here.
Links:
_____
Disclaimer:
The Legalpreneur Podcast is advertising/marketing material. It is not legal advice. Please consult with your attorney on these topics. Copyright Legalpreneur Inc 2022