329. Tracking Your "Business Macros" Part 1/3 - Profit & Loss Simplified
The Fitness Business Podcast with Erin Dimond and Jordan Dugger
Erin Dimond and Jordan Dugger
4.9 • 670 Ratings
🗓️ 5 May 2022
⏱️ 19 minutes
🧾️ Download transcript
Summary
We know how important protein, fat, and carbohydrates are for a physical transformation but what are the "business macros"? I want to share with you what I believe are the cornerstone metrics to measure when it comes to your business as you grow and evolve.
Time Stamps:
(2:20) Numbers You Should Be Tracking
(5:10) Example of Gross Margin
(5:53) Net Operating Income
(8:30) Marketing
(9:03) Overhead
(14:58) Todd Herman Example
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Let's talk about another really key metric. Okay, this is what's called net operating income. |
| 0:04.5 | And this is a way to measure your business in a way. I learned this from Cole Gordon, |
| 0:08.8 | who Dan actually just popped on. He's very familiar with Cole. But it's a way to look at your, |
| 0:13.5 | it's a way to look at your expenses in a way that's like, what do I, what am I spending to keep |
| 0:19.5 | the business running? Okay. What's like minimal effective expenses that I need am I spending to keep the business running okay what's like minimal |
| 0:21.6 | effective expenses that I need to operate and to run this business it's going to be a |
| 0:26.5 | different measurement your net operating income is different from net profit okay |
| 0:29.9 | net profit is like bottom line what did you spend across the board okay so a lot of |
| 0:34.6 | things that go into net profit are not necessarily essential, right? |
| 0:38.1 | Mentorship, maybe you reinvested in like a new funnel or like you hired a contractor to build like, |
| 0:43.7 | you know, a new marketing campaign. |
| 0:45.1 | Those aren't things that are consistently expenses in your business. |
| 0:47.5 | Those are more like infrastructure, reinvesting back into your business for growth. |
| 0:51.3 | So those are very important things to measure. |
| 0:53.5 | When you're looking at net operating income, all you're looking at here is your cash, your total revenue, |
| 0:59.9 | minus your labor, your marketing expenses, and your overhead. Just those three categories. |
| 1:07.5 | What up, squad? So welcome to the FitBiz podcast, going live here too on IG. |
| 1:12.6 | So for those of you guys catching up on this, what is up? |
| 1:15.6 | Today I'm going to talk about tracking your business macros, right? |
| 1:18.8 | So what I mean is when we coach our online fitness clients, we are really, hey, what up, James? |
| 1:24.1 | We're really pertinent about tracking your intake because what gets measured gets managed, right? |
| 1:29.7 | But for a lot of us who own a coaching business, we don't do the same when it comes to our business, the data, and actually tracking our numbers. |
... |
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