125 - The ReWork Report Card: Is Your Business Making the Grade?

Fall is in the air, and although you may be way past your school days, this season always gets me excited to refocus, organize, and reevaluate!

That’s exactly what this episode is about - taking a step back to give your portrait studio a “report card” of its own! 

😱 Are you hitting your financial goals, or are you afraid to take a peek at the numbers? Don’t worry; I’ve got your back. It’s time to take a closer look at your revenue. Are you growing, or is it time to make some adjustments?

In this episode, I’ll walk you through a few key areas to check in on like:

💰 Revenue: How’s that top line looking? Are you meeting your goals for the year or has it been slower than previous years?

📈 Profit margins: Bottom line is where the rubber meets the road. How much of that top line are you keeping? Have you raised your prices lately? If not, inflation might be eating into your profits.

📋 Average sales: This is THE number you should have a laser focus on in your business. I’ll share my favorite tips on how to increase your average sales with new products or pricing strategies that might just give your bottom line a boost.

So grab a notebook and pen, and let’s get to work! By the end of this episode, you’ll have a clearer picture of where your studio stands and how to make positive changes that will set you up for success!

Let’s Do It!

In this episode, you will learn

• How to conduct a self-assessment of your portrait business using an A-F "Report Card" approach
• The importance of tracking revenue growth, stagnation, or decline and grading yourself based on financial performance
• Strategies for maintaining or improving your profit margins, including adjusting prices or lowering costs
• Tips on how to boost average sales by adding new products or refreshing existing ones
• How to track session counts by type and evaluate if they’re in keeping with your business goals

Here’s a glance at this episode:

• [1:43] - ATJ challenges listeners to use a report card to identify strengths and areas needing improvement in their portrait businesses.
• [3:26] - Evaluate your revenue by comparing it to last year's numbers.
• [5:04] - Assess your profit margin by examining costs and adjusting prices.
• [7:46] - Review your average sale, comparing it to last year, and listen to episodes 24, 25, 26, and 27.
• [11:02] - Evaluate year-to-date session counts by type and grade based on desired session trends.
• [14:50] - Track repeat versus new clients' percentage, grade tracking effort, and refer to episode 55 for tips!
• [16:50] - Assess your workflow efficiency and identify areas causing stress.
• [18:07] - ATJ encourages listeners to outsource accounting to avoid overwhelm.
• [20:53] - Review challenges like anxiety, confidence, and recurring problems to improve your business.
• [22:32] - Identify and address fears, like raising prices and self-doubt, that prevent success
• [25:54] - Evaluate your readiness for change and set clear business goals to move forward effectively.

Click here to listen! [LINK TO THIS EPISODE]

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