The most important number to know in business is what I actually call our “magic number”, and we do it internally at Inspire.
Our magic number is our sales target each week.That sales target is how much we need to bring in into the new proposals accepted, and to make sure that all the bills are paid, the team are paid, the lights are on, rent’s paid, and the business owner has a wage, as well. We want to make sure we account in our target for the business owner taking home a fair salary.
But then also, depending on the stage of your business, you do want to add in some profit in there as well. That magic number should incorporate the whole lot, and It does take a bit of time to work out how much it is, but once you know it, you’ve got so much clarity.
Our whole team at Inspire knows that magic number. We update it every single day so everyone’s aware. When we hit that number, everything’s fine. If we don’t, we know we need to do something about it.
So yeah, if there’s one number to know in business, it’s your magic number. If you’re just on your own, you might have a smaller magic number than if you’ve got a team behind you, but still work it out. You still need to know how much money you need to put food on the table, and all that sort of stuff.
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