You pay for everything including the tax man and on top of that, you also make some profit. If you add all that up, then that is your magic number.
Magic number ensures that your business provides you with everything that you need, and also some on top for your family and the wealth that you create out of it. If you don’t know what it is, find out what your weekly magic number is. Weekly is a good way to do it so that you will have your finger on the pulse with this stuff.
Make sure that the people who are important in your team know about this as well because then everyone’s rowing towards the same direction and working towards one number.
It’s a little bit more in depth in terms of how you can come up with this number and this is something that we do in our Total Financial Control workshop. We help out a little bit on how to get your magic number.
Essentially, every one of your team members might not have a direct link to your sales, revenue, or your profit-making activities.
Obviously, a salesperson is the easiest.
This is a little bit harder but that’s something that you can build towards. If you make sure that you save X amount of time of the founder’s daily schedule, then you’re meeting the target. What does that lead to? The founder being able to work more on their business rather than in the business.
This idea shifts your business to make sure they can make more profit for you. There are actually ways that you can link towards this weekly magic number and it’s just distilling it and breaking it down to more granular levels.
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