I Spent £300 on a Billboard (Big Mistake)

Are you unknowingly bleeding profit? Salon owners often only see the invoice price, missing the true cost of expenses. Phil Jackson reveals the simple maths.In this episode, Phil Jackson reveals the simple maths that will change how you view every pound leaving your bank account, showing you how to plug those hidden profit leaks.━━━━━━━━━━━━━━━━━━━━THE TRUE COST OF EVERY EXPENSE* Phil explains that the cost of an expense is not just the invoice amount, but what your business had to do to earn enough to pay for it.* With a 10% profit margin, a £300 expense means your salon had to generate £3000 in revenue just to cover that one cost.* This reframe exposes why many salon owners feel like they are working flat out but not seeing the profit.PHIL'S £3000 BILLBOARD MISTAKE* Phil recounts spending £300 a month on digital billboards, believing it was 'proper marketing'.* Despite thousands of purported shoppers, trackable marketing (unique phone numbers) revealed zero new clients from these ads.* His £300 monthly expense, at a 10% profit margin, was actually costing his business £3000 in lost revenue each month.HOW TO STOP LEAKING MONEY* Every expense, from software subscriptions to over-ordered products, requires 10 times its cost in revenue to be covered (at a 10% profit margin).* If your profit margin is 5%, you need to multiply by 20!* Phil's fix: review your bank statement, multiply key expenses by 10, and honestly ask if it was worth it. Cancel those that are not.━━━━━━━━━━━━━━━━━━━━📊 RESOURCES:Get Paid Properly: getpaidproperly.com━━━━━━━━━━━━━━━━━━━━💬 WORK WITH ME:1:1 Coaching: https://buildyoursalon.com━━━━━━━━━━━━━━━━━━━━🎧 LISTEN:YouTube: https://www.youtube.com/@BuildYourSalonSpotify: https://go.philjackson.me/SpotifyApple Podcasts: https://apple.co/3MZp6jP━━━━━━━━━━━━━━━━━━━━CHAPTERS:0:00 - Introduction to the 10 Minute Money Fix0:47 - Uncover the Real Cost of Expenses1:36 - Calculate Your Profit Margin's Impact2:08 - Learn From Phil's £3000 Marketing Mistake3:30 - How Every Expense Costs You 10x4:10 - Stop Working Hard for No Profit4:48 - Adjusting the Multiplier for Lower Margins5:20 - Your 10-Minute Action Plan to Cut Costs6:25 - Get All Five Money Fixes for Your Salon#SalonExpenses #SalonProfitability #SalonBusiness #SalonMoney #PhilJackson━━━━━━━━━━━━━━━━━━━━Questions? [email protected]