What Does it Mean to Know Your Numbers

280: What Does it Mean to Know Your Numbers   I am so excited to have you join us on the podcast today! I'm going to be joined by Courtney Bramlett, who is the director of marketing and operations here at Scarlet Thread Consulting. She also owns her own company, The Good Sower, and today, we're diving into an incredibly important topic: financial planning for interior designers. Maybe you've heard the buzzword over and over—know your numbers, know your financials—and it sounds great, but it has almost become an irritant, and you're still not sure what it means. Today, we're going to break down what it really means to understand the financials that are affecting your business strategy for interior designers and how these numbers impact your growth. We'll talk about how you can create a solid financial plan for interior designers that will help you grow your company in the way you envision. So, stick around—I'm thrilled to have you here!  Topics Mentioned: Financial understanding Profitability Cash Management Strategic Planning  Key Thoughts:  I think it is important for owners of companies to understand how money is made, how money flows through their company, and how they can determine the money that is left over after everything has been paid for.  Michele Williams    If you don't truly know what each type of profits is, you don't really know how much money you actually get to take home at the end of the day.  Courtney Bramlett   The reason that I focus on gross profit so much is because that is the number one indicator that tells me if I'm selling it at the right price and paying the right amount in cost of goods, but it's also the number that is telling me do I have enough to run the company and do what I need it to do as the owner?  Michele Williams    Profitability is tied to just raising your prices, and of course, that's a piece of it, but there's still a lot more that goes into being profitable.  Courtney Bramlett    Contact Michele: Email: [email protected] Facebook: Scarlet Thread Consulting Instagram: @ScarletThreadATL Website: ScarletThreadConsulting.com LinkedIn: Michele Williams   References and Resources: Work with Me The Designers' Inner Circle - Become a Member Today    Understand Your Business Financials in Less than 8 Weeks / New Group Coaching Financial Courses at Scarlet Thread Consulting Profit First by Mike Michalowicz