Business was sporadic at first, but recently in the last six months, Brandi had received tons of referrals from small and large companies as well as repeat clients. At 8:00 am Brandi began to review her bookkeeping records. She had a natural knack for being organized; which worked in her favor when ensuring that all of her revenue was being recorded accurately. She had been so enthralled with her records that she hadn’t noticed her husband calling her name from the office door.
“Hey beautiful, are you ignoring me?”, Robert asked as he took a seat next to Brand’s desk. “Ignore you, never’,” she said. “I guess I was I was caught up in making sure my books were up to speed.
Robert leaned closer to Brandi to view her computer screen.
“The numbers look good baby; which services are bringing in the biggest income?” He asked.
Brandy looked up from her computer screen and looked slightly dumbfounded.
“I’m not sure?” she replied.
“Are you recording each service into a separate revenue account?”
“No, I’m not. I didn’t think I needed to separate each service.”
“Honey, I think you need to consider having each service under a different cash flow record. That way you can determine which service brings in the most money per month and which services are not beneficial financially”, he said.
“You know what, I never thought about separate revenue accounts. That’s why I keep you around”.
“I see we have jokes this morning. Now have a wonderful day at work; I’m heading into the office”.
1. Is there a demand for your particular service?
2. Are you priced too low or too high?
3. Do you need to eliminate the product or service, or perhaps modify it some?
4. Do you want to invest marketing dollar into this declining product or service?
Don’t be afraid to eliminate a product or service; this will allow you to invest (money, time and energy) into services or products that are bringing in the big money and better profits.