Great year this year? Or no Idea?
I am amazed at the number of times I hear from a speaker that they don’t know their numbers. They don’t know if they are on target, doing well or making money. Which spurred me to write this missive.
So, as we enter the last quarter, let’s talk about a vital aspect of your speaking business: tracking your numbers. If you're not keeping tabs on your metrics, you're essentially flying blind. The old saying rings true: "What gets measured, gets managed."
Tracking your numbers gives you clarity on your business health, helps you make informed decisions, allows you to set realistic goals, and can be incredibly motivating when you see progress. Without this data, you're guessing at your business's performance and potential.
When it comes to tracking, I recommend a dual approach using both a CRM (Customer Relationship Management) system and spreadsheets. Your CRM is perfect for managing client interactions, follow-ups, and pipeline, while spreadsheets are great for detailed numbers tracking and analysis.
What should you track? The following would be good:
1. Number of gigs booked
2. Total revenue
3. Average fee per gig
4. Number of new clients vs. repeat clients
5. Lead sources
6. Expenses and profit
That last point is crucial. Don't just focus only on revenue - track your profit. It's easy to get excited about growth, but if you're not watching your expenses, you might find yourself working harder without making more money. Track every expense - travel costs, marketing spend, assistant fees - and subtract these from your revenue to get your true profit. Ideally, you’ll be using book-keeping software to give you this information, make sure it’s up to date and you check on it regularly. (I use Xero - other products are available.)
The point is that you can't wait until the end of the month or quarter to check if you're on course. By then, it's too late to make adjustments and course correct if needed. Make tracking a habit. Set aside time each week to update your numbers and review your progress. This regular check-in allows you to see potential issues before they become problems and to jump on opportunities while they're still hot.
Use your CRM daily to manage your pipeline and client interactions. Make it the first place you go to everyday rather than your email or social media (unless you are reading my posts of course, those are the exception 😂) Update your financial spreadsheet weekly. At the end of each month, do a more comprehensive review. Ask yourself:
- Am I on track to meet my targets?
- Which types of gigs/clients are most profitable?
- Where are my best leads coming from?
- Am I booking more work with every client?
- How do my numbers compare to previous periods?
With this information you can refine your strategy continuously. This isn’t just about collecting numbers it’s about using them to grow your business strategically.
So, as we head into the final quarter, I challenge you to start tracking diligently if you haven't been. And if you have been tracking, commit to more regular check-ins. You might be surprised by what you find when you keep a closer eye on your numbers.
Here's to a strong finish to the year, one that you will want to celebrate.
PS Need some help to be more bookable and charge higher fees?.
1. Download one of our free how to guides here.
2. Book a consultation with me here.
3. Binge read previous missives here.
4. Join our free Speaking Business community here where you'll get inspiration, support, advice, and more.
5. Grab our online training programme to be more bookable and make more money here.
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