Which of Your Services Financially Benefits You the Most?
Recently when we began working with a new client, they mentioned to me that they were thinking about canceling their summer camp program. It was a lot of work, required additional advertising/marketing, and took time away from the activities they enjoyed most. I asked them to let me do some analysis before they made the decision.
What I found was they made more profit in three weeks of summer camp than they made on their lesson program for the entire year. They were surprised! They immediately started liking camps more and working on a plan to add more of them throughout the year.
This poses a question you should be thinking about!
Do you know which of your services is the most profitable? If you don't...figure it out. You may be providing services that aren't profitable and not selling services that are profitable.
To accomplish the analysis, you will need to track every expense for each type of service for 30 to 60 days. These will include payroll expenses to the individuals involved in providing those services, products you use to offer those services, and your time. Then compare the total costs to the income you receive from the service.
You may learn you need to raise your prices for lessons. Or basic board is more profitable than horse training. After doing your analysis, don't forget to consider business strategy too. For example, your lesson program may not be hugely profitable, but it drives your competition business.
You will learn a lot about your horse business by reviewing your costs and income by service category...you may even learn you are doing things right!
In the example above, my clients are adding a spring break camp, two overnight camps, an additional summer camp and a fall break camp. With those, they will add $25,000 to their profits for the year. Pretty impressive for a service they were thinking about dropping!
Equine Bookkeeping & Accounting
Providing Horse Businesses Nationwide With Bookkeeping and Accounting Expertise At Prices You CAN Afford
EQ Bookkeeping is dedicated to providing equine businesses with the financial support you need to help you run a successful company. We take the stress and frustration out of managing the paperwork and details, and allow you to focus on your horses and clients. We own and breed horses, compete in shows, and overall understand the challenges you, as a business owner, have to face. Our goal is to make things easier for you (and help you avoid problems with the IRS).
Most importantly, our services are priced at an affordable rate that won't cut into your profits. Running a horse business can be difficult so we price our services at rates that make the decision to get help a "no brainer."
We are experts in Equine Accounting so you don't have to be!
As part of our comprehensive bookkeeping services for the equine industry, we will:
- Pay your bills for you
- Send invoices to your customers
- Collect money owed from your customers
- Balance your checking account
- Prepare Monthly Financial Statements
- Help manage your payroll
- Help manage your contract employees (1099)
- Help determine which customers are profitable
- Help determine which lines of businesses are most profitable
- Design and build reports most useful to you
Contact us for a free equine business analysis and customized quote for services.
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We are ready to be your equine partner - providing full bookkeeping and general accounting services along with expert financial strategy and advice. We are ready to give you the operational and financial support you need to free yourself up for the more important aspects of running your equine business.
Sincerely,
EQ Bookkeeping
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