June 2021 Profit Report: Coaching, Tax Strategy and a New Podcast
Episode 558: Show Notes
It’s official, we’re here for another profit report and it is June 2021! Well, technically it is no longer June but we are just backing up and talking about June, okay? Give us a second to get our accounting together so we can properly tell you about the month! We share these profit reports to give you an inside peek behind the curtain at the thinking, the processes, the strategies, and the decisions made in our business.
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We know you guys are nosey. We are nosey. We would love to hear more episodes like this from even more people but this is an opportunity for us to share with you the reasoning behind some of the choices that were made in our company, some strategies that you can implement in yours, based on what we learned and what we did, and it is just honestly a place for us to recap June with you guys!
What We Learned From HelloSeven’s Incubator Program
June was a big month of thinking about all the things and then starting to take action on a few little things. We thought it would be appropriate to start with the programs we took advantage of to help us level this type of strategic thinking up. We joined HelloSeven’s incubator program which is a six-month-long coaching intensive that includes weekly group coaching. It has been a big driver of a lot of the decisions we have been making behind the scenes. These programs only work if you commit to them so one of the big things we had to work on before signing up to this program was whether we had the time to give it the energy it deserved. We are so thankful we did because it helped us get clear on a lot of things and gave us a lot to think about regarding what we will do differently. It helped us get clear on our message in a global sense and how to tweak our products so they can start to work together even more smoothly and simply to create a clear customer experience.
Big Changes In June: A New Podcast and More
As far as what went down on our side in June, the first thing was that we hosted another live webinar which was so much fun. All of our new shop members got bonus access to Your Business Horoscope Live, the webinar where we break down all the numbers you need to know in your business to help you get clear on what is required for you to meet your goals. The second thing was that we had the first in what ended up being several meetings with HelloAudio, a company that has invented a completely unique model for hosting exclusive audio access. We are so excited to announce that the reason we are in conversation with HelloAudio is that we are working on a new podcast that will only be accessible to an exclusive group and you all need to get ready because it is going to be impactful! The third thing that took up a lot of brainpower and strategic thinking was implementing our decision to bring all of our social media in-house again. Emylee took the lead on this one and Abagail helped from an operations perspective and while it took up a lot of work, it has been so worth it. We put out a lot of content each week and it has helped us build our audience and connect to people so much, so we felt that bringing it in-house again just made sense, and we have already seen amazing results.
Hiring For A Solution Rather Than A Problem
Our friend Hayley Burkett said something that has been a huge driver in how we think about hiring. What she said is, “You can’t outsource the problem, you have to outsource the solution.” What this means is that it is far better to figure out the solution to a problem you have and hire somebody to implement it, than to hire somebody to fix a problem you have no solution for. We implemented this in two hires we made recently. The first was that we hired an SEO expert to handle a lot of the back-end sides of our content creation. We are good at creating content but knew that if we could be more strategic with the content we were creating, it could drive results for our business. The difference in how it feels to have someone driving a solution versus attempting to fix a problem that we are not willing to own is night and day. This brings us to our second hire. We have worked so hard to be more knowledgeable about our finances. We already knew our solution in this respect, so we decided to outsource it by finding somebody who could continue to be more strategic on the tax side. While we have no problem paying taxes and understood the process well enough on our side, we also did not have the time to become even more strategic with it so hiring an expert was the way to go. Since doing this we have already made some improvements that we know are going to save us more than what they cost us in the long term which is really exciting.
June’s Profit Report!
It's time to dive into the profit report itself! The shop and Strategy Academy have stayed the same in terms of the percentage of the business. It is interesting because the shop saw huge growth at first and then leveled out, with this month’s figure coming in at 56%. We are continuously trying to improve Strategy Academy mainly through webinar show-up rates because that is where new participants come from. That being said, SA accounted for 21% this month. As far as affiliate income, June was a pivotal month because the SEO work we have done bumped it back up to 16%. Trello is trailing at 6% and we have no issue with that because it is not where we are putting our attention. As far as expenses, our COGS came in at 30%, 26% of which was for paid ads and 3-5% for fees and processing charges. Our team accounted for 25%, excluding our salaries, which is higher than we would like but we have been taking on a lot of one-off projects so it makes sense. Coaching accounted for 7% and we couldn’t be happier with this expense because we have changed the way we think about this service and are taking the advice of coaches in a far more mature way. Our profit for the month was at 21% and we feel great about that! We hope you enjoyed this profit report and if you need clarification on how to implement anything we spoke about don’t hesitate to get in touch!
Highlights
What We Learned From HelloSeven’s Incubator Program. [0:03:09.0]
Big Changes In June: A New Podcast and More. [0:07:57.0]
Hiring For A Solution Rather Than A Problem. [0:15:12.0]
June’s Profit Report! [0:26:29.0]
ON TODAY’S SHOW
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
KEY TOPICS
Coaching, Strategy, Changes in our business, Conversions, SEO, Hiring, Webinars, Profit, Expenses
