Welcome to this week’s Entrepreneur Express Tip in 5 minutes or less! Today we are talking about your breakeven number. This time of year (end the year/beginning of the year) is a really good time to analyze your breakeven number. Sometimes we will steer away from it, but as expenses and revenue changes, the breakeven number can change and we must remain focused. The best way to look at your breakeven is to reach out to your bookkeeper, accountant, etc. and have them identify it. However, I want you to break it down even more. I want you to get an analysis of what your fixed costs are and what your variable costs are in 2022. As you look at your variable costs, you can see what was a spend in 2021 that won’t’ be a spend in 2022. And as you look at fixed costs, I want you to look at how you can trim the fat and maximize those expenses, so they are working for you. Analyzing the fixed costs (like subscriptions and technology platforms) might make you realize you are not using some anymore and cutting these saves money. The operation of your businesses is all those expenses in between and you want to make sure you are looking at your breakeven number and analyzing it as you go into the new year.
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