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The Simple Math and Mindset Shift for Purpose-Led Profit · Business for Humans

0:00
Hi, everybody. Welcome. I have a very messy office.
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So if you're watching this, you're going to see that I have a bunch of stuff
0:09
behind me and somehow I couldn't figure out how to turn up the filter because
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I'm using a new software.
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So if you are watching this, you're going to see a bunch of clutter.
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And the reason is because we're getting a room fixed up, my son's bedroom.
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And so all his stuff is now in my office. So just bear with me.
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I think last time I talked about this too, you know, I'm not a perfectionist.
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So that's not what we're here to talk about today.
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We are here today to talk about revenue and profit.
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And my daughter is in economics right now, and she's learning the basics of
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what revenue is and what profit is and what separates those two numbers.
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And I don't want to be condescending and talk to business owners about the foundations of those two things.
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But I think that there is a lot of gray area in this idea of what's a profit margin.
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How do we have a robust profit margin?
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And then how do we get through this mindset shift of, I don't want to overcharge my clients.
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They won't pay a certain amount, right?
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So I think there are stories that come up when we set our rates,
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when we're building into a revenue number for the year.
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There are a lot of stories that come up like, this feels too expensive.
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My clients won't go for this.
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All the things. And one of the big factors that eats away at your profit is
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over-servicing your clients.
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And if you are a current client of mine listening to this, you've heard me talk about this.
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And what I want to just preface, if you don't know me, What I want to preface
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this whole thing with is...
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If you're listening to me and you believe in being a purpose-led,
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impactful business owner that wants to do good in the world,
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then what you need to know about me is that that's my perspective too.
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And I don't want you to charge more just because you can.
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I want you to charge more because I want you to end the year with money in the bank.
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And that's just being a smart business owner. I want you to make sure that your
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profits are strong enough to carry the foundation of your business so that you're
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not eating into the foundation.
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I want you to end the year with abundance. And I don't mean going out and buying a Porsche.
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I mean being able to give back to your team, being able to pay wages that feel
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really abundant and worthy of the quality of your team.
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I want you to be able to give money to the community that you live in or support a charity, right?
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So we're not in this idea of like growth and profit because we're greedy.
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We're in it because we know the value that we offer and we want to stand strong in that value.
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We know that we can't over-service and we get strong in our boundaries and our
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confidence so that we're not over-servicing or over-giving ourselves.
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And then we are in this, you know,
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abundant place of wanting to hit profit goals so that we can give back.
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So there's a lot of stuff that comes up for my clients around this idea of setting
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rates and setting margins that
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gets in the way of them having a healthy profit at the end of the year.
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And I will tell you, because a lot of my clients are purpose forward,
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they end up breaking even and they think that's okay.
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And I want to just reiterate without being judgmental, breaking even is not
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a healthy, strong business.
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Breaking even just means you're barely making it. And I would say the same thing
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in your personal life. If you've set a budget for yourself and you're just meeting
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that budget at that exact penny, right?
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Then you don't have a robust savings. You don't feel like you're ending the
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year with money and wiggle room to feel safe.
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So this idea of building into a profit margin is also going to create a sense
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of safety and security in your business.
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So how do we do it? I'm going to go back to the super basics.
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And sometimes I just think it's good to go back to basics again,
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not because I'm assuming that you don't know, but because sometimes it's just a good reminder.
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And these are things that I bring to my clients that end up being light bulbs
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because they don't want to go back to the beginning or they feel like they've
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been in business for so long that they think they're way beyond this.
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But I think that there's some simple math that will help you understand where
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this profit margin comes from and why you need to be looking at it this way.
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Okay, so going back to basics, let's just talk about an hourly rate.
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Okay, so some of you may be working in a subscription model or working in a
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project fee based or retainer fee.
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So that's fine. I'm just going to simplify it by going down to like an hourly wage.
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And I'm actually going to bring up a calculator. So if you want to do that too,
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we're just going to do some very basic arithmetic here, people.
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Well, that's about as far as I can go in any case with my math.
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So I'm moving some things around so I can bring up my calculator.
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Okay, so my hourly rate, I'm going to be totally transparent with you.
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My hourly rate is 250, okay? And I landed on that rate for various reasons that
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I can go into if you want to go have a consult call with me and ask me.
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But 250 is my hourly. I feel really good about that number. I might not after I do the math so I,
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What is built into 250? So if you're thinking about this, you might think,
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I mean, everybody has a different perspective on math and numbers.
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And so you might say, oh, 250, that's such a high hourly.
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And other people might say that's such a low hourly. So we're going to back
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into it and figure out if it's the right number.
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So number one, I live in a place where if my income exceeds $76,000 a year,
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I need to pay. And I'm being like super transparent with all of you.
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So here it is. It's all on the platter for you to use as an example.
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But I live somewhere where if you hit more than $76,000, you have to pay 50% in taxes.
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So, you know, some of you may argue this is the wrong place to business. And I may agree with you.
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So 50%. And I'm going to just take that out of this hourly rate because I think
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it's easier to just accommodate for all these things,
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even though there's accounting, which is basically taking your net income before
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taxes and then taking your net income after taxes.
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But I'm just going to build it in. I'm a small business owner.
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If I don't factor in this 50%, it's going to hurt me later. And I want to make
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sure that I can pay this year's taxes this year.
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Like I don't want to be paying 2025 taxes in 2026.
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I want to be accommodating 2026
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taxes so that this is what I'm paying next April, if that makes sense.
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So you don't want to, you know, be paying.
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I mean, I would want to pay 2025 in April of this year, But I don't want to
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be every month having to put money away for 2025.
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I want to do that in the tax year.
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Hopefully that makes sense. So I'm going to take the taxes out.
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So 250 divided by two leaves me at 125 an hour.
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Okay. So now you might say, oh yeah, that's about the range where I'm at this.
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And I'm just, you know, talking about a lot of my clients are in that range.
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Like 125 is probably where they land.
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Well, if I started at 125 and I had to go 50% below that, I'd be at 62.
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And that just does not feel like an hourly rate.
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That's commiserate with my experience level, the amount of return that people
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see when they work with me.
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People immediately make more money when they start working with me.
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And it's not because we're doing sweeping changes. It's because we're doing
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the math that I'm walking you through right now.
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It may seem really basic, but again, it's a strong foundation and it will change
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your mindset around this idea that I'm charging too much.
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Okay so now we're at 125 now
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I have other overhead right and this has
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to be built into my margin so I
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have things like I have to pay my own health insurance I have to there might
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be other insurance that I have to pay if there's overhead on an office space
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or you know software things like that so these are your operational costs and
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these are not freelancers and staff costs,
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because I would put those into the project margins.
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We can talk about that later. But let's just talk about your overall operational costs.
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So if you looked at what you spent last year in operations, so that's everything
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that's buying office equipment, it's buying a new computer.
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So if you just average that out for the year, and then you kind of,
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again, back into a number, what is it?
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You know, is it maybe, let's say it's 500...
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A month. Well, okay, now let's break that down into like what that would look like in an hourly rate.
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Okay. So I'm just going to take that number and I'm going to divide it by 40.
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Okay. So now that gives us like $12 euros an hour of just operational margin.
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Okay. So let me just summarize one more time. Cause I know it's like easy to
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get lost in the math and you're probably like tuning out of this episode.
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Cause you're like on a walk and you just were looking for inspiration and now
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I'm getting really tactical.
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So you might need to be at your desk for this episode.
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So take your hourly rate.
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Just throw a number out there. It doesn't matter at this point.
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Just choose a number that feels good, that feels strong, that feels healthy,
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that feels abundant, and feels like a number that would make you want to work, right?
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That makes you excited about doing the work. That doesn't start with resentment.
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Like, I'm not getting paid enough.
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I'm not going to put my best foot forward. So it should be a number where you're
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like, yeah, I'm going to put my best foot forward for that number.
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Okay. I'm starting with 250.
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What is your tax burden? Is it 20%?
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Is it 30%? Let's just build it in right now.
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If you're a big company and you're operating as a corporation or in Europe as
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a baby, then your tax burden is going to be lower, which is just so ironic,
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but it's going to be lower. It's going to be more in the 15% range.
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So factor that number in. Okay, you don't need to put your personal income in here.
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If you're operating as a corporation, put your corporate rate in here because
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this is a corporate rate that we're trying to get to.
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This isn't personal. But if you're a self-employed LLC or...
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You know, what is it? A ZZP in the Netherlands. If you're just a self-employed
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sole proprietor, then put what this tax burden is against your rate.
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So again, 30%, 50%, take that out of this number.
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So I'm going to take 50% out of this number. It lands me at 125.
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And now, because I looked at what my overall operating expenses are for the
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year, I took that down to a monthly number.
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Then I took that monthly number down to a weekly number and then I took that
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weekly number down to an hourly number okay and I landed at 12 an hour so I'm
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going to take that out of this number.
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And that lands me at 113 so that is my take home so at the end of the day if
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I spend an hour of work and I charge $2.50 for that hour, my profit is $1.13, okay?
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So is that enough for me to get by?
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So let's look at that on a monthly basis. So if I was working full-time,
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which I'm not, so let's say I'm working 30 hours a week.
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So $1.13 times 30.
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And then we take 4.3 as the number of weeks in a month because that's the average.
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So that lands me at four, wait, is that right?
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113 times 30 hours a week times four weeks.
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Okay. So that's lands me at 14,000 a month.
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Which is crazy. I definitely don't work 30 hours a week. But that feels good.
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And if I take that to 12 months, then that's $175.
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So if I'm happy with a take-home pay, and again, this is after taxes.
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If I'm happy with $175 after taxes, then that's the right number.
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This feels actually higher than I think I need after taxes.
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Or not need, but like, sure, it feels great. It feels abundant.
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But, you know, I could also go for a little less.
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But do I want to? I mean, I'm not going to work 30 hours.
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So the number of hours that you work or the number of hours that are billable,
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because remember, if you're a business owner, you have marketing time in there,
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you have internal management time, you have admin time, all that stuff needs to be factored in.
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So if the The reality is you're only really billing.
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At 10 hours a week, let's say. Okay, so let's put me, well, I'll say 15, just for fun.
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Then where does 15 hours a week land me?
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That lands me more at the 87, see, that's a big difference, $87,000 a year after taxes.
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So I'm going to write out this math in the show notes, But this is really important.
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Making sure that you're landing on an hourly number that takes all of this overhead into consideration,
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all the money you're already spending into consideration so that it lands you
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with a number that feels like a number that's healthy enough to keep your business going,
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to keep you going, to keep your family going, to keep your team going, right?
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So I have a spreadsheet that I share with my clients that I'm happy to share with you all.
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And I can put the link below that basically does all of this calculation for
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you across having a team.
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So I have a spreadsheet where you can look at all these numbers for your whole team.
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So what's the rate for each member of your team that includes all this overhead
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that lands them at, you know, a number, a monthly number of the revenue that's.
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And the profit margin that you should be running through your business on a monthly basis.
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And you need to know these numbers. And it's not that I know them by heart.
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Obviously, I was kind of backing into the math, but I knew more or less like
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I had done this math before, and I knew that 250 felt like a comfortable number
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because I had done a lot of this math before.
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I don't know it by heart, but I've done the work and you get busy and I understand
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that, But this is a really important number that's basically going to build
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the foundation of your business.
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It's going to allow you to know whether you're going to end the year profitable or not.
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And that billable number of hours is a key factor in these numbers coming to fruition, right?
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Be realistic with yourself about how much time you're spending internally on
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things so that you're being realistic about the number of hours that you're billing.
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And then this is where I get into a lot of work with clients about not over taxing yourself.
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As a founder, obviously, if you are billable 40 hours a week,
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you're going to bring in more revenue to your business.
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But you're not going to have any vision. You're not going to have any creativity.
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You're not going to have any management time. You're not going to have any structural
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time for the business. And as a founder, CEO, leader of the business,
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you need to have time for all those things.
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Or ironically, your business will stagnate, you will burn out,
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and you won't last very long.
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So that billable number is really just a main factor here, making it realistic,
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making sure you build in that internal time and make that rate abundant enough
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that it can carry the time that you need for that internal work. Okay.
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That's the math. Here's the mindset.
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So if you are over-servicing your clients, every minute that you over-service,
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you're eating into that profit margin.
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And sometimes that's fine if you're intentionally doing it.
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So if you know that you've given a client 10 billable hours at your rate,
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including all your overhead,
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then if you hit zero, you're profitable because you've already built that profit
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in that profit rate into your number.
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If you are going over that number,
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now what I tell my clients is you're not only eating into your own profit margin
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and negatively affecting your own business and you're going to land in a hope
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cross your fingers place at the end of the year because you don't know how much
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you're over-servicing.
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You're likely not doing the math.
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You're over-servicing for all the mindset reasons that you're over-servicing.
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Oh, I'm going to lose this client.
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Oh, they need me to do this thing. I don't want to push back.
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I don't want confrontation.
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Like all the reasons why you over-service.
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And that's a whole different ball of wax that we can get into.
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But as soon as you start over-servicing and eating into your profit margin,
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you are now investing in their business.
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Do you get that? So now you are actually investing hard-earned cash that would be in your business.
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You're now investing that money directly into their business.
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And you might be like, well, that's not exactly true because blah, blah, blah.
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It is true. It's math. So if you have a number that includes all your overhead
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and you're eating into that number,
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it's just as if you had a bunch of cash on the table and you're like,
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this is the cash that I would take at the end of the project,
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but then you're over-servicing, so you're basically handing that cash directly to your client.
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Now, I said this before, there might be reasons where that makes sense.
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So if it's a new client, you're trying to establish a relationship,
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it's okay to go over a little as long as you know where you're going over.
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It's intentional, and I would love for you to communicate it to the client.
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Like listen you're a new client I'm getting
19:48
in there I'm onboarding I'm going a little bit over but
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I'm okay with that if you don't tell them
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it will eat you later because what a lot
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of my clients do is they over service for all these mindset reasons and then
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they over service and over service and then the client pulls the plug this has
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happened to two of my clients in the last two months the client says we're we
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don't have the funding anymore we're not able to do it And now that client,
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now you as the business owner who over-serviced thinking this was going to be a long tail project.
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And so you invested in believing that it was going to go longer and you would
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eventually make that money back.
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They've now pulled the plug and you are now like...
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At it, you didn't make any money on that client. And you can't charge them for
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that time because you never communicated it.
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You just hoped it would come out in the wash eventually because you were going
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to work with them over a longer period of time. This is danger zone.
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So if you are going to over-service, be intentional about it.
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Set a boundary for yourself of how much you're willing to invest in this relationship.
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And that's like the cost of new business, right?
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There's an amount that you decide you're okay
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investing if you don't want to communicate it i would
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lean on the idea of over communicating this client
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if you are a purpose-led business owner this client is a partner right you're
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not in this to just sell sell sell upsell upsell upsell you're in this relationship
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because you want to make an impact on them and their business depending on what you're offering them.
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And most of my clients are service level offerings.
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So you're providing a service that you want to make an impact,
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a positive impact on them or their business.
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So if you're not working with them as a partner and you're kind of hiding this over service.
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It will come out eventually and it will hurt your business eventually because
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they're either going to be in the dark.
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They're going to feel like you were kind of pulling the wool over their eyes.
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They're going to feel like it's not a transparent partnership.
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Don't be afraid to talk to your clients about money.
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Unless you're in some kind of non-profit charity space, this is a for-profit
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business and they're doing work with you knowing that.
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They're going into this relationship knowing that it's a for-profit business.
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They know that you are going to make a profit on the work with them and they're okay with that.
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That's what it means to work in a business relationship.
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So please be careful about making it personal, about making it about confrontation
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somehow, about making money mean something more than it does.
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This is a financial transaction.
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Keep it there. And when there is a shift in the way that the money is moving
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or the time is moving and time is what you're charging for, be transparent about it.
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It doesn't mean you're over-servicing, over-servicing, building resentment,
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not getting paid enough, and then saying something about it.
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That is not what we want here.
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We want you to be charging an abundant rate that makes you feel like you can
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put your best foot forward. It makes them feel like they're getting your best foot, right?
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They're paying for the value that you offer and they are expecting that value.
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So you're charging the amount that lets you put that value into your client.
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And when it gets to the point where you feel like,
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oh, I'm about to go over or things are changing or scope is changing.
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That's when you have a conversation with your client partner about how things
23:51
are changing. And they get to decide.
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You don't tell them things are changing and I need to charge more and this is what's happening.
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You say, listen, we can keep going as we are. You have that option.
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Or I'm noticing that you're needing more. And so here's what I can offer you
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we can do like level two of the work,
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let them decide. Don't decide ahead of time that your client can't pay for it,
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that they're not going to go for it, that it's going to create some kind of weirdness. It's not.
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The more transparent you are from the very beginning, the more it feels like
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a very transparent conversation with them as a partner.
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It's not weird. It's not combative because you haven't gotten to the point where
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you've built up any resentment because you're calling it out before you get there.
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And I think that is just, if I could go back to agency land or if I ever ended up there again,
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this is the foundational principle of building a strong relationship with your clients, period.
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They want this. So I worked on very large scale campaigns for very large brands,
25:06
worked with Calvin Klein and Adidas and Starbucks, like really big brands.
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But at the end of the day, the people that I was interacting with were not like
25:18
the CEOs of these companies.
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There were people who were employees who had certain ambitions and also certain
25:26
things that were just kind of like a pain at their job and they needed to work
25:31
in partnership with agencies to help get some of the marketing work done.
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So when you're sitting in that seat, it doesn't matter that you know this company
25:40
has like loads and loads and loads and loads of money because that person doesn't
25:45
have access to all those funds.
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You need to work in partnership with them. Listen, here's what you guys are
25:51
asking for. Here's what we can do for that amount.
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We can do this if you want to like increase the budget Then we have the opportunity to do this.
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But you can't negotiate any of that unless you know the number,
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unless you know the hard stop number, foundational number that has your profit
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margin included, that has all your overhead included.
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If you don't securely know that number and can stand behind it,
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then it's really hard to negotiate.
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If I know that I cannot go below 250 because otherwise I'm going to be stuck
26:27
without any margin and the foundation of my business will suffer and I won't
26:33
have safety or security.
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If I know that 250 is my number, it's really easy for me to say,
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I'm so sorry, I can't go below that number because otherwise I'm jeopardizing
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my well-being and the well-being of my employees and the well-being of the structural
26:52
foundation of my business. I just can't do that.
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So it's easier to have that conversation in a really friendly,
27:00
transparent way if you know that number is like the hard stop.
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If they're like, well, we can't do it for this, you get to make.
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A decision based on where you think there might be opportunity,
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of course, but be intentional about it.
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Don't just say yes because you're afraid you're going to lose the opportunity
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because if you get the opportunity and you don't make any money on it,
27:23
it would have been a lot better to save that time and effort and put it towards
27:27
a relationship or a project or a client where there was some kind of mutual benefit to it.
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And the mutual benefit is you're bringing value, you're making impact,
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and they're giving you money.
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That's how this exchange works.
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So find that foundational number and build in all of the overhead and build
27:50
in a margin that feels healthy.
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So work those numbers around until you land on what's the annual number that
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you need to be at after taxes.
28:01
What's the monthly number you need to be at after taxes to feel like,
28:06
again, you're not in scarcity and you don't have to be in luxury,
28:10
but you're in a place where you feel safe and secure.
28:13
There's money to be put towards a pension. There's money to be put towards investments in the business.
28:21
Make sure that number is robust enough to carry the foundation of your business
28:26
and then make that number a hard stop.
28:29
So if you're doing a project or you're doing a retainer model,
28:33
make sure you've at least broken down the hours based on the hourly rate and
28:38
you know realistically how much time it's going to take to get that project done.
28:43
Do the math three times, have someone else look at it because my clients often
28:48
underestimate every project.
28:51
So if you're a project manager, you know the secret. You just pump up those
28:55
numbers because you know that everyone underestimates.
28:58
I used to work in software as a project manager, and I'd be putting budgets together.
29:02
And my programmers would say, oh, yeah, I could get that done in a week, and I'd give them three.
29:07
And because I'm just the queen of under-promise, over-deliver,
29:12
and that delights clients to no end.
29:14
Oh, you know, we can't get it done sooner than three weeks, and then you get
29:19
it done in 10 days, and then they're like, what amazing.
29:22
But if you're like, we can get it done in a week and it takes three weeks,
29:26
they're not gonna be happy and it's gonna cost them more money and they weren't
29:29
ready to spend that money.
29:31
So it's much better to be honest and upfront, be a good partner,
29:35
know that you're in a business relationship with this person.
29:37
They're expecting that you're gonna make a profit from this project.
29:41
You're not going into this like luxury mode.
29:46
Maybe you are, maybe that's where you wanna be, no judgment,
29:49
but most of my clients are more in scarcity than luxury. They're like barely making it.
29:55
So I hope this helps you understand the reason why that number has to be a hard line.
30:03
And then you build from there. So again, I'm going to share this spreadsheet
30:07
with you guys. It's a very, very robust tool.
30:10
And it is like, there's a lot of value in this guys.
30:13
Like this is one of the main things I start with when I audit people's businesses.
30:18
When I do one-to-one strategic advising, this is where I start.
30:23
Let's just look at the numbers. Let's just break them down.
30:26
Let's do the math. Let's make sure you're in a place where you're starting from
30:30
that robust number, and then we'll build from there.
30:34
And I will tell you, it's kind of a no-brainer.
30:37
If you start here, most of my clients see a jump in revenue,
30:41
and you're not even doing anything different, except you're just looking at the math differently.
30:47
And you're just holding a hard line on that number and estimating your projects
30:51
appropriately. That's enough to make people.
30:54
Twice as much money as what they were making last year.
30:58
Trust me, every one of my clients that goes through this exercise ends up making
31:03
more money than they made last year.
31:05
And we're early in the year. We're early in first quarter.
31:10
So if you want me to help you walk through these numbers, you can always book
31:15
a one-off session with me, a business strategy session, and all of that information's on my website.
31:20
But you can always do that if you're just like, okay, can you walk me through
31:23
the math? We can just do that together.
31:25
I want you to have this foundation firm so that you're building from it.
31:30
And a lot of mindset stuff comes up as you start looking at these numbers,
31:34
all the reasons why you can't, why you don't feel comfortable charging this number.
31:38
I want to help work you through that. Because once you get to the place where
31:42
you're like, this number is my number, I cannot waver.
31:46
It feels really good. It's so easy to have conversations with people when you're like,
31:50
yeah okay what else can we do instead of
31:53
you lowering your rate what else creatively
31:56
can we do to work together if i
31:59
didn't change that rate so that's it guys i really hope this helps you it can
32:07
if you discipline yourself to just sit down and spend an hour looking at these
32:11
numbers and kind of revamp your estimates and proposals to meet this number
32:17
this hardline number trust me.
32:20
It's going to make a humongous change in your business. So I'm going to leave it at that.
32:26
Get in touch if you need help with the math. I know it seems basic,
32:30
but sometimes it's nice to have someone else kind of looking at it.
32:34
And I will talk to you next week.