Goals for the New Year

After talking to many of you I know you’re busy filling out your taxes and thinking about what you bought and sold in 2017. You’re looking at records and considering last year. When you’re looking at the past, be sure to focus on the future.

  1. Know your numbers. Did you sell less than what you would have liked? How much product would you like to sell in 2018? Once you have this number, divide it by 48 or 49 (assuming that you will take a vacation and have times that you just can’t work.) This is what your weekly goal should be. After you know your weekly sales goal, you can determine how many customers you need to see to meet this goal.
  2. Set a goal. Look back at your weekly accomplishment sheets for 2017. Divide the total by the number of people who ordered for several weeks. You’ll start to see your average customer sale. Once you know this information you’ll know how many customers you need to sell to each week. To be safe, make it a goal to see 1/3 more customers than you need to sell to. So if you need to sell to 10 people each week, plan to see 13. Then to ensure that you see 13, be sure to talk to 17. (Your own personal averages might be different, and your goals will vary. Remember if you need to meet more people be sure to book parties and classes, not just individual facials, whenever you can.)
  3. Get visual. Once you know your weekly goals you can create a chart.  Color happy faces for how many people you need to see each week or color a box green on graph paper for every 5 dollars you sell. Come up with something fun and creative. Post your chart in your office or where ever you’ll see it often. It will keep you motivated all year.

These are just sales goals ideas. I know you’ve got team building goals and car goals as well. One of my favorite sayings is “A goal is a dream with a deadline.” Do the math to figure out what you need to do to reach your own personal success.

Be sure to track all of your sales, income and expense in Pink Office so you can keep a close eye on your accomplishments.

Happy Tax Season

The holidays are drawing to a close and for those of us who own our own businesses the next season isn’t spring, it’s tax season. You can have a happy and smooth tax season this year since you are using Pink Office. You should have been entering your invoices, importing your orders and tracking your expenses all throughout the year. If you were, then you’re set. If you weren’t it’s not too late yet!

Here are a few simple steps to getting your account tax season ready so that you can focus on the fun parts of your business, like making money!

  • Import all recent orders and manually enter all wholesale orders that are no longer on your order status page. MK only holds orders in order status for 45-90 days. If they are no longer on your order status page then PO has no digital information to import. These orders must be manually imported. But the good news is, that’s not difficult at all. Just follow these simple steps.
  • Enter all your customer purchases from the last year being careful to date them in the month they were received. Also, date your payments in the month they were received.
  • Record all of your outside expenses. You probably purchased things throughout the year that weren’t from MK. It’s import for your financial records to record all of these purchases. If you have receipts from discount stores like Target or Wal-Mart or from restaurants or coffee shops record those expenses along with your MKConnections, BuzzKit, your Pink Office subscription or any other non-product purchases in the “money” section of Pink Office.
  • Record your commission checks in the money section of Pink Office to show that additional income. (You do this just like adding an expense, but click “income” instead.)
  • Last, take a look at your Tax Info Report for all the information you’ll need to fill out your taxes.

As always, if you have any questions about your account please let us know!

Managing Business Expenses

Skin care parties, color make overs, holiday open houses.

Party! Party! Fun!

It’s easy to have fun, but surprisingly it’s also easy to record your business expenses. Not only is it easy, it is also vital. Unless you are truly in the business to simply have a good time, knowing how much you’ve spent and what you’ve spent it on could be the difference between realizing an income and just having fun.

What expenses do I need to record in Pink Office?

Any expenses that are NOT part of an inventory order should be recorded in the “Money” section of your Pink Office account. Wholesale purchases, sales tax paid, shipping and section 2 are all recorded on your tax info report and are pulled straight from your inventory order once it is either imported or manually entered. Those don’t need to be re-entered in the money section. Items purchased at a store such as cotton balls, windex, paper towels, wash cloths, and pens can and should be recorded in the “Money” section as expenses. Babysitting, wardrobe, and MK connections orders should be entered as an expense as well. Here’s a walk through on how to do that. Don’t forget you can create any expense type that you like.

Where do I enter my commission check as income? 

Click the “Money” tab and then click “Income” and enter your monthly commission check there.

What report should I use to file my taxes?

The best report for your taxes is the “Tax Info Report.” This will give you a comprehensive view of the money you’ve had as both income and expenses. If you’d like to see your top expenses and maybe where you could cut back take a look at your “Top Expenses” report.

How do I pay myself from my business? 

You can pay yourself in product by creating a personal use invoice just like any other sale. You can also pay yourself by writing a business check to your personal account, or make an online transfer. Any time you pay yourself from your business account to your personal account create an expense. This will help you track exactly how much money you are really making. Many consultants use the 60/40 split. 60% of their pretax income goes back into the business and 40% is income. This only works if you are operating with a full inventory and if 10% is enough for your business expenses. You might be better served with an 80/20 or 70/30. You’ll just have to decide what works best. Business loan repayments must come from your income. Once your loan is paid off you can take an actual income.

One of the most important things to remember is that though you are having fun and helping people you need to be able to realize an income. If you keep a close eye on where you’re spending your money you’ll make better choices and keep yourself in business. As always if you have any further questions about how to use Pink Office to help make your business strong contact our support staff by clicking the pink bubble in the bottom right corner when logged into your Pink Office account.