From January through August, Frontier has spent $415,000. Of that $347,000 was on labour, $28,000 in rent and $40,000 on everything else.
The lifeblood of our business, mobile phones and internet service, has accounted for .7% of the budget. Our supplies - Dropbox, Kashoo, Adobe Cloud, TimeCamp, etc - under 2% of the budget.
We’ve spent thousands travelling across the country via planes trains and automobiles, liberally spending on Uber rides, meals, and Airbnbs. We’ve also flown every client to Victoria at least once and treated them to a nice hotel stay, meals, etc. Travel has thus far accounted for 1.5% of Frontier’s budget.
So, what then should I focus on and what should I encourage my team to be mindful of? Two things: increasing revenue and maximizing labour. Don’t sweat the small stuff. There are no pre-approvals. Spend and move on.
I will spend more time this year trying to figure out Fuchs & Fertig with my daughter than trying to squeeze pennies from expenses other than rent and labour where 90% of my costs come from.
I suggest you do the same.
PS - this took me years to get the right mindset. I hope it takes you less.
The lifeblood of our business, mobile phones and internet service, has accounted for .7% of the budget. Our supplies - Dropbox, Kashoo, Adobe Cloud, TimeCamp, etc - under 2% of the budget.
We’ve spent thousands travelling across the country via planes trains and automobiles, liberally spending on Uber rides, meals, and Airbnbs. We’ve also flown every client to Victoria at least once and treated them to a nice hotel stay, meals, etc. Travel has thus far accounted for 1.5% of Frontier’s budget.
So, what then should I focus on and what should I encourage my team to be mindful of? Two things: increasing revenue and maximizing labour. Don’t sweat the small stuff. There are no pre-approvals. Spend and move on.
I will spend more time this year trying to figure out Fuchs & Fertig with my daughter than trying to squeeze pennies from expenses other than rent and labour where 90% of my costs come from.
I suggest you do the same.
PS - this took me years to get the right mindset. I hope it takes you less.
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