Numbers are the language of business or your SCOREBOARD in the game of business. If you are challenged by the numbers of your business you are not alone. Many owners struggle to understand the financial statistics that are so critical to the health of any business. Most people do not get this education in school and many times do not take classes in financial management in college. The task of understanding your numbers can be intimidating at times and we tend to shy away from things that we do not understand.
The key with numbers is to gain a good working knowledge so you can make quality decisions to positively impact your success. A good accountant and/or bookkeeper can assist you getting the specific and critical numbers you need to interpret in your business. Accountants and bookkeepers have much more to give and do than just your tax returns. Use them to increase your knowledge and get your money’s worth. A coach will then help you to use this information on a weekly or monthly basis in order for you to use it to YOUR advantage in a practical sense.
Putting together the scorecard that you review on a regular basis is one of the keys to business success. At a minimum EVERY business should have an income and expense budget, a cash flow budget and the key performance indicators needed to understand how the business is performing. It is also critical to produce and review performance against these budgets as well as a Profit and Loss Statement, Balance Sheet, and Cash Flow projections. Obtaining this information and analyzing it on a regular basis will keep your business on solid ground.
Making decisions in business without this information can quickly lead to major problems. In fact, a business that is doing really well in sales and growth can get into as much trouble as a business struggling in these areas if the owner doesn’t know the language of business … their numbers! Learn your numbers, and if you need help take ACTION today and ask for it. Your business depends on it!
The key with numbers is to gain a good working knowledge so you can make quality decisions to positively impact your success. A good accountant and/or bookkeeper can assist you getting the specific and critical numbers you need to interpret in your business. Accountants and bookkeepers have much more to give and do than just your tax returns. Use them to increase your knowledge and get your money’s worth. A coach will then help you to use this information on a weekly or monthly basis in order for you to use it to YOUR advantage in a practical sense.
Putting together the scorecard that you review on a regular basis is one of the keys to business success. At a minimum EVERY business should have an income and expense budget, a cash flow budget and the key performance indicators needed to understand how the business is performing. It is also critical to produce and review performance against these budgets as well as a Profit and Loss Statement, Balance Sheet, and Cash Flow projections. Obtaining this information and analyzing it on a regular basis will keep your business on solid ground.
Making decisions in business without this information can quickly lead to major problems. In fact, a business that is doing really well in sales and growth can get into as much trouble as a business struggling in these areas if the owner doesn’t know the language of business … their numbers! Learn your numbers, and if you need help take ACTION today and ask for it. Your business depends on it!
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