Learn To Love The Numbers In Your Business – Thrive! TV Tips

 

So many business owners I meet say ‘I hate the number’,  ‘I hate looking at my financials’ – ‘I would rather have root canal than create a profit and loss statement’.

If you are running a business and you don’t review your numbers weekly, then you are not running a business, it is an expensive hobby. You must get knowledge of how your business is tracking, how much money you are bringing in, what you are spending and how much is left over.

You also need to consider what your sales pipeline is – how much more money can I expect to make in the next month, the next 6 months. Getting into the detail will empower you and allow you to make better decisions.

Your Action:

Get the numbers out. Find your invoices, your receipts and start to bring them together and calculate how much you are really making. Or if you use a book keeper, ask them to provide you with the numbers and have a call with them, so they can take you through it.

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  • http://www.lucindacracknell.co.uk Lucinda

    I completely agree – I don’t have any excuses, I am a chartered accountant and worked in Finance for 15 years, so have no fear of profit and loss statements or balance sheets. In fact, when I get into them I quite enjoy myself! But nonetheless, I got behind recently as the accounts always fell down the priority list below more urgent (and dare I say interesting) tasks. And it’s amazing how disempowering it is to not have that information available – how much am I making, can I afford X, which venue is most profitable, are any venues unprofitable? And so on. Now I’m getting caught up and getting a handle on things again so I have the clarity to see what’s going on and can make informed decisions about the future instead of groping along blind. It feels much better!

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