As an accountant, I see a lot of business owners trying to grow their businesses without knowing their numbers. It’s just not going to work.
Why?
Because when you don’t know your numbers, you won’t know if:
You can afford to hire a new team member or contractor, which means you’ll be stuck doing absolutely everything in your business yourself. Leaving you no time to grow and scale.
You’re saving enough for future business investments like a coach, course, equipment, etc. When you make the right investments for your business, you fast track your growth and potential.
You’re spending too much on certain expenses that you can cut down on. If you’re looking at your bank balance and wondering where all your money went, it’s time to know and get familiar with the numbers in your business. In fact, not knowing your numbers could be costing you money!
Here are 3 simple things you can do to get familiar with your numbers:
Learn the basics of how to read your financial reports (I promise it's not as hard as it sounds).
Look at your previous months’ bank statements to get more familiar with your spending habits.
Get your finances organized in a spreadsheet or software so you can review your profit & loss report (the best place to see how much you’re actually making and spending on a monthly basis). What are you waiting for? Your finances are ready for some TLC.
P.S. Tax season is creeping up on us!
Contact us for assistance.
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