How much revenue did your business generate last month?
How much profit did your business make last month?
What about last year? Do you know?
According to the SBA, one of the top reasons small businesses fail is due to poor accounting. In other words, small businesses fail because business owners simply aren’t looking at the numbers. The numbers matter. If you’re going to live your entrepreneurial dream of building a business that brings you MEGA profits and success then you need to know your numbers. Even if you have a team member that handles this area of your business, you need to know what’s happening financially from month to month.
Yes, there’s a lot to do and keep up with whether you’re starting, building or growing your business. Not looking at or monitoring your numbers, can cost you your business. One of the things that the most successful entrepreneurs know is their numbers. They use this information to determine what strategies and actions are paying off and which ones are not.
You may be thinking all you need to do to increase your bottom line is get more clients. Well, that depends. If you’re spending money at a rate faster than it’s coming in, then your business will operate in the red. In other words, you won’t make a profit.
If you don’t know your numbers, now is a good time to begin reviewing your 1st quarter results and create a plan to ensure you exceed your goals.
If numbers aren’t your thing or you’re not sure where to start, then click here to sign up for a complimentary Make More Profit Session so we can discuss your next and best action steps to create MEGA profits, results and success.