“When you’re in business for yourself, if you know your numbers, you’re going to be a rock star!”
- Melissa Houston
I get it: numbers can be scary for a lot of people. While I love working with them, I can understand the reluctance to dig in. Many people fear that they aren’t “smart enough.”
I’m here to tell you: you are.
And it’s in your best interest to develop a deep understanding of your business numbers.
Knowing and understanding your numbers can be the difference between a sustainable, profitable business and a business that fails after three years. It can be the difference between successfully scaling up and spending yourself into bankruptcy. If you want to grow and scale, it’s crucial to understand and be comfortable with managing your finances. If you’re not looking to grow and don’t have the capacity to make more income than what you need, that’s okay, too — it’s still good to understand how your business is doing and be able to identify any potential issues.
I’m not asking you to handle all of the financial work yourself. Hiring a bookkeeper, an accountant, and a business coach can make a hugely positive impact on your bottom line. Working with an experienced bookkeeper will help you spend less on an accountant — it’s more expensive for your accountant to correct bad bookkeeping at year-end than it is to pay for a skilled bookkeeper!
But no bookkeeper will ever care as much about your business as you. That’s why it’s vital that business owners learn how to create, read, and understand their financial reports.
In this episode, we’ll explore:
“Profit is what keeps the business sustainable. If you’re operating at a 6- or 7-figure revenue level and you’re not even breaking even, that’s financial trouble.”
- Melissa Houston
Highlights:
Links:
The 5-Step Roadmap to Biz Finance Freedom
https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom
Work with me
https://www.melissahoustoncpa.com/work-with-me
Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com.