One of the keys to success of any business is the importance of knowing your numbers. What does knowing your numbers mean? As a business owner, you need to understand what your financial numbers are telling you about where you have been, where you are now, and where you are going. There are 4 areas of focus that will help you feel more confident about your business. Each week I will share one area.
Growing positively is about 4 things – Growing profitably, being cash flow positive, reducing stress, and gaining confidence.
Profitability along with positive cash flow are key parts of growing positively. Growing positively is also about lessening the stress and gaining confidence in your business direction because you know your numbers. Wouldn’t you like it if you went to bed knowing you had a plan in place to meet the next payroll, or make the next business deal?
Business owners have enough stress in their life without having to lose sleep over not understanding the numbers. Following these 4 principles will allow you to know where you were, where you are, and where you are going. This will give you the confidence and knowledge to make sound business decisions and grow your business and leave your competition in the dust!
Eric has over 25 years’ experience in small business, startup, and large companies and has held numerous roles focusing on business and financial strategy in businesses. He is currently the CEO and Owner of EDGe Business Planning. EDGe works with small business owners to help them understand their financial and business information and use it to grow their business profitably. Contact us at firstname.lastname@example.org.