Firstly, what’s your view of your business numbers – Friend or foe? Secondly, if you are in business, how do you think of your numbers, with love, with dislike, or somewhere In between?
That is what we are going to look at in this blog. . If you think that money is an icky subject, your business will remain a hobby. A lot of business owners are good at what they do, they have great skill great craft. Many businesses great giving service to customers, the marketing, but they are not necessarily aware of what the financial impact of all those activities are.
Your best friend
Who is your best business friend? Spoiler alert, it is your Business Numbers . Numbers are your best friend. They will not lie to you; they will not let you down. Your numbers help you navigate your business through turbulent times, in times of prosperity, and in times of calm.
Watching paint dry, or a poke in the eye seems better than dealing with your business numbers. For some , watching paint dry, taking a cold sales call or a poke in the eye is better than dealing with their numbers. The flashbacks of Maths classes with Mr Calculate and Miss Take bring some out in a sweat, numbers fall to the bottom of the in-tray.
Ignoring your numbers is a shame, it’s also a bad idea. Numbers have feelings & are the misunderstood actors that give life to your business script. I get it, numbers can be scary, confusing, and boring, not what your business is meant to be about.
If you are serious about your business, you need to grab hold of your numbers, and connect with them. Falling in love with your numbers may feel weird, but you should at least be on friendly terms with your numbers if you want your business to survive and thrive.
Why your business numbers are important
Numbers play a big supporting role in your business survival and success. Your numbers make you accountable, they show you the financial impact of your successes. a route map to your success and highlighting those flip-ups. Above all, learning to love & use your numbers means you have a better chance of making money, what’s not to love.
Your business is there to make you money to make the sustain to give you the lifestyle that you want to make the impact that you want to. Making money must be in your cross-hairs at some point, and by money we mean profit. How you make your money, and what you do with your money is part of the conversation. However, it is not the only part of the conversation.
It does not matter what sort of business you have, whether it’s a private, charity, or social enterprise business. It doesn’t matter how big your business is, how big your company’s numbers, you can’t get away from numbers. Getting closer to your Numbers gives you a superpower.
Good to know
So it’s about making decisions is about knowing how your future is going to pan out. They are the words to your business story. The path your business takes, how it develops, how that impact is measured in financial terms. Your numbers are an aid to your powerful business story.
- what things are costing you
- how much profit you’re making
- the customers that you love
- the customers that aren’t so lovely in terms of profitability terms
- which direction you want to go to, your planning
- making yourself accountable
These are things that numbers help you with.
Many people only look at their numbers when it comes to tax return time, or compliance activity like VAT returns, and other government requirements.
Above all your business is there to make you money. Certainly you need to make money to survive and have impact. Your numbers shine a light on your business past, present and future.
So you need to try and get rid of that, any phobia you have about numbers and you need to grab your numbers by the scruff, get friendly with them, and navigate your business to prosperity.
My initial question, Your Business Numbers – Friend or Foe? Let;s hope your are saying Friend. In the words of W.E.B. Dubois “When you have mastered numbers, you will in fact no longer be reading numbers, any more than you read words when reading books. You will be reading meanings.”Your Business Numbers – Friend or Foe?
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