Numbers Every Business Owner Should Know | Small Business Marketing
Numbers every business owner should know that their accountant DOES NOT know, and obviously can’t tell them. But first…
A quick tid bits from the news. From USA today there is a of poll, that as a business owner or entrepreneur should make you shudder .
Asked of 1,130 small business owners “which are you more likely to know at any given moment?”
- Your weight?
- Or . How much money your business made last month.
Drum roll please… And the results are scary, but not surprising. It is split nearly 50/50.
47% could tell you their weight! But not their profit from the month before. No wonder over 90% of businesses don’t survive . They are more worried about their waste line and big gulps than managing the thing that allowed them that waste line.
Just because you are busy and have revenue, does not mean you are profitable.
As my mentor Dan Kennedy says ” you must be ruthless in the management of people and profits. What else is there to do?”
When I consult and strategize with most business owners, I am surprised (ok, I am not really that surprised) that they do not know the most basic of numbers in their business.
You see, your accountant prepares balance sheets and income statements to keep you out of trouble with the IRS. And once these reports are done, it could be months after the fact. They just don’t know the numbers necessary. Click here for the top 4 numbers every business owner should know that their accountant doesn’t.
Marketing & Entrepreneur Growth Alliance
Author of the highly acclaimed book “7 Rules for Prosperity in Any Economy”.