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What impact does not knowing your numbers have on your business?
In this episode, Kerry Postel discusses the importance of knowing your numbers in a business. She uses the example of Robert, a plumbing business owner who didn't know the details of his numbers and was making decisions based on gut feelings and bank balances. Kerry explains that without knowing your numbers, you're running your business blind and may not be aware of expenses that are impacting profitability. She emphasizes the need to track and analyze all aspects of the business, such as cost of goods sold, fuel expenses, and utility bills, to make informed financial decisions and plan for the future.
Takeaways:
✅ Knowing your numbers is crucial for making informed financial decisions and operating your business effectively.
✅ Without knowing your numbers, you're making decisions based on gut feelings and may be putting yourself in a dangerous position.
✅ Tracking and analyzing all aspects of your business, such as expenses and profitability, helps you identify areas for improvement and make necessary changes.
✅ Understanding your profit and loss statement (P&L) and other financial reports is essential for knowing how your business is performing and planning for the future.
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By Kerry PostelIn this episode, Kerry Postel discusses the importance of knowing your numbers in a business. She uses the example of Robert, a plumbing business owner who didn't know the details of his numbers and was making decisions based on gut feelings and bank balances. Kerry explains that without knowing your numbers, you're running your business blind and may not be aware of expenses that are impacting profitability. She emphasizes the need to track and analyze all aspects of the business, such as cost of goods sold, fuel expenses, and utility bills, to make informed financial decisions and plan for the future.
Takeaways:
✅ Knowing your numbers is crucial for making informed financial decisions and operating your business effectively.
✅ Without knowing your numbers, you're making decisions based on gut feelings and may be putting yourself in a dangerous position.
✅ Tracking and analyzing all aspects of your business, such as expenses and profitability, helps you identify areas for improvement and make necessary changes.
✅ Understanding your profit and loss statement (P&L) and other financial reports is essential for knowing how your business is performing and planning for the future.