Do you know your numbers in the business?
Do you even know which numbers you should know in your business?
It’s something I see so many business owners, especially women, avoiding. It was something that I avoided in my own business for a long time. Until my accountant told me I was headed for bankruptcy. It is why I’m so passionate about sharing my mistakes so that you don’t have to make the same ones.
Why Is It That We Don’t Look at Our Numbers?
In my particular case, my mindset was, “I’m no good at math.” I struggled with math since school and thought it was something really complicated. It was boring and I wanted to avoid it in my business.
The other reason why I wasn’t looking at my numbers was that numbers paint the true story of what’s happening in our business. A true picture of health in our business. I was honestly scared as to what I would see.
A lot of business owners tell me the same thing. My story could be your story too. Perhaps you don’t feel particularly strong with math. Maybe you are afraid of what you would see.
Why It’s Important to Know Your Numbers
Let me just give you a couple of tips to overcome this. You could start to look at them objectively and you can focus on growing your business.
1. First and foremost, not being good at math – you don’t actually have to be good at algebra or any of those complex things. You just need to know some basic additions and subtraction. Most math in business, you could do with a sheet of paper and a pen. It’s not that complicated. To know your numbers isn’t hard at all.
2. Secondly, it’s really important that we do know the story that our numbers are telling us. Sometimes when I finally get my clients to look at their numbers, they say, “Wow Vanessa, this is amazing, I’m actually doing a lot better than I thought I would.”
They’re living in this place of worry and lack mindset and fear around their numbers. They don’t realize that they’re doing a lot better.
Wouldn’t you rather know that, so you can get a sense of wellbeing and you could focus on growing your business?
Are Your Numbers Painting a Picture That You Would Like Them to Paint?
It took an accountant to tell me that I was headed to bankruptcy. I took my head out of the sand and looked at my numbers. Knowing my numbers, I was able to save myself from bankruptcy because whilst it was tough, I was able to say, “Okay, now I can put in a plan of action in place to change this.”
The very first step is not to be fearful of those numbers in business.
Get to know your numbers. They paint a story.
They’re either telling you that you’re on the great path. You can carry on and get a sense of wellbeing around what you’re doing. Or alternatively, that you need to course correct.
Secondly, it doesn’t require complicated math to run your business. It can all be done with a simple pen and paper. You can turn yourself into the empowered business leader you need to be around the financial health in your business.
So get to know your numbers!
What’s been your experience around knowing your numbers in business?
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