10/23/2016
Recent Client Feedback-- Lessons Learned from an Entrepreneur
MISTAKE: Not going deep into our financial data
Until now, " I had very little sense of what my business’s finances looked like. Yes, I had a bookkeeper Mistake #3: Not going deep into our financial data
Until this year, I had very little sense of what my business’s finances looked like. Sure, I had a bookkeeper to track numbers and file taxes, but to me, having more income than expenses was all I really cared about. Money in the bank? Great, I’m fine..
As we started to grow and quickly, I wondered things like:
When can we make our next hire?
At what salary?
What is our most profitable service?
Where should we put our focus from a sales and marketing perspective?
Not having good data was affecting me at a strategic level, rendering me paralyzed in making decisions that touched financials, which is most of them.
The Turning Point: I hired a PT CFO/Advisor as well as my bookkeeper and accountant to create more meaningful reports and help translate the info.
Now I can tell you what our profitability is month-over-month, our average spend on everything and many other financial details.
I worked out a sales forecast and I’m starting to predict our growth with a great deal of accuracy.
It’s pretty cool for someone who isn’t a numbers person.
The BEST PART- I’m much more empowered to make better decisions for my business
