In this Roundtable you will learn…
Every growth zone is important as you move from solopreneur to micropreneur to entrepreneur.
As you work through the growth zones you may find some zones that you are really making progress in and others are that are real blind spots for you — or areas you don’t like dealing with.
And Money was a block for me in the early years.
I was a marketer not a numbers person and I told myself this lie for the longest time. I left it to my partner PJ and the accountant to make sure I wasn’t digging a hole. But it got to a point where I realised that keeping my head in the sand was keeping me from really being in control of the business, so I started to educate myself – income/expenses, cashflow, budgets etc. and now not a month goes by when I haven’t delved into our statistics and numbers so that I know how we are tracking.
And what you count, counts. If you’re not paying attention to the numbers things can get out of hand very quickly. And if you’re not setting yourself some stretch targets when it comes to your financials, it can be very easy to get stuck in the rut.
Also, the way you think about money is important – your mindset.
More staff can be great, but it can also mean more hassles when you don’t have the right skills to recruit, manage and lead a team.You can have money coming in but you could have a bit of a leaky bucket if you don’t have a budget and some measures in place.
Profitability is a more important indicator that revenue – so be sure you know your numbers – profit margin, gross margin etc. Really understand the language of money.
Your accountant and bookkeeper can really help to get you more financially literate.
An important factor when it comes to viability is having multiple streams of income and not putting ‘all your eggs in the one basket’ ie. relying heavily on one product or one contract or client.
And your business model.
How Roundtables Work
HerBusiness Network Roundtables are facilitated sessions that give you an opportunity to address and discuss business issues and to focus the direction of your business development. Roundtables bring to light key issues to be brainstormed and are forums for collaboration and shared experiences in a group mentoring environment.
Mentioned in this recording
Join Us for Next Month’s Roundtable
- MONEY: Know Your Numbers (May 2021)
- Speakers: Suzi Dafnis
- Venue: Online