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 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 if 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 book keeper 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.
— Suzi Dafnis, CEO – HerBusiness
Study these programs if you:
- Want to get a handle on money in your business
- Are ready to control of your finances
- Are working really hard but not realising the profit you feel you should
- Know that you’re ready to bring on new staff or take on new projects
- Want to improve your financial literacy
Your Money Growth Zone Resources
HerBusiness Growth Guide
2021 – May
Download the May Money Growth Guide.
Watch these Webinars:
Here are just a few of our recommended webinars for getting on top of your numbers.
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Your Bonus Downloads and Resources
- 3 simple rules for setting a startup budget
- 3 key financial reports every successful business owner uses
- How to calculate your take-home pay
- How to work with your accountant
- The No. 1 benefit of cloud accounting
- 3 Little known factors that could affect your profit
- Get rid of your bookkeeping headaches once and for all
- 6 Things You Need to Know About Financial Management
- 3 Things You Need to Know About Formulating a Budget
- 5 Things You Need to Consider About Your…Personal Financial Position
Check out the entire library here.
