When it comes to running a business, numbers are everything…
And in our experience, while many contractors have their heads wrapped around their job specific numbers, they often fall short when it comes to the business side of things.
But if you don’t have a handle on the numbers behind your business, then how can you ever expect to last?
It is critical you:
- Have accurate & up to date data
- Use the right chart of accounts structure
- Understand how to track and monitor costs
- Have specific revenue, margin, and net profit targets
- Use your financial reports to drive profitability
- Have a way to manage your cash
- Manage accounts payables
- Forecast and budget
- Build wealth and investments
Because you know what?
Numbers are the language of your business!So, if you don’t understand the language, then you could be running your business unknowingly into the ground right now!!!
It’s your job to be the CFO of your business.
So, the lesson here?
Pull your head out from the sand and become a student of the numbers behind your operation.
Learn what they mean and how to use them, because that is a critical key to success!
If you're an electrician, plumber, painter, carpenter, or any other tradie business owner who is looking for assistance with your tax, accounting, and bookkeeping - click here to learn more!