“I don’t like numbers.”
“Don’t say the “N” word!”
“I am not good with numbers.”
“I didn’t do well in maths at school so there is no way I can understand numbers now.”
“I love my business – but the minute it gets to numbers I just start freaking out!”
If you watch Dragons Den, you will notice that the Dragons are HOT on knowing the numbers in your business. Are they just being difficult or tight with their money? No!
Everyone should know the numbers in their business.
Unfortunately, I know that’s not always the case. I see a lot of things that get in the way of business owners getting to grips with their numbers. But it’s SO important to make this happen!
Because numbers do not lie. They will tell you EXACTLY if you are running a profitable business or an expensive hobby.
Now, for the good news: You DON’T have to be good with numbers to run a successful coaching/ consulting business.
However, you must have a mechanism in place to help you keep on top of what is going on.
There is no shame in asking for help (or even just admitting that you freeze at the mention of the “N” word) – because these are the kinds of questions you need to be able to answer, for your business:
1. How profitable is your business?
You might be very good at getting clients in – especially following all the mindset work you’ve done and action you have taken (good job!) – BUT what about your costs?
2. How much runway have you got with your cash flow?
At what point will the business run out of money?
3. How many income streams have you got?
Are you on the “I must get new clients” hamster wheel? Your numbers will show if your business model is right for the type of lifestyle you want to build.
4. Have you got enough money for the tax man?
Or do you have to run a launch, to pay your taxes, every single time the bill comes up? (Hey – kudos to you for making it happen! But wouldn’t it be nice to launch for the FUN of it, not just for fear of the HMRC?!)
5. Are you paying yourself at the most tax-efficient level?
Have you found the right balance, for your business, in mixing salary and dividends?
It’s questions like these that make it so important to get comfortable with the “N” word – or at least have someone on your side to help keep the freeze away!
As the saying goes, you don’t need to be good with numbers, you just need the right person at the right side…
Chat with me about your numbers!
Schedule an appointment here:
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Still DIY-ing it?
You might also be interested in some of the resources on my freebies page – including a ‘guide to managing your business finances’ and some extra info and checklist for those who don’t yet have an accountant!