by Danielle Hayden | Featured Contributor
You will hear from so many gurus that you need to refocus on your goals for the 4th quarter but here is a challenge for you let’s take this one step further.
Reality check: first we need to understand our financial health so we can make BETTER decisions this month. I know this is not what you wanted to hear, you have cash in the bank so why do you need to do this painful exercise?
We hear it from clients all the time: Here comes the dreaded email from your bookkeeper (yes that bookkeeper is my team for our clients, I love you all anyway) with your financial statements, monthly overview and key performance indicators but instead of opening the email and reviewing your numbers you quickly press delete or hide the email in a folder labeled “need to look at but probably won’t happen”. So another month goes by and you run your business like you do every month not knowing if your business is profitable, how much you’ll need for taxes or where in the world are you spending all your money and therefore will go another month without a paycheck or really knowing if your business is financially stable.
I’m here to tell you this month it needs to be different! Take the time this month to work ON your business not just in your business. Use the financial statements you receive this month to analyze your business.
- Is your business making money?
- Are you profitable?
- Where are you spending the most money?
- Where are most of your sales being generated from?
- What do you need to do differently this month to make this month more profitable?
- Review your expenses to eliminate anything that is no longer serving you in your business
If you’re not sure where to start, you’re not alone. We documented our analysis process and the tools we used to create a profitable business and help other business owners create a more profitable business for you. Check out our step by step book accountability journal for free: