Start with the right numbers!
Before you start counting your millions, make sure you know where they came from and what it cost to earn them. Nothing tells a good story like numbers. Numbers don’t lie. They are there in black and white and sometimes RED! And, red is bad!
In order to keep you out of the RED, get friendly with an accountant or bookkeeper who can help establish and set up your company’s set of books. Unless you have the training and understand the difference between gross profit and net profit or how much margin you’ll need, never go it alone.
Even if you have to pay that person $20, $30 or $40 bucks an hour, they will save you much more than that in the long run. They will also help you understand the fundamentals of accounting as you grow plus keep you from getting in trouble with the tax man.
An added benefit is this person will free your mind and self to expand your business. Oh yes and you’ll be able to write off that expense for your business as well.
Hope that helps you budding entrepreneurs. I’ll share more thoughts about tracking your numbers in the coming weeks. Enjoy the ride!
Dave
Recent Comments
1
Hi Dave, Welcome to Wealthy Affiliate, and best wishes as you explore the opportunity.
The one thing that numbers do the best is to paint a true picture, not the one that we want to see, we may not like what we see sometimes, what can be measured can be managed.
Thank you for sharing your thoughts.
Alex