Jack Mencini and Adam Sonnhalter, coaches and co-hosts of Dirty Secrets of Small Business discuss the important topic of how do I use the numbers to run my business? This HOW QUESTION is critical to the health and wealth of a small business. Knowing the numbers is a very powerful tool for small business owners to understand their financial statements.
Usually a small business owners can talk about accounts receivables, cash, payroll, etc., but they really can’t explain fully the profit & loss statement. They know what their sales are but are never sure what the expenses and profits are because they really don’t take ownership of the numbers. Often times they have blind trust in their accountants or CPAs and delegate the responsibility to that person or persons.
Jack and Adam acknowledge that numbers are extremely important. If the numbers are all over the place, the small business owners need to take control and responsibility of how all the numbers make up the the business.
Having a great understanding of sales, invoices, accounts receivables and accounts payables plus payroll are critical to knowing where your business is from a profitability standpoint. Knowing how to read the activity on a spread sheet, the business owner will be able to project the future strategic vision of the company and understand how the business will make money.
If your numbers are all over the place… it doesn’t have to be that way. To find out more about why it is so important to look at these numbers and have a good solid understanding of the figures within your business, tune in to this week’s podcast on iTunes or here.
Jack and Adam also announced that Dirty Secrets of Small Business is making the move to prime time! Starting on May 3, the show will air live on Wednesdays from 7:30 pm (EST) to 8:30 pm (EST) right after Tech Talk on WINT 1330 AM. The move to Wednesday evenings has the small business coaches, as part of the station’s must-listen-to lineup with other business shows scheduled to air in the evening time slots.
Do you have any How Questions of your own to email to Jack and Adam? Do it by sending your questions to firstname.lastname@example.org or submit a question on their web site on this page.
If you have a success story or a question you would like to share, email or call (email@example.com or 877-849-0670). You can also call in during the show each week during April at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.