Understanding Your Financials
It really comes as no surprise that most business owners do not have an understanding of what their financial figures are. Unfortunately we haven’t been taught the importance of a Profit & Loss Statement, how that relates to our Balance Sheet or any of the key drivers you need to know.
Watching people have the insight of how powerful understanding your figures is one of the most rewarding parts of Small Business Coaching and working with small business owners and managers.
Learning some simple rules will save you a lot of heartache in the future. An asset is only an asset if it provides cash flow for you. Your family home is not an asset in the true sense as you still have rates, insurances and other outgoings involved with it. I’m not saying don’t own your family home; just don’t confuse it with an asset in it’s basic form.
Understanding your financials is obviously important to us as business coaches as this is one of the methods used to measure your progress during your coaching. It will reflect your investment in yourself, your marketing and sales, your systems design and development and many other business functions. Apart from seeing things working better and feeling better, how else are we going to measure your progress?
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