How often do you review your financials?

Financials are often overlooked by business owners. This area gets lumped into the “once a year” category, which is a huge mistake. Reviewing financials is not just looking at a lump sum number and having cash in the bank.

Reviewing financials means:

• Having a clear goal of where you want to take your business 

• Having a plan on how you will get there 

• Understanding your business margins and cash requirements for the coming months

• Having Key performance Indicators in place to measure efficiencies, and aligning everyone in the organization while fostering accountability

•knowing if you are leaving cash on the table such as, on pricing, commissions, benefits, etc. 

Having a handle on your business financials is your biggest advantage, since it allows you to make changes where needed and keep on working toward your business goals without losing sleep in the process.