What are the key numbers to know in your business?
Why might you need to know them?
Because when you’re clear on your goals and you monitor and understand your company’s numbers, you’re better placed to achieve those goals, whether that’s to increase your sales and profits, get investment or sell the the business.
As Bob Parsons, the founder of GoDaddy, listed in his 16 rules for success:
Anything that is not managed will deteriorate.
If you want to uncover problems you don’t know about, take a few moments and look closely at the areas you haven’t examined for a while. I guarantee you problems will be there.
Some numbers to know relating to your business:
- Cash flow
- Costs – both regular and one-off
- Net income
- Margin
- Profit & loss
- Your closest competitors’ turnover
- Sales
- Price points
These don’t have to be double Dutch. If figures aren’t a strength, get the help from someone who’s more comfortable with them.
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