The team at Propel Business Group have been working together for over 20 years. During that time we have worked with hundreds of business owners to help them grow, adapt and succeed.
After giving advice to such a vast number of private family businesses across a variety of industries, we came to realise that most business owners simply just don’t know enough about their numbers, especially the critical ones.
It doesn’t matter what stage of the business cycle you are at (a start-up, a business experiencing rapid growth, a business nearing exit), you need to take the time to thoroughly review and understand what your numbers are telling you.
It may not be your most favourite function or activity, but here at Propel Business Group, we know it is imperative to keep a close eye on the critical numbers that can help you predict the success of your business.
Here are a few tips we have noted down for you to read:
- Start with a budget: This will force you to plan ahead and balance how much money you are bringing in versus how much money is going out.
- Get a good accounting system: Make sure it’s online, automated and user friendly. Our firm recommends Xero and MYOB for most businesses. It’s cost effective and will give you the numbers you need.
- Create the habit: With a small amount of discipline you can create a new habit that requires little effort to maintain. Set time aside on a regular basis similar to an external appointment with a client or supplier. Accountability is key.
- Speak to your accountant: We love numbers! We welcome hearing from you and will have the necessary skill set to arm you with ammunition you need to succeed.
The point of knowing your numbers is to know your business on a more intimate level. This will lead you to making better decisions, faster, letting you react promptly to any changing business environment and, eventually, lead to you realizing the rewards of a highly successful business – your own definition of success.