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I love being a small business owner. I have the freedom to make my own decisions, follow my own vision, develop an outstanding team, and make a difference in so many lives. This isn’t my first company, though – and although I’ve always had an entrepreneurial spirit, there are several things I wish I would have known years ago when I started my first small business.
As nice as it would be to reach our goals by simply wanting them, it just doesn’t work this way. Goals worth achieving are worth working for, even when things don’t go according to plan.
Ups and downs will happen. Plans will go sideways. People you thought you could depend on will fall short. Unanticipated challenges will arise.
This is where strong habits come in.
Nearly every small business owner I know shares one need right now: hiring the right people at the right time. This is no easy task, though, especially with today’s job market. There are a lot of different steps you can take to attract the top talent you’re looking for, but one you may not think of is the importance of knowing your numbers.
When you hear the word “forecast,” you probably think of the weather – and of how inaccurate weather forecasts can be. This is totally understandable! Forecasting in your business can feel the same, like you’re just making educated guesses and hoping they pan out… that is until you hone your skill of using your numbers effectively. That is when you can reach some incredible goals with confidence!
“Living on the financial edge” in business means not understanding your numbers and “hoping” that it all works out. It means there are times you aare rushing around dealing with cash crunches or trying to fix cash flow problems. There’s a better way!
Many business owners think of their Financial Team as the stewards of the company’s finances – the people who keep the books balanced and run reports. While it’s true that this is an important part of the responsibilty for this team, it’s definitely not the whole picture. Being strategic about building your Financial Team at different stages of growth is essential for the health and success of your small business!