Are You Operating in the Dark Without Your Financials?
Blind faith can be a wonderful thing if you’re buying a lottery ticket, but it can be dangerous if you are relying on it to operate your business safely.
Closing your eyes to the financial reality of where you are at and letting your business run itself — without clear key performance indicators from your financials (KPIs) and a business plan — is asking for trouble.
Your financials are the engine that drives your business forward. Your financial statements — and the KPIs you glean from them — serve as the dashboard that lets you know if you are heading in the right direction. Ignoring the gauges and warning lights in your financials is akin to sitting back and simply waiting for the inevitable crash to happen in your business.
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By Elaine Bergman 29 Jul 2013
Great article – nice to see you back writing for MYOB again. I first saw you on stage talking about profit and cash flow in 2010 with MYOB. I loved your presentation – very practical and helpful.
By Mark Massey 30 Jul 2013
I agree it is crazy but why do so many business owners do it? I am a business coach and it blows me away how many entrepreneurs have NO IDEA where they are at financially. They can’t even answer basic questions about their KPIs. No wonder so many of them struggle…