The Big Cost of Ignoring This Little Thing in Your Business!

author/source: Donna McPherson, CPA

Photo Courtesy of Annie SprattHave you ever felt like you're running on a business treadmill? You're hustling hard, pouring your heart and soul into your business, but when you check your bank account, the numbers seem to mock your effort. It's as if there's a leak in your financial bucket, and no matter how much you earn, it's never enough. Today, I want to highlight a "little thing" that might be slipping under your radar – your financial numbers.

Why Your Numbers Are a Big Deal

Imagine steering the ship of your business through the tumultuous entrepreneurial waters. Now, picture doing that without a compass. Sounds daunting. Right? That's precisely what's happening when you're not in tune with your financial numbers. It's not just about glancing at your bank balance occasionally; it's about understanding the intricate story those numbers tell you. Then, take appropriate action.

The Dangers of Financial Fog

Navigating your business without a clear grasp of your financials is akin to driving with a foggy windshield. You might be moving, but you're courting danger with every turn:

●      Money Leaks: Think of your business as a bucket filled with your hard-earned cash. Now, picture that bucket riddled with holes. That's your business losing money on non-essential expenses.

●      Gut-feel Decisions: Relying on intuition rather than concrete data for business decisions is like wandering through a maze blindfolded. It's an adventurous strategy until you hit a dead end.

●      Growth Stagnation: If you're unaware of which products or services are your true profit drivers, chances are you're missing out on profit opportunities. This oversight can stagnate your growth, keeping you from realizing your business's full potential.

Despite your best efforts, if you're not literate in the language of numbers, you're essentially navigating without a map.

Photo Courtesy of Austin DistelFlipping the Script with Financial Clarity

Now, let's envision a more optimistic scenario – one where you have a lucid understanding of your financial landscape:

●      Skyrocketing Profits: Identifying your most profitable areas allows you to channel your resources effectively, uncovering hidden money within your business.

●      Streamlining Like a Boss: Eliminating unnecessary expenses enhances operational eciency, bolstering your bottom line.

●      Making Smart Moves: Armed with accurate data, every decision you make propels you closer to your goals, ensuring your business's sustainable growth.

Taking Control of Your Financial Destiny

Now that you better understand the importance of financial numbers, the time to passively observe your financial journey must be a thing of the past. You can forge a deep connection with your numbers, steering your business towards the prosperity you've dreamt of.

Suppose you are ready to dispel the financial fog clouding your vision. In that case, you can take steps to navigate toward a future where your financials are transparent, allowing you to make informed, strategic decisions.

Don't let uncertainty dictate your business's course any longer. Embrace the clarity of understanding your financials and watch as new opportunities unfold before you. If you need help figuring out where to start, remember you're not alone.

Help is available, and you can begin now by saying goodbye to guesswork and hello to strategic, data-driven decision-making. Your business deserves to thrive, and with the right financial insights, it will.

Need help? Book a call with me and learn how to increase your financial understanding, turning potential pitfalls into opportunities for growth.

Cheers to empowered and knowledgeable business decisions!

Donna McPherson, CPA

Profit Strategist and Fractional CFO

Donna McPhersonBIO:

An experienced Corporate CFO of 13 years, Donna uses her background to help business owners understand how to leverage their resources to grow their company. Through her refreshingly pragmatic approach to planning, budgeting, and money management, they can achieve the business success and personal income growth they are working so hard to realize.

former brick-and-mortar business owner where she exited with a 300% ROI, Donna knows firsthand how important it is to lay the right foundation to achieve long-term business success. It is one of the reasons she focuses on helping entrepreneurs set up their businesses with their end goal in mind.

There is no shortage of coaches and consultants promising to help you build six, seven, and even eight-figure businesses. However, making money is not the same as having money. If you are looking to grow your company’s profit as well as your personal income, Donna will provide the strategies, guidance, and support you need to realize your vision. 

Donna is the author of the book, “The Price of Fake is REAL – How to Stop Pretending & Gain Real Business Success”. She is also the author of the LA Nov 2020 article, Can anyone become an entrepreneur?