Some things are best left to the experts…
A gourmet meal prepared by an experienced chef.
A fashion shoot styled by a professional stylist.
A living room designed by an interior decorator.
If you aren’t a chef there isn’t much worry if you never learn how to cook. Same with the other scenarios. These are specific jobs, talents and skills.
The one area you MUST understand, the one thing you NEED to know, the one responsibility you better take on, no matter what kind of business you run is your NUMBERS.
I talk a lot about money. You’ve heard me say, “It’s only money.” It’s a tool, an energy source, to get you to that ultimate desire or goal. It’s what you need to make it happen. And if you aren’t immersed in those numbers every week, you are in very, big trouble.
Every Monday is money Monday for me. I come into the office early to look at finances. And yes, I do have experts around me (accountants, etc) that help me understand and analyze, but I have made it a point to know everything that is happening in my business with respect to finances. And you should, too. I learned early on from my father to take out a piece of paper and run the numbers. Whether my business was small or whether it was well over a million dollars in sales annually, I could, and I do, take out one piece of paper and run my numbers. I understand where my business is financially.
I’ve spoken to many women business owners who don’t handle their own money. They let their husbands, partners, professionals handle it. Because for some reason men and money seems like the right thing. I’ve heard excuses like, “he’s better at math,” or “he handles our household finances, so I figured it made sense.” There is of course also, “my bookkeeper or accountant handles it, I will check with them.”
Or, they pass it off to a VA or other support team member to handle and before they know it, they have distanced themselves from one of the major components of their business.
Listen, there is no problem asking for help. You should. But you need to be as involved in your financial processes as possible. Know your pricing, your expenses, know what you pay your team, know who owes money and who is paid in full.
If I’m on a call with someone, and they mention they are sorry they are late on this month’s payment and how much do they owe again, and I have no clue, how does that make me look? Like a very disinterested and out-of-touch owner.
You don’t need to be the one at the bank or online paying the bills, but you better know exactly what is happening with the people who are. It’s your responsibility.
Tell me on the SSC Facebook or LinkedIn page how you’ll commit to financial education this week?