You need a good set of books. Period.
When working with a new client, I typically start with 2 questions:
- Are you consistently getting financials reports on a timely basis?
- Do you believe the numbers you're looking at (i.e. are they reliable)?
Don't worry if you answered "no" to either quest...
In any business (that's any industry, any size, any product), there are generally only 3 ways to use profits:
- Buy more assets (with the intention of growing sales)
- Pay off debt and other liabilities
- Pay dividends to owners
Most finance pros refer to this mix of profit usage as capital alloca...
How do you know whether you have enough cash in your bank account? This is a common question in both business and personal finance. My guess is you're taking one of the following approaches:
- A random amount of money that "feels" right
- Don't think about it until you realize it's time to run payro...
Use visuals to spot trends and patterns
There are only 3 ways to convey information:
- Words
- Pictures
- Numbers
If we rank them from easiest-to-hardest-to-understand, then it probably goes: 1) pictures, 2) words, 3) numbers. So why are we exclusively using numbers to understand our financial po...
What are unit economics?
Today we'll cover a topic near-and-dear to every business owner – unit economics – we love thinking about how much we make on every sale!
What are Unit Economics?
Don't be fooled by the fancy term... unit economics are simply the profits you earn on a per-unit, or per-ser...
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