This is a message I saw recently that resonated so much with me and a phrase I now use on a daily basis.
I speak to so many Business owners who do not know their numbers and do not even see the importance of knowing, for most, it comes from fear, and for a few pure laziness.
The fear factor is feeling foolish or even inferior in front of your Accountant just because it’s a field of expertise you assume is so complex it’s beyond your understanding.
The laziness is having the Accountant and mistakenly thinking that you do not need to know, as it’s a once-a-year thing and as long as you’re making a profit it doesn’t matter.
Has it ever crossed your mind that your Accountant does not understand your business or even that your business is beyond their capabilities too?!
Have you ever sat down and explained the simplicity or complexity of your business to your accountant, do you even converse with them much?
You are trusting someone with one of the most important, key elements to your business without question…why…why would you do that?
Would you hand over the keys to your prized possession to a complete stranger and not question them…??
Your BUSINESS is that prized possession!
Your Accountant isn’t a God or a Guru that cannot be questioned or touched, you don’t need to bow down or curtail…YOU are the customer!
In one week alone I saw 3 different businesses with mistakes within their Accounts that could of cost them a lot and I mean a lot in TAX, and TAX that had the accounts been correct would not be due, but they would have blindly accepted those numbers as correct and without question!
I do not see this as the Accountants problem, I see it as the Business Owners problem for burying their head in the sand and not taking the necessary steps to actually know their own numbers!
Don’t get me wrong it’s not great having incorrect numbers, but Accountants are human too and they need feeding like you, and if you’re fed a bad diet then…well!!!
There is no excuse for not knowing the Financials of your Business unless of course, you don’t want to grow or build a good strong sustainable Business?!
You don’t need to be an Accountant and you don’t need a Maths GSCE or A-Level you just need to think about, cash and profit, you know how to make these so how do you do it?
I recently created a scorecard to help me understand the way Business Owners think about Finances and how much they know, the link is below, just give it a try…you get the results straight away and it will help you see where you are with your understanding…
And if you need help…well you know where I am ????