Mar 3, 2021
Marcus Lemonis is famous for saying, over and over during many seasons of The Profit, “If you don’t know your numbers, you don’t know your business.” But what numbers is he talking about?
He’s talking about profit & loss, cash flow, and debt. He’s talking about your balance sheet - revenue vs. expenses. In reality, he’s talking about 6 or 7 numbers you should be aware of. At all times.
But we’re so very busy! And numbers are not our thing. Don’t we talk about having an accountant on our short call list for help because of this? Yes, we do. But it doesn’t take an accountant’s background to know if there’s more money flowing in than flowing out. As women, we don’t have the historical background in business ownership. Many of us were actively discouraged, in one way or another, from pursuing business ownership at all, nevermind the kind of financial support that many use to help a business get off the ground. It was only a few decades ago that women gained sole access to consumer credit. All this has caused us to be a little behind when it comes to our knowledge of financial support and the kind of projections and planning that can open another’s vault.
Listen in as Michelle and JoyGenea discuss the financial aspects of a business plan and the barriers, both internal and external, that keep women from knowing their numbers and knowing their businesses.