Marcus Lemonis (The Profit) says there are three things you need to do to have a successful business:
- Have enough cash,
- Stick to your core competence, and
- Know your numbers.
I couldn’t have said it better. Here are three people who are going to struggle with business:
- I’ve got a great idea. Where can I find money?
That actually could be a great question, IF the person has experience and credentials to attract investors. Otherwise, if you try to start a business an unproven concept and not enough money the only thing that’s going to happen is the cash will disappear faster than you think possible.
- I joined an MLM, am investing in real estate, selling on Amazon and starting FOREX trading. ME: What experience do you have in those? …….answer = none. One word of advice – FOCUS!
- Me: I need your financial statements for your tax return. Answer: Long narrative that doesn’t have any numbers. Me: If you want a bookkeeper, I can refer you to one who is just $35 per hour or you can hire one yourself. You need a bookkeeper. Answer: Silence.
You need money. And to get that if you don’t have it, you’re going to need to have answers to questions you’re going to get (and that means numbers).
You need a core competence. That means starting with something and focusing until you are best in the world.
And you need to know your numbers. You need to know your annual numbers. You need to know your monthly numbers. And you need daily numbers (for bank balances).
We can help. Give Richard a call at 888-592-4769 and we’ll tell you how you can get fast, efficient bookkeeping done for a fraction of the cost.