“If you do not know your numbers, you are not in business- you are in a hobby” ~ Elaine Forbes-Daisley
THE Elaine Forbes Daisley- Virtual Accountant – Shares with us how to eliminate the frustration of bookkeeping and learn to make useful financial decisions.
1 thing is you must know your numbers
3 Questions you must be able to answer:
1.How much are you making?
2.How much profit from that money?
3.How much you must sell in order to make a profit?
“If you do not know your numbers, you are not in business- you are in a hobby”
What about investing in your business?
The problem with investing is that people do not know how to track the investment. Ask yourself if it is really making you money. If it is, what is the return on the investment?
Get into the habit of knowing your numbers.
- see exactly where you are
- marketing budget should be about 10% of revenue
- make sure you are investing in the right areas
Book recommendation: Profit First
It sheds a different light on how to run your business.
2 Do not get caught Co-mingling
Using business funds for personal expenses is a big NO. Because most small business owners do not know their numbers, they do not pay themselves and thus end up using business money for personal expenses.
3 Every business needs to do a financial statement every month.
It will help you see what you have, balance assets and income.
Connect with Elaine Daisley:
FB: Elaine Daisley FB group: Create Financial Solutions
IG: The Elaine Forbes
Twitter: Elaine Forbes
Linked in: Elaine Daisley
Get her workbook: Financial Planning Made Easy. A business building workbook or sign up for her QuickBooks online course.
Elaine Forbes is an Accountant, Author, Self-Publisher, and Business Development Strategies. She helps business owners and entrepreneurs eliminate the frustration of managing finances by creating simple financial solutions that help to grow, scale, and profit.
As a financial professional with over 35 years’ experience, Elaine helps her customer to understand that knowing the numbers and having healthy finances impacts not only business but the ability to provide for the family and the future. She provides several business services which include, business developing coaching, QuickBooks Setup, Cleanup and Training, and Virtual Bookkeeping Services.
Elaine holds a Bachelor in Public Accounting, Certified QuickBooks Pro Advisors, and several licenses in the Financial Services Industry.