As a business owner, you need to know what “good numbers” and “bad numbers” are in your business. 

What constitutes doing well (and not doing well) in your business?

There are a lot of numbers floating around your business, but how do you discern what’s good and what’s not? How do you know you’re headed in the right or wrong direction? 

Part of owning your numbers is having your financial reports available to you on demand, and that translates right into understanding your numbers. If you have analytical horsepower within your financial function (something we offer at TurboExecs), you have a person who can give you the answers to your “why” questions about your numbers. They can explain why your numbers are so low or so high, why numbers have changed against trends and benchmarks, etc.

As the business owner, you just keep asking those questions. That’s how you drill down and understand what the drivers are for your performance and operations. 

The numbers tell a story about your business. It’s up to you as the business owner to understand that story and change the trajectory of it as needed. You can do that when you’re able to look at the trends and the numbers versus various benchmarks. 

Listen to TurboCharge Your Business on the International Business Growth Network or wherever you get podcasts and gain access to even more great resources at https://turboexecs.com/turbocharge. 

TAGS: finances for business owners, financial intelligence, understanding your numbers