Knowing Your Numbers: Three Key Dimensions Every Entrepreneur Should Focus On

As entrepreneurs, we always get this advice that we need to know our numbers, right? I want to be clear, this advice isn't suggesting you memorize your exact numbers. Yes, we should know some of these things, especially in a product-based business, but I want to talk about the three different dimensions where you should be focusing your attention if you're looking to get to know your numbers a bit better and to start using them to your advantage.

It's really not enough to just categorize your transactions in QuickBooks! A lot of folks assume that getting to know your numbers means getting QuickBooks, making sure you're going in, allocating your transactions every month, maybe you're reconciling your bank statement. Cool box checked, I'm done. Not quite, it doesn't really mean that you have any ownership or mastery of what those things are telling you. Tune in to learn more about the three dimensions and what they mean for your business!

What you'll hear in this episode:

[3:20] What is performance?

[6:25] What is compliance?

[8:05] How to drive results in these different areas.

[10:10] Strategy: the needle mover.

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* Related episodes:

216. The Most Undervalued Trait of an Accountant

232. Growing Your Side Hustle with Nick Loper

239. How Do I Break Up With My Accountant?

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.