If you’ve ever seen the TV show “Shark Tank”, you know how import it is to know your number. Entrepreneurs on that show are told time and time again they must know their number of everything.
They look dumb when the sharks ask them about their sales, profit margin, sell through, etc. and they don’t know. Like the sharks say, if you don’t know your numbers, you don’t know what’s going on in your business. If you’re the founder, a partner or CEO, then it’s your job to know all that. You can’t delegate that responsibility. It’s up to you. I discuss some of the numbers you should know in this episode.
What numbers do you track each month? Post below.
0:00 – The importance of knowing your numbers
0:40 – KPIs (Key performance indicators)
1:00 – How do you know if you’re succeeding?
2:05 – “What gets measured gets managed” – Peter Drucker
2:40 – The importance of managing cash flow
3:20 – The “D-Day” number
4:35 – Face reality to know the true health of your business