Know Your Number - know your business – Trajan King

Know Your Number – know your business

K

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.

Timestamp:

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

Related:

Vanity Metrics get you nowhere. What numbers should you track?

What metrics should you be tracking?

About the author

Trajan King

Hey hey. I'm Trajan. I'm a minimalist entrepreneur who loves exploring the world (42 countries), learning new things (7 languages) and trying to get better every day (working on my backsquat).

I write about entrepreneurship and building an optimized and happy life through systems, good habits and scientific research.

Join me and we'll discover how we can build businesses we can be proud of.

By Trajan King

Trajan King

Hey hey. I'm Trajan. I'm a minimalist entrepreneur who loves exploring the world (42 countries), learning new things (7 languages) and trying to get better every day (working on my backsquat).

I write about entrepreneurship and building an optimized and happy life through systems, good habits and scientific research.

Join me and we'll discover how we can build businesses we can be proud of.

Recent Posts

Get in touch

We'd love to hear from you!