ukbm news

Turning Numbers into Profit

Written by Mark Roblett on .

A picture of a laptop showing data

Exciting numbers

When have numbers ever been exciting? When they help you get what you want. They are key to you knowing what is going on in your business and how you might plan what the future looks like.

Do you see a regular profit and loss statement? How about monthly management accounts? Do you know how many new customers you have gained in the last 6 months? Are you aware of how successful your marketing and new lead generation is? and what those leads cost you? Gross profit margin? Come on level with me, a lot of SME business owners will say ‘don’t know’ and as a Business Mentor that’s commonly what I find.

The reason is always the same, you are too busy looking after the day to day running of the business and anyway isn’t that something your accountant does? Well not really, let’s break this bit down. Your accountant will come in at the end of your financial year to collect all the information your business has generated. Then work through it so you can comply with the law and produce a set of mandatory accounts. A nice cup of tea with your accountant once a year a quick chat about the price of carrots- really what difference is that going to make to your business? Well, nothing zip zilch nada. Those figures are now from the past. As a Business Owner, we are not interested in that, we need to know about today, and even more important the future.

So back to making the numbers exciting.

If we have the right systems in place and we are recording our activity weekly, monthly, guess what? We have a really accurate set of numbers now.

Why are they exciting? they are a true representation of what is going on in your business in the real world. We can act on these numbers we can see patterns, changes, increases. We are not leaving anything to chance because we now have the facts at our fingertips to make informed decisions about the path of our businesses. Still not convinced? Well, when your business starts growing and you can see the profit margins increase with it surely that becomes a lot more interesting? So much so that by default those gradual increases in growth and profit help take your business forward. Making it way more attractive when you eventually want to sell it. Now that is when the numbers get very exciting!

Numbers are a very common hurdle we see business owners ignoring thinking it is a dark art. Nothing could be further from the truth. As with anything in life, it's easy when you know how. A good Business Mentor is there to help you do the things that are going to make a difference to your business and ignore the ones that are not.

If you would like some help making your numbers exciting, or indeed any aspect of your business, then please get in touch.

I offer a complimentary mentoring session so that you can experience how it feels to have the benefit of another pair of eyes viewing your business.

Visit our YouTube Channel.

Book your complimentary mentoring session today
Copyright © 2024 UK Business Mentoring Group. All rights reserved.
Website Design & Development by Beyond Your Brand
This website uses cookies to ensure you get the best experience on our website. Read our Privacy Policy to find out more.