Last week, I wrote an article for Shoe String asking whether the emotional attachment you have with your business is skewing your numbers? You can read this article here.
Some key takeaways that we think are really important for start-ups and small business to think about are:
- If the time and money that you have invested to date won’t help you achieve your goals, it’s time to change your approach. It’s like the saying, ‘don’t throw good money after bad’, make sure that you don’t waste your valuable time or money on something that won’t help you get there. Often, it can be quite emotional to admit that what you have done hasn’t worked. We like to see it in the way that you shouldn’t look at the past to justify where you are heading in the future.
- Build up a complete picture of your business and how it’s performing. This includes your numbers. Why? Because the numbers don’t lie and can’t be swayed by emotion. Plus, they will help you work out what doesn’t work quickly.
So use your numbers to help you make better and more informed decisions, including sometimes, the really hard ones.