A very important lesson was learnt on Sunday night’s episode of Shark Tank by a founder of Melbourne based startup WeTeachMe and that is, Know Your Numbers!
It is essential to track your numbers and know how your business is going, it is the best thing you can do for you business.
Why should I track my numbers?
- Do you want to be able to raise funds for your business? If so, you need to know what your revenue is and how much is coming in and out of the business.
- How can you keep yourself accountable if you aren’t actively measuring your performance? and further how can you be accountable to others (business partners)?
- How are you able to grow your business and make investments if you don’t even know whether you have any money available?
If you want to be a successful startup then these are the sorts of questions you should be able to answer straight away. Continue reading “Shark Tank – Why you need to Know your Numbers!”
What is the difference between a bookkeeper and accountant?
I recently attended the launch of Jack Delosa’s new book, Unprofessional, in which he talks about his experiences as an entrepreneur and business owner.
I was immediately drawn to his chapter on Knowing your Numbers as a business owner and the great decisions you can make when you have them. At Nudge, we love it when business owners and clients know their numbers to make great business decisions!
Jack outlines from his perspective as a business owner and business educator the types of people you need to work with to manage the finances of your business. A bookkeeper and accountant were two key roles that he viewed as critical in any business, no matter the size. I have used extracts from his new book as it gives his perspective as a business owner on how he views the different roles.
What is a bookkeeper?
A bookkeeper is someone who does the administrative and operational tasks that relate to managing the finances of the business.
Continue reading “Do I need a bookkeeper or accountant or both?”