Today we’re going to be talking about embracing ‘the suck’ in entrepreneurship, and what many business owners consider to be ‘the suck’ is numbers. While 40% of small business owners state that bookkeeping and taxes are the worst part of owning a business, we believe that this is key to your business’s success, and that not knowing your numbers is the silent killer of small businesses. In today’s episode, we discuss some of the mistakes we made in the early years of entrepreneurship and what lessons we learned the hard way when it comes to budgets, taxes, and knowing where we stand. We talk about how hiring a tax expert can help you save money, why you need to determine where you are before you can understand where you’re going, and the importance of running cash flow positive. To find out which numbers you absolutely have to know as a business owner and other helpful tips, resources, and business growth hacks, tune in today!
Key Points From This Episode:
“What I learned is that [the IRS] is not as scary as you think, as long as you talk to them. If you try to hide in the corner and hope that your problem is going to go away, it’s only going to get worse.” — John Kelley [0:08:10]
“Before you even make a plan on where you’re going to go, you need to realize where you are because that’s going to determine the steps you need to take to get to that goal that you’re setting or to even determine what the goal is that you’re going to set.” — John Kelley [0:13:19]”
“I think that’s the biggest importance of knowing your numbers, if you want to grow, you want to scale, you’ve got to understand where you currently are.” — @abrockenbush [0:13:42]
“I think the bottom line in today’s episode is if you take the time to sit down, understand your numbers, and spend some time looking at that profit and loss report, that really is your best friend as a business owner.” — @abrockenbush [0:29:21]
Links Mentioned in Today’s Episode:
Andrew Brockenbush on LinkedIn