Business By Numbers: Get On The Right Financial Track NowMar 08, 2021
Properly managing finances is a make or break for many small businesses, but keeping tabs on where your money is coming and going can be difficult. To help get small business by numbers on the right financial track, The CoLab hosts Megan Marsh and Andres Munar are joined by Tom Ward, a longtime entrepreneur, founder of Majestic Mortgage Corporation and Mortgage ProfitAbility, and author of the book The Empathy Effect: Build Your Business —and Your Wealth—By Putting Yourself in Other People's Shoes.
Finances are one of the most important but challenging aspects of running a business. As a busy entrepreneur, it’s easy to overlook or focus on the wrong numbers and find yourself in a bind. It takes the right tools and resources to create a foundation for financial success.
In this episode, The CoLab hosts Megan Marsh and Andres Munar invite entrepreneur and business coach Tom Ward on the podcast to share his insight into how you can successfully manage your business finances and set yourself up for success.
Ready to dive in? Here’s what we’re covering in this episode of The CoLab:
- [03:12] Introducing Tom Ward, an experienced entrepreneur and business coach who specializes in profitability.
- [11:54] Knowing your numbers is critical in business. Think of it as a sport. If you know your statistics as an athlete, you know if you’re improving or regressing. The same principle can be applied to business.
- [19:14] There are three critical numbers you should know and understand when running your business: revenue, expenses, and profit/loss.
- [29:23] Entrepreneurs have a tendency to put themselves on an island. It’s a mindset where if they talk to anyone about their problems, they’re showing weakness. Instead, reach to others with questions and use their advice to strengthen your finances and your business as a whole.
- [37:10] As a business owner, you should get to know your numbers by reviewing your financial statements at least monthly. It’ll help you create baselines that you can use in the future to judge your business performance.
You can learn more about Tom’s book, The Empathy Effect: Build Your Business —and Your Wealth—By Putting Yourself in Other People's Shoes, by clicking here and his Mortgage ProfitAbility services by clicking here.