Dylan VanasFounder & 2x 8-Figure Entrepreneur Empowering Growth

You Need To Understand Your Own Business

Name: You Need To Understand Your Own Business
Uploaded: 2023-09-03T22:30:08+00:00
Duration: 48 s
Channel: Dylan Vanas
Description: Dylan Vanas explains why business owners must understand their own financials, not just hire someone to handle them. You need to know the difference…

3 Sept 2023 · 1 min

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0:48

Dylan Vanas explains why business owners must understand their own financials, not just hire someone to handle them. You need to know the difference between profit and cash, track numbers monthly in a spreadsheet, and measure true profit, not just revenue.

Chapters

If you're going to have and run a business, if you don't understand accounting, you're already behind the eight ball. Can't you hire a guy that knows how to do that? But then they still have to communicate to you. There's people that don't understand the concept of, you know, the difference between profits and cash.
I ran businesses for literally years without understanding my numbers. And knowing your numbers is one of the most important things because you could literally be making hundreds of thousands of dollars a month and be losing money. And so if you don't have the ability to look at your financials and actually know what's going on, start there. Start when you're running a business early on. Run a spreadsheet every month. Look at how much money not just came in, went out, but how much you actually profited. At the end of the day, businesses are not in business for charity. They're in business to make one thing, and that's a profit. I know your numbers and make sure that you're profiting every single month as a business owner.