A short YouTube monologue (by Mark Evans DM) urging small-business owners to learn basic financial/accounting concepts rather than operate in fear or ignorance. The speaker challenges owners who avoid paying for bookkeeping or accounting, highlights unfamiliarity with terms (P&L, assets, accrual vs cash basis), and frames prolonged lack of financial understanding as living a high-paying job disguised as a business.
Start asking yourself when you're doing these tasks daily. Some of you guys are doing accounting still, bookkeeping still, if you're even doing it. But you say you do it because you don't want to spend 250 or $500 a month to have a basic general idea what's going on. This is why you operate in fear. Because you have no clue what's going on. You don't even know what P and L stands for. You don't even know how to read it. A basic one. You don't know if you have assets. You don't know if you have any income coming in. Are you on accrual? Are you on cash basis? There's a lot of things, some of these words I just use. You might even not know what the hell they mean. And you've been in business for 15 years, yet you are not really in business. You have a high paying job disguised as a business. So you can tell all your friends that you're doing cool. But secretly, when you lay your head down on that pillow at night beside your spouse, you know damn well that you're not doing exactly what you need to do.
