Ignoring your financials can be costly. Read this book to get a grasp of all things money related in your business.
If you hate accounting and bookkeeping and keeping up with money, the way it will generally manifest itself in your business is, you will accumulate all your receipts and give them all to your accountant once a quarter or at the end of the year. Or, you’ll potentially have your accountant do everything for you, and you’ll hardly ever look at your books, never looking at your PNL. You’ll pretty much ignore all things money. You know you should look at them. You’ll look here and there, but you really don’t keep an eye on things. You’ll check the bank account to make sure you have enough money. If you do, yeah, you can pay that bill. You will just expect your accountant/bookkeeper to straighten everything out for you later.
I totally understand. That’s how many, many business owners are. It’s not the most fun side of the business, and for many, it’s a confusing side of the business, which is another reason why so many of us dislike it. It’s confusing. There’s a lot of stuff to know and learn and be good at, and it’s just easier to delegate it off to somebody else. I do think it’s wise, when that’s not your area of strength, to delegate it. But, you as the owner, as the individual that wants to grow a big, highly profitable company, there’s quite a bit you do need to understand, even if you delegate it. There’s a lot you really have to understand. No matter how much you hate it, you can’t completely ignore it. It’s pretty close to the most important part of the business.
I want to make a recommendation, and I might have recommended it before. It’s called, “Simple Number: Straight Talk, Big Profits”. I’ve recommended it to so many people, that I could have recommended it to you, and you might have heard of it. If you haven’t already bought it, if you haven’t already read it, I really recommend you do. I feel like this is that accounting book that isn’t accounting speak. It doesn’t feel like you’re going to a college accounting class. It doesn’t feel like you’re reading a dry, boring accounting book. This is the book that most people can read and understand, and many that I’ve recommended to, said it’s fantastic. Many that I’ve recommended it to, that would never read another financial book, found it to be highly valuable, and got a lot from it.
Check out this book. I’m thinking you’ll find that it makes you a better business owner or smarter business owner, a better employer, and you’ll make more money, because you do it. If you haven’t read it, read it. If you hate reading, get it on Audible. If you love the book and you want to go through it slow, buy it on Audible, buy the hard copy, go through it and make notes, and do both. The more you listen to something, the more you’ll absorb it, and so going through this one three, four times over the course of a year, would be totally worth your time invested. You’ll be happy you did. Hope that helps.