5. Accounting - Making sense of the numbers that matter

Feeling overwhelmed by financial reports? Wondering how to use numbers to truly drive your business forward?

In this episode of "The Business You Really Want," hosts Gwen Bortner and Tonya Kubo break down the often dreaded world of accounting. They tackle the myths that hold business owners back from understanding their finances and explain why knowing your numbers is crucial for sustainable success.

Here’s what you can expect in this episode:

• 2:12 - How accounting functions as your business' scorecard
• 3:12 - Discover the 3 key pillars of a successful business
• 5:45 - Why you need to look at your financial reports yourself (even if you have a bookkeeper or accountant)
• 9:18 - Which reports matter most (based on business model)
• 16:44 - What most CEOs fear when it comes to finances
• 21:77 - How to use financial data to inform business decisions
• 28:05 - What to do if you're ready to face your finances

Key Takeaways:

• Learn why understanding your financial reports doesn’t require advanced math skills.
• Discover which reports you should be paying attention to based on your business model.
• Understand how to spot patterns in your financial data to predict future business performance.
• Learn how to use financial data to make better business decisions and avoid common pitfalls.

Ready to make sense of your numbers? Try this:

• Start by reviewing your profit & loss and balance sheet reports monthly.
• Look for patterns and trends that can inform your business decisions.
• If you’re struggling to understand your numbers, seek help from a professional who can explain them in a way that makes sense to you.

If you enjoyed this episode, please subscribe and leave a review.

Also, be sure to check out Episode 6, where we explore how to make the most of your most expensive and valuable resource - your people.

Have questions? Email Tonya at [email protected] to potentially have your question featured in a future episode.

Mentioned in this episode:

Profit First by Mike Michaelowicz - https://mikemichalowicz.com/profit-first/

Have questions? Email Tonya at [email protected] to potentially have your question featured in a future episode.

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Connect with Gwen:

LinkedIn: www.linkedin.com/in/gwen-bortner/

Connect with Tonya:

LinkedIn: https://www.linkedin.com/in/tonyakubo/

Facebook: https://www.facebook.com/AuthorTonyaKubo

Instagram: https://instagram.com/tonyakubo

Twitter/X: https://x.com/tonyakubo

Threads: https://www.threads.net/@tonyakubo

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