Paint by numbers

There is a school of thought that suggests you will never use math in your life, post Matric. Granted, the

average person isn’t going to employ trig or calculus in their daily grind or while spinning on the hamster

wheel of corporate life. What is true and will place you in the best stead when you embark on your

entrepreneurial journey, however, is really understanding numbers and the ability to interrogate

business from a financial POV.

 

When it comes to operating costs, there are two line items that are fixed – salaries and rent. These two

elements are fundamental in any business and impact what needs to be achieved from a sales

perspective, to ensure that your business will end each month in the black or red. Unlike roulette, the

control and odds are fortunately in your favour.

 

In order for any business to be successful, you have to strike the balance between the following – sales,

operations, and marketing.

 

In a volatile business climate, companies are quick to chop costs and slash budgets. Marketing is usually

the first casualty of war, but it is imperative to resist the temptation as this cost centre provides you

with the ammunition to drive sales and support business objectives to make more money; our raison

d’être for going into business in the first place.

 

Business is mathematical. It is the science of formulating a team of doers that have a USP or

differentiator of an offering that will make your business more appealing to your target market than its

existing supplier. You then have to market yourself either digitally (mailers, SEM, social media) or

physically (networking, speaker events, cold calling), and finally you have to convert contacts into sales.

It’s a simple premise on paper, but something that many of us take for granted when we are in the

trenches. Especially for those of us who aren’t passionate about finance and accounting.

 

#BusinessHack ensure you become shit hot at your own business finance. This will be your greatest

strength on the business front. Empower yourself with software that will streamline your financial

processes. We use Sage One (here’s the Accounting Free Trial Sign-Up Page) and the reason I agreed to work on this sponsored piece of content. For those of you looking for a Payroll solution – Payroll Free Trial Sign-Up Page

 

I am a better businessman today than I was 12 months ago because I have a better understanding of the

financial structure of my business, our margins and what we need to achieve not only on an annual basis

but on a month to month execution too.

 

Once you get your head out the sand and empower yourself to understand the math of your business,

you’ll be amazed at the reduction in blind spots that will exist within your organisation.

 

2016 is going to be a tough year, but how are you going to continue to be brave and differentiate your

offering from your competitors? Let me know in the comments’ section or via twitter @MikeSharman

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