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David Brown

Losing Money Because You’re Bad at Numbers? Here’s How to Change That

There’s no reason why you can’t improve your math acuity.

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UNDERSTANDING NUMBERS DOESN’T come easy to many people. According to Yahoo Finance, over 90 percent of Americans suffer some level of math anxiety. That’s an incredibly high number that can contribute to an inability to grasp information that may make a difference in your life.

One of the most obvious for a business owner is their KPIs and financial statements — a source of much information about a business’s performance that can go neglected if not fully understood. It’s easy to see why anxiety around math can quickly lead to a failure to recognize financial issues within a business that can cause long-term problems.

Thankfully, there are opportunities to improve your knowledge and overcome many of the fears that stand in the way of you getting the most from your financial statements. Here are a few suggestions of things you can do to help.

Talk to your CPA. As someone who “gets” your numbers, your CPA can be one of your best sources of interpretation for your financial accounts. They can interpret much of the information for you, helping to sort the superfluous numbers from the ones that really matter.

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Do a night course. Education doesn’t have to end when you leave school or college. You may have struggled in your teenage years, but you now bring the benefit of life experience, maturity and purpose to the issue of understanding numbers. You may be surprised how easily you can pick up many of the things that left you baffled before.

Watch YouTube videos. Education doesn’t even have to take the form of formal paid training. The internet is awash with those who are willing and able to teach you what you need to know, often for little or no cost. A thorough understanding of numbers and business performance can be simply a click away at the end of your mouse.

Subscribe to an online course. If the idea of traipsing out on winter nights to a cold classroom doesn’t appeal, then why not do an online course? Some are run by accredited training institutions that can provide a qualification. Others are just online entrepreneurs with a passion to teach. Either way, they can help you through the process of making your numbers speak to you in a way you understand.

Understanding financial statements can be intimidating, but as a business owner, it’s an area you can’t neglect. Take the time to educate yourself fully and enjoy the rewards that it can bring you.

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David Brown is the President of The Edge Retail Academy (sister company of The Edge), who provide expert consulting services to help with all facets of your business including inventory management, staffing, sales techniques, financial growth and retirement planning...All custom-tailored to your store’s needs. By utilizing the power of The Edge, we analyze major Key Performance Indicators that point to your store’s current challenges and future opportunities. Edge Pulse is the ideal add-on to the Edge, to better understand critical sales and inventory data to improve business profitability. It benchmarks your store against 1100+ other Edge Users and ensures you stay on top of market trends. 877-569-8657, Ext. 001 or [email protected] or www.EdgeRetailAcademy.com

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Thinking of Liquidating? Wilkerson’s Got You Covered

Bil Holehan, the manager of Julianna’s Fine Jewelry in Corte Madera, Calif., decided to go on to the next chapter of his life when the store’s owner and namesake told him she was set to retire. Before they left, Holehan says they decided to liquidate some of the store’s aging inventory. They chose Wilkerson for the sale. Why? “Friends had done their sales with Wilkerson and they were very satisfied,” says Holehan. He’d enthusiastically recommend Wilkerson to anyone looking to stage a liquidation or going-out-of-business sale. “There were no surprises,” he says. “They were very professional in their assessment of our store, what we could expect from the sale and they were very detailed in their projections. They were pretty much on the money.”

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