Why did you open your Westchester business? Many of us open our businesses based upon our individual passions, talents, and skills. Loving food and being a great cook can lead to a restaurant; a passion for the written word can inspire one to open a bookstore. Having an entrepreneurial drive doesn’t mean you love doing accounting work.
However, being a successful business owner turns out to be a lot easier when you have a good grasp of the financial side of your operation. There is certain information every Westchester business owner needs to know. At a minimum, you’ll want to know what revenues you’ve got coming in, what expenses you have, and how profitable your business is.
That’s a starting point. The more comfortable you are working with numbers, the easier it becomes to assess whether or not a particular decision is a good one to help you grow your small business. Should you carry this type of merchandise or that one? Is it a good idea to open a new location? How many employees can you afford to hire? Many times, small business owners try to make these decisions by ‘listening to their gut’ or ‘following their heart,’ but for consistently better results, you’ll want to look at the numbers first.
The more you know about your business, the better you’ll be able to run and grow your small business. Luckily, there are many software programs available now that make it easy to keep track of your business’s vital financial information. The time you invest in learning how to document and make use of your business financials will yield tremendous rewards.
Attend our FREE QuickBooks workshop on Wednesday, March 27th to learn the basics of working with QuickBooks. Register for free today!