Reports and Numbers
Being a business person, one need to learn to master the language of business, which is accounting. Though many business owners do not have any finance or accounting background, it has become a must for them to have a minimum level of understanding in the said area.
Being able to control the business simply means, able to provide and translate all related numbers in the business towards a business action and decision.
The culture of communicating progress and performance via reports is among the ways of having a solid organisation which has its compliance, system and procedures in place.
A business owner must:
1: Know what’s going on in the business financially.
2: Keeping the business operation profitable.
3: Spending money as optimum as possible.
4: Aware of the busiest time in the business.
5: Make decision fast based on the reports.
Back in year 2010, in my 3rd year of managing a franchise business, I remembered the struggle to sit and learn on how to read all the figures in the financial report.
While being a person with no finance and accounting background, I was lucky to have the exposure of working with an extenal accountant alongside with a Company Secretary who has the same sets of skills.
With that, I do understand the struggle and believe that any business owners will be able to make the change, once he decided to.
All the best!
