There is NO way around it. If you don’t include your desired % of profit and determine and include a % for business growth in your mark up, you will have a very hard time creating a sustainable business. You MUST plan for profit and for growth or it likely will never happen.
Numbers - You Either Love Them Or You Hate Them: To get ahead of your numbers, you will need to understand the basics of your spreadsheet. This sentence may be enough to send you clicking onto pretty pictures of French Bulldogs on Pinterest. Don't. Stay with me.
Spreadsheets Are Your Friend Spreadsheets are merely a framework that organizes your numbers and provides important decision-making data. Once your spreadsheets are set up correctly they run on their own and as long as you are up to date with your data entry, you will get a great deal of feedback from them about your business.
Spreadsheet Software Sounds Expensive The most commonly known and used spreadsheet is Microsoft Excel. If you don't have access to Excel and you don't have the money to buy it, Google offers a free version that is comparable to Excel, Google Sheets (and other Office products too). All you need is a gmail account and you are set.
You Don't Have To Be A Financial Or Database Wizard
If you are looking to understand spreadsheets I have 3 excellent resources for you:
· Fred Pryor Seminars are great. They offer workshops face-to-face. Seminars are one day, 9-4 and cost $79. They are offered around the country at various hotels and conference centers.
· Skillsology offers an Excel Basics online course for $39/year. They estimate you will need 4 hours to complete the course. The Advanced Excel course is $65/year.
· LinkedIn offers LinkedIn Learning for LinkedIn members. Membership to LinkedIn is free. LinkedIn Learning offers a free Month. There are many Excel courses available. Read and understand the fine print before you commit.
Still Not Comfortable? The best part of being an entrepreneur is that YOU DECIDE WHAT YOU WANT TO DO and you can outsource the rest. If you don't like the numbers, find people who do. There are a variety of bookkeeping, accounting, business analysts and coaches that will love to help you.
The Take Away: Yes, you need to understand your numbers. No, you don't need to do your financials. Investing in experts allows you to invest your time doing what you love.
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