Financial management is, for most business owners, something that is never done well or at all. Knowing your numbers has been the take home lesson for a lot of the contestants on the Mnet Shark Tank programme. You can read some of my comments on the various presentations.
There are many business owners, who just do not know their numbers and if they do, do not know how to use them effectively to make management decisions based on their interpretation.
Here is a short check list for you to do a self-assessment:

  1. Do you know your turn-over figures for the last 6 months?
  2. Do you know the comparison to last year actual and this year budget figures?
  3. Do you know your break even points per product category?
  4. Do you have a budget for the New Year that reflects actual trends and seasonality variations?
  5. Do you know your; net profit ratio, working capital ratio, stock turnover rate, debtors turnover rate or your cost of sales values?

If any of these are foreign or even vague to you, please add financial management to your personal development plan for 2017 and get in the driving seat of your business. It could just be the thing you and your business needs to survive the next 12 months.