Swallowed By Sharks
When the numbers don’t add up, even the best business ideas get swallowed by the investors on “Shark Tank.” It’s one of my favorite shows, and it can also teach us a thing or two.
Numbers, something learned so early in life, are also crucial as an entrepreneur.
So, what numbers should you know about your business? Below are some of the FAQ from the investors on the show that are relevant to small business owners:
1. What are total sales the business has, to date?
2. How much does it cost to produce the product or perform the service?
3. What are your expenses to acquire customers?
Knowing these figures gives you, the small business owner, an idea of how long your business can last. You can also gain insight to the health of your business by checking these accounting numbers regularly.
Float on top of the water instead of drowning in the shark tank!