Just started with a new client, a plumbing business. The business is not going well and one of the major reasons is the lack of 'financial mastery'.
What is it'? Financial Mastery is fully understanding business financials, regularly obtaining financial reporting, data and key financial indicators, reviewing, analysing and tracking how your business is progressing in relation to profits and cashflow, so you make timely and informed business decisions and can take appropriate action.
It’s about having’ a reliable and competent system that measures your financial results and activities.
So many businesses do not have full mastery of their financials, yet it relatively easy to set up. Once it is set up, it is simple to maintain.
Financial mastery is one of the most important areas of having a successful and profitable business.