Know Your Numbers - 51/101 Entrepreneur Mistakes & Lessons

To continue my discussion about money: you've got to know your numbers. This is principle I must have picked up mid 2016.You've got to know how much money there is in the bank, how much you are making, what's the cost of everything, what is costing you what, and such. The more you can see and understand about your business, the more control you have over it.Understanding your businesses' finances is very important.Keep your business' finances on a short lease, all the time. You don't want you be losing money for no apparent reason.Review your balance sheet and bank account as often as you can. The more active your business, the more frequent you need to view your finances.If there are any places where money is being spent or wasted, then you need to figure it out and stop it.Finances and money keeps your business alive. The more you control it, the safer the business is.When you can understand how much everything costs and how much you are making, then you can make better business decisions.This is the same with your personal finances: you've got to know how much money is coming in and going out. The moment you stop looking, is the moment it may start to go out of control.You only need to get rich once, after that: you need to protect it.Question of the day: do you know your numbers?There are another 100 mistakes that I made here.