This is episode number seven, in a mini-series of 11, focusing on the top mistakes that female business leaders make that prevent us from making $1 million plus in our business. Today we are talking about the financial knowledge mistake.
You know, we absolutely can do this, we can absolutely push forward and move our businesses to the next level. But we have to understand the barriers that are in our way, either mentally, internally, or the things that we’re just not seeing externally that are holding us back. Now it’s one thing to be afraid to make money, which we have to overcome. But it’s another thing altogether to take that fear and let it prevent you from learning the key fundamentals that you have to have in order to successfully run a business.
If we can agree that money is a tool, then now you have to accept the fact that you have to learn how to use that tool effectively in your business. You cannot avoid, ignore, or shy away from gaining the financial knowledge you need to successfully run a business.
Running a business doesn’t require an MBA, but it does require a basic financial knowledge base in order for you to then set financial targets, underrstand how much revenue you need to cover expenses, or create a list of investments that have to occur once revenue starts to come in. Basic financial knowledge will allow you to successfully navigate these pieces and naturally grow your business as a result.
If you are avoiding this part of your business, if you are not learning the basics regarding business finance, then you aren’t setting revenue targets. If you don’t have clear revenue targets to aim for, measure against, and achieve, this is what is preventing you from generating the million dollars plus in your business.
So ask yourself today, do you have a solid understanding of key financial components such as revenue, profit, expenses, investment strategies, etc.? If you do not, learn it. Do not let this hold you back.