It’s all about the numbers.
Up until now in OnRamp, we have been focused on the value we are creating in this world for our customers with our products, services, and platforms. As founders, we are mission-driven and we focus on how we are going to help others and our communities. However, your hard work needs to pay off at some point if you’re still going to be putting in the long hours and effort to make your idea happen. In the simplest of terms, your business is a cash factory. If I put money into this business, does more money come out at the end of the day? If you’re seeking outside investment, this is even more poignant. Can you make your money in your business work so that it not only grows your revenue, customer acquisition but eventually gives you the returns and payout you are targeting for yourself and investors?
As owners and founders, you can answer these questions with actionable data but you need to have a pulse on your accounting, profits and losses, cash balance, cost of goods sold, and key revenue drivers. Even if you’re not a “numbers” person, you’re doing a disservice to yourself and your business if you’re not looking at these metrics regularly and making the effort to learn more about them. Your financials tell you if your business is healthy and growing, or getting sick and needs attention.
Financial services are easily outsourced even at an early stage to accountants and bookkeepers and you should seek professional services to do things accurately. They play a huge role in your company’s foundation. However, there is no better feeling as a business owner when you understand this language yourself. That way you have control over your company’s destiny.