As an owner of a business, you are familiar with budgeting, crunching numbers, and doing all the things that come with a company’s finances. What you may not realize, however, is how important your financial analysis is for your business. By analyzing your financials, you can identify trends, see what SKU has the worst margin, know when your expenses are getting out of hand, and make calculated financial decisions.
The average small business owner spend 6 hours per week on accounting. If you still have your calendar block every week to begrudgingly do bookkeeping, it is time to clear that space for analysis instead of bookkeeping. Take the step to decrease your time spent on the tasks that can be outsourced. It will surprise you how cheap you can get that 6 hours back in your week.