Space, Time and Accounting | Why You Must Schedule a Weekly Time to Review Your Numbers

Show Notes

Unless you are living in a parallel universe, you are going to have to manage both the day-to-day aspects and the accounting aspects of your business. Clay breaks down the importance of scheduling a specific and regular time and place to handle your accounting and bookkeeping each and every week.

Schedule a Specific Time and Place to Review Your Numbers Every Week

  1. NOTABLE QUOTABLE – “What gets scheduled gets done.” – Lee Cockerell
  2. NOTABLE QUOTABLE – “We need to re-create boundaries. When you carry a digital gadget that creates a virtual link to the office, you need to create a virtual boundary that didn’t exist before.” – Daniel Goleman (Daniel Goleman, born in 1946 in California, is a psychologist and science journalist and author of the best-selling book Emotional Intelligence)
  3. DEFINITION MAGICIAN – Anxiety – A feeling of worry, nervousness, or unease, typically about an imminent event or something with an uncertain outcome.
  4. AMPLE EXAMPLE – Clay would check with his banker on Tuesdays to verify the money made it into the bank. On average 80 events per weekend at $600 each = $48,000 in total weekly credit card charges.

ACTION ITEMS:

  1. Determine where?
  2. Determine who Needs to Do the Accounting with You?
  3. Determine what do you need?
  4. Why?

NOTABLE QUOTABLE – “Stay focused, work hard, know your numbers, and be disciplined. If you do those things and take care of your people, the likelihood of being successful is very, very high.” – Marcus Lemonis (Lebanese-born American businessman, investor, television personality, philanthropist and politician.)

NOTABLE QUOTABLE – “Control your numbers better than your competition. This is where you can always find the competitive advantage” – Sam Walton (Founder of Walmart)

DEFINITION MAGICIAN – Fixed Cost – A fixed cost is an expense or cost that does not change with an increase or decrease in the number of goods or services produced or sold. Fixed costs are expenses that have to be paid by a company, independent of any business activity. It is one of the two components of the total cost of running a business, the other being variable costs.

DEFINITION MAGICIAN – A variable cost is a corporate expense that changes in proportion with production output. Variable costs increase or decrease depending on a company’s production volume; they rise as production increases and fall as production decreases.

 

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Audio Transcription

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