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
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.