Many business owners have an uneasy relationship with money.
They know they want it – indeed the opportunity for making more money was one of the big driving forces behind the decision to start a business.
But they don’t understand it.
The numbers frighten them.
The jargon is confusing.
Perhaps they feel threatened because they are not making enough money to do the things they want in their private lives.
You see talking about money takes them outside of their comfort zone. Even thinking about money can be uncomfortable.
It leads to difficult meetings with accountants and bankers because:
- the average small business owner doesn’t understand what these finance professionals can see in their numbers,
- may not understand some of the questions asked and the statements made …
- and the business owner desperately scrambles to hide his or her lack of knowledge…because they don’t want to show themselves up.
Instead of tackling their lack of understanding – like you’re doing with this program – the typical small business owner (and many professional managers) stay in their comfort zone and ignore money matters.
Until the worst happens and money becomes critical.
But often by then it’s too late.
Lack of financial understanding and basic financial controls are two major reasons why the small business failure rates are so high.
When you finish Pillar 1, you will have a much better understanding of finance than most small business owners and know how to manage for increased profit and cash flow.
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