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There is something about finance and money that makes entrepreneurs feel like they’re never doing enough.
It’s the same feeling they get when they don’t feel like they’re working out enough or haven’t been eating as healthy as they would like to. Often, these feelings can get so overwhelming that it feels like you’re better off doing nothing than risking the chance you’ll get bad news.
But it’s important as an entrepreneur to understand which numbers are worth looking at a lot and which ones only need occasional attention. The truth is it doesn’t take as much time as you’d think, and the info you gain can make a drastic difference for your online business.
That’s why in this episode, we discuss:
The different metrics you need to be monitoring in your business
How often you should be reviewing certain numbers in your business
Why the right financial reporting can reduce the amount of time you spend analyzing financial data
The difference between looking at historical financial data vs forecasting and budgeting for the future
Why you can handle most of your financial planning in just a couple hours a month
Which numbers you’ll need to keep a closer eye on
The importance of keeping your finances simple