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Business 2 Business column: How well do you know your numbers?

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New building doubles city centre’s residential capacity

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New boardwalk opens along Coastal Pathway

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Boy, 11, dies after collision between bike and bus

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Ultimate field trip inspires students to consider further study

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Glamping retreat and century-old homestead for sale

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Are you struggling to prioritise your business issues and opportunities? Understanding your numbers is a critical attribute for any business to embrace to make better decisions and improve performance.

Do you need clarification on which strategies will accelerate growth and profit? How would you answer the following?

  • We have a culture in which knowing our numbers is important.
  • We set an annual budget and cash flow forecast against which to compare our actual numbers.
  • We know our break-even point and how to calculate it.
  • We know the average lifetime value of a customer.
  • We (or accountants) produce a monthly balance sheet to confirm the accuracy of our numbers.
  • We get monthly (or quarterly) management accounts.
  • We know how to calculate it and measure our gross margin every month.
  • Our books are always up-to-date.
  • We know when our tax payments are due and have funds allocated to pay them.
  • We monitor our outstanding debtors and we know our debtor days.
  • We know the difference between fixed and variable costs.

Katrina Brennan, Principal, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors, Level 2/2 Innovation Parkway, Birtinya, 5301 9957, srjww.com.au

This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your name and email below.

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