So, what's your number?
As accountants and business advisors helping business owners achieve their goals, we meet with different clients every day. We might meet with a diesel mechanic contractor in the morning, and a jeweller in the afternoon.
Two very different people operating in two very different fields. One repairs or rebuilds 50 Tonne mining ore trucks, and the other is working with tiny tools and steady hands to create or repair jewellery. However, no matter how different the people and their businesses are, there are always a lot of similarities when it comes to their numbers.
Numbers, such as measuring how much profit the business has earned, or what is the cost of their goods sold to sales, or what the percentage of their wage costs to their sales. These are all examples of numbers that apply to both of these business owners, and they can be measured and applied to any business in operation.
It could even be measuring how many hours the business owner works each week compared to their profit (we usually find that it’s too many!).
So, my question is, what’s your ‘number’?
Any business, at any time will have either a problem in an area of operation or an area that can be improved. Any problem can be measured with a number, that number can be measured as it is right now, and you can set a target or a goal to improve that number. Ideas and strategies on how to get there can then be discussed and implemented.
An improvement in the number shows the problem is addressed and your business improves. You can then move on to another area of your business, and start the process again.
You would be surprised just how quickly a business can improve if they identified just one important number in need of attention, measured and focused on it to improve it, and then move on to the next. It makes a huge impact.
So the full question would be: What’s your ‘number’ right now?
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Peter joined Wardle & Associates in 2001 and has been a partner since 2005. He is a local and has a good understanding of the town and its economic environment. He has developed an impressive array of accounting and taxation knowledge in his 10 years experience in the industry. He is also very experienced in the area of Information Technology and the firm relies on this experience to assist businesses with their IT and software solutions. He is a Chartered Accountant and has a Bachelor of Commerce.
Peter is the father to two girls and is the bass guitarist in local band, The Groove Lab. He is a member of the local Rotary Club and enjoys music and Sikaran.
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