No matter how skilled you are at math, here is a simple formula: knowing your numbers will help grow your business.
For product-based businesses, the path to profitability looks different for each company. Some founders are strong creators who understand the importance of strategic marketing, but don’t have a full grasp of their company’s financial health and overspend. Others skilled at product creation and finance but aren’t marketing savvy experience slow sales.
If either of these scenarios describes you, there is a formula to get out of the red. Here are 4 tips to get lean and help your company become profitable.A founder may feel guilty letting an employee or contractor go and fear they can’t run their company without them. Don’t make the mistake of sinking your business by holding onto people you can’t afford. Oftentimes, a founder can handle a position they outsourced but is resistant to change because it isn’t enjoyable.
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