You don’t have to be a financial wizard to run a prosperous business.
But you do need to understand some basic “numbers” so you can use financial data to make smart decisions.
In this module, you’ll learn how to:
- Shift your focus from revenue to profit
- Price your offering to maximize your profit
- Create and manage your cash flow sheet
- Recognize the importance of setting up a bookkeeping system
- Use financial data to guide your decisions
Be sure to check out the Resources section for further help developing your financial literacy and planning for financial success.
Mastering the Numbers Part of Business
Introduction
Thinking Like a CEO
Zeroing in on Profit
Cashflow is King
Bookkeeping Basics
Making Use of Your Financial Data
Take Entrepreneurial Action
- Using the Cash Flow Sheet template, estimate your cashflow for the next six months. (For bonus points, go for the full 12 months!)
- Choose an accounting app and set it up for your business. Then make an appointment with yourself to update the app regularly.
Reflection questions
- How do you feel when you think about the “numbers” part of running a business? If the idea of managing business finances brings up any negative emotions, how might you reframe your thinking about that to adopt are more finance-positive mindset?
- How do your thoughts about managing business finances relate to your thoughts about money in general?
- What did you learn about money growing up? How have family attitudes and personal experiences shaped the way you think about money?
- Would changing any of your thoughts about money make you a more effective entrepreneur?
Additional Resources
For Further Help
Below you’ll find a catalogue of entrepreneurship resources. It includes the resources curated for each Module of the Think Inc. program plus additional resources on other topics that will help you develop your entrepreneurial thinking skills.
Module 1 Resources: Find Your Entrepreneurial Idea
-
(Inc.com Article)
- (AlleyWatch Article)
- (Video from the University of Calgary)
Module 2 Resources: Collect Insights from Your Target Market
- (VentureWell Article)
- (Forbes Article)
- (video from Tiny Marketing Wins)
Module 3 Resources: Sketch Your Business Model
Module 4 Resources: Pitch Your Business Idea
Module 5 Resources: Start Your Side Hustle
Module 6 Resources: Design the Career and Life You Want
- (free course from Stanford Online)
Module 7 Resources: Attracting Your First Customers
- (tips for creating your visual brand identity)
- (blog by marketing expert Seth Godin)