Benay Informer 06/08/2022

Creating strength in numbers.

Throughout history, there are several nods to multiples being better than a single, such as “a rope of three cords is not easily broken,” “two heads are better than one,” and “if you want to go fast, go alone... if you want to go far, go together,” and then there is the ever-popular, “there is strength in numbers.” I could go on, of course… In their own way, each of these commonly used phrases speaks to a group of people being more influential or powerful than one person. As a successful leader, knowing the right number of people and the suitable characteristics needed to complement your strengths is imperative. Building success does not stop there. The second set—even more critical than the more “social” set of numbers—is knowing your financials inside and out. Even if you are not the one compiling and sorting data to track the books at your office, it is good to be aware of and have direct access to them. Take our expert word for it; the top three categories of stats you should know about your business at all times are your Income and Expenses (Profit & Loss), Costs of Goods or Services Sold (COGS), and profit margins. Second, to this, you’ll want to know the status of your current cash flow. Together these two metrics will allow you to create realistic budgets and track your financial trends over time. You may have started your business with a big dream and a good amount of energy and excitement, but to continue to grow and thrive, a good portion of your decisions need to be made “by the numbers,” so they say. This is why our excellent bookkeepers tell our clients there is strength in numbers. It is not the number of locations, employees, or transactions per day. It is the quality of each of these things that matter. Without thoughtful, clear decision-making based on numbers (that don’t lie), we can often be led down paths that do not end with increased ROI. Let us help you calculate the best plan for your business—it is what we do best! May your day be fruitful, Dawn

PS. Did you know June is Professional Wellness Month? Benay will be bringing you wellness tips all month long on our social media to celebrate. Follow us @benayenterprises for all the goodness.

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BENAY IS GROWING!

Last week, with great enthusiasm, we celebrated the opening of our Southbury, CT office at 49 Peter Road, Suite 1. This third location allows us to expand our services for our clients and leg room for our team. Drop by!

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