Podcast: “I Don’t Know” Is The Wrong Financial Answer

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When we lack decent data – when we drive without a speedometer, a fuel gauge, or other indicators – we don’t realize when things go wrong. We’re still busy, rushing around getting things done, and we have no way to know that the revenues have slowed while the expenses have increased and the profits are headed into negative territory.

Suddenly, profits turn to losses. The clients stop paying. The credit line kicks in. Debt piles up, bills go unpaid, and our lack of information hits us with punishing speed.

Without a dashboard, you have no way of knowing that things are changing, or whether they’re changing in a good or bad direction. By the time you realize corrective action is necessary, you’re 6 months too late.

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