On today’s episode, we’re talking all about numbers and financial reporting!
…Okay, so I probably lost the attention of about half of you with that sentence.
Stay with me, today’s subject is critical for you to grasp!
I totally get it: As creative designers, most of us don’t love financial reports, extensive budgeting and expense tracking.
In my first jewelry business, the task I most wanted to avoid from the very beginning was entering anything into my accounting software.
But I learned quickly that understanding my numbers was the key to having a successful and profitable jewelry business.
Hear me out.
In my first business I lost track of my expenses (versus revenues) when the commodities market spiked. I didn’t realize it at the time, but I wasn’t properly keeping track of my cashflow, and it truly was the beginning of the end for that business.
If you don’t know your numbers, then I can almost guarantee you that you don’t have a business, you have an expensive hobby.
That’s why I am so excited to have Mariel Diaz, founder of Accounting For Jewelers, as my guest today.
Let’s jump right in!