Question # 2: What business numbers should I look at weekly?
If you only have 30 minutes a week to look at your numbers, I recommend the following 5 numbers to watch weekly and track. I understand that most of us only have 5 minutes to look at our numbers so I will keep it short and simple:
1. Revenue and sales (all the money in the bank). Does it look right?
2. The Expenses (all the money that left the bank).
3. Profit (The most important).
4. All the money that is owed to you. - otherwise known as Accounts Receivable.
5. All the money that you owe to someone else - Accounts Payable.
Compare them to last week, last month and last quarter. Is it "better" or "worse"? Do you recognize the expenses?
By measuring these numbers over time, you can track if there’s a problem and flag something before it’s too late.