- I’m too busy
- My wife can translate for me
- Well, to be honest, laziness
As I was sitting in a Spanish mass this Sunday with my wife and her mom, I thought about how much this has cost me in business (especially since I live in El Paso). I have missed out on numerous opportunities because I can’t communicate with current clients and prospects.
This leads me to my point: For most business owners, accounting is a foreign language. They don’t make learning it a priority, decide that it is too much work, and just leave it to their CPA or bookkeeper.
Yes, you can and should outsource your bookkeeping and tax preparation, but every business owner must know how to read and analyze their financial statements. Failing to do so can very easily result in lost opportunity or even bankruptcy due to unsolved cash flow problems.
I intend to make a New Year’s resolution to learn at least basic Spanish in 2012.
I challenge you to make your New Year’s resolution to acquire at least a basic understanding of how to read and analyze your own business financial statements. This could have a huge impact on your bottom line!