Take a second to imagine running your business without tracking anything…
No sales numbers, no marketing numbers, no financial reports, no time sheets, no stock levels.
How would you know if you are on track or off track?
How would you know if you need more stocks or less stocks?
How would you know if your marketing is working or if you need a new strategy?
Without tracking, it’s next to impossible to make good decisions or run a business well.
I’ve met business owners who run their business on “gut feel” and 99% of the time, it leads to absolute disaster. (I’m sure you have also!)
Anyhow, I’m sure I don’t need to convince you that tracking the numbers in your business is crucial.
Which is why bringing tracking to your wealth is just as important.
So in this episode of the podcast, we go through how to track your wealth and the process we use to do so.
DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
01:52 Has Charley always tracked his wealth?
04:31 Grant’s wealth tracking journey
08:41 The benefits of wealth tracking
09:04 Benefit #1: Constant realignment with wealth goals
11:57 Benefit #2: Ability to look at historical comparisons
14:50 Benefit #3: Making data-backed investing decisions
16:46 Benefit #4: Illustrating your borrowing capacity
19:39 Benefit #5: Ability to sleep well at night
21:38 Benefit #6: Risk mitigation
24:26 Why many of us suck at tracking wealth
26:34 Finding a network that supports your wealth goals
30:46 Benefit #7: Forecasting
33:38 The essential numbers to track
38:16 Diving deeper into the balance sheet
41:43 Understanding your wealth position
46:54 The best tools for wealth tracking
53:22 Why you should hire a bookkeeper
If you enjoyed this episode, be sure to subscribe, tune in and share this podcast!
- Business and Investing website: https://www.businessandinvesting.com/
- Download Our Free Wealth Tracker https://businessandinvesting.com/the-ultimate-wealth-tracker-for-business-owners
- Episode 004: Creating Wealth Goals as a Business Owner — What’s Enough? https://businessandinvesting.com/ep-004-creating-wealth-goals-as-a-business-owner-whats-enough/
- Tiller HQ https://www.tillerhq.com/
- Xero https://www.xero.com/
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