What You Have to Know To Run A Business

In the book “Shark Tank-Jump Start Your Business” Robert Herjavec is quoted as follows: “Cash is the lifeblood of your business.  There are very few things in business that will kill you, but running our of cash is one of those things.  you can recover from almost any other mistake, but if you run out of cash you’re dead.  you don’t need to be an accountant, but if you don’t know your numbers you can’t run a business.  It’s that simple.”  Robert Herjavec is one of the sharks on the hit TV show Shark Tank where entrepreneurs pitch billionaires for an investment in their company.  Profits, Taxable profits, and Cash Flow are all different things and it is the owners responsibility to have at the very least a basic understanding of accounting principles.  You don’t have to be an accountant but you do need to know what to look for, where to look and how to use your financial information.