Sir Richard Branson, founder of the Virgin Group, became a billionaire in 1991 at the age of 41.
When he was in his fifties, Branson said he was sat in a board meeting being taken through some financial figures when the subject of net and gross came up. He admitted he was quite confused and didn’t understand if the results were good or bad. One of his team took him aside and explained the difference.
There is no problem with not knowing the difference between net and gross (unless you are an accountant!), but perhaps surprising that an entrepreneur, who became a billionaire at 41 didn’t have an understanding of the financial side of his business.
Branson said that his dyslexia encouraged him to delegate and learn on experts who knew topics such as finance better than he did.
The numbers in your business are important, however the example above shows that it doesn’t necessarily need to be you as the business owner that understands them in detail.
Your accountant can understand the numbers, and if they understand your business too, can brief you on the most relevant figures, allowing you to focus on your skillset and drive the business forward.
If you would like to find out how we can help you get more from your business please contact us here.
