As a finance professional and business owner, I tend to focus on the numbers. Quantitative data on growth rates, margins, revenues and expenses speak to me.
They provide a uniform and fair way to evaluate performance and the allocation of resources. Some of the fastest-growing companies in the U.S. today are in technology and engineering fields which are mathematically and quantitatively oriented. In short, it’s hard to argue against the numbers. But even I must acknowledge that there are many business questions that can’t be answered quantitatively.
Many problems won’t be diagnosed and treated if you are just looking at the numbers. Some are critical for determining the success or failure of your business. Here are some of the questions you may want to consider that can’t be answered quantitatively.
Do you really want to be a business owner?
Many business owners got started because they wanted to practice their particular talent, profession or passion and were not able to do so through their employer. Entrepreneurship and business ownership was a means used to achieve a particular end – fulfillment and self-actualization with regards to work.
While this may be a valid strategy for a job search, in the long-run it won’t work for business ownership. The stress and sacrifice associated with business ownership require genuine enthusiasm for owning the business. Many business owners would be far happier and more successful if they gave up the ownership part of the business and focused on refining their particular skill or talent and offering it to an employer.
Can you trust the people you work with?
I was recently at a meeting with a local business owner who has done quite well over the past few years. When it came time to discuss the financial terms of our agreement, he made sure that the door to his office was closed and that no one would disturb us. I didn’t think much of it until he returned to his desk and said “I have to do that. You don’t think I actually trust these people do you?” He was referring to his own employees.
Go to the article: What the Numbers Won’t Tell You
