Principle #3: Run it by the numbers.
Run it by the numbers.
This is mostly advice for new entrepreneurs, but it still gets ignored sometimes even by experienced entrepreneurs.
You’ll never see large-scale growth or leverage without steadfastly managing by the numbers. Run it by the numbers from the first day. Run it by the numbers first from your business plan, and then from your financials, and then from your KPIs (key performance indicators) as you begin to understand the levers that make your business grow.
This advice is mostly advice for self-funded startups because if you have sought funding, you hopefully had to present and support your numbers dozens of times!
Too often, entrepreneurs get caught up in the idea, the business itself, operations, marketing, technology, or products, and they lose sight of the forest for the trees.
You need to keep your passion, but everything has to revolve around the numbers. If the numbers don’t work, no amount of passion will save the business. The numbers are the lifeblood. Everything else is speculation or distraction. The numbers speak volumes. Listen to them.
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