“So tell me about the business,” asked Kevin O’Leary.
The Shark Tank contestant replied confidently “Well, we made $1.1M over the last 12 months.”
Mark Cuban’s eyes widened. “Woah! Nicely done! Now is that revenue or profit?”
She nervously replied, “Revenue.”
“Okay, so how much did you profit?” Barbara Corcoran responded.
“$147,000”, the contestant replied sheepishly.
Lori Greiner jumped in. “So you made $1.3M last year, but you only netted $147,000? Why are your
margins so bad?”
“Well, that’s why I’m here. I’m not completely sure and I really need to partner with someone who’s good
with the numbers.”
Like the wave at a Giants game, all the sharks hands flew up in the air.
Daymond John finally chimed in. “I think I speak for all of the sharks here. You will not walk away with a
deal today because none of us will invest in a business where the owner doesn’t know their
numbers.”______________________________________
After consuming nearly 275 episodes of Shark Tank, I can tell you this scene is very common.Business
owners who don’t “know their numbers” are kicked immediately to the curb.
We are all in business for ourselves. Whether you’re a W2 employee or an actual business owner.
The money you earn is revenue.
The money you spend is cost of goods sold and payroll and your operating expenses.
The money you save is profit.
All of our most successful Financial Zen Members “know their numbers.”
They TELL US how much they make, how much they spend and how much they save.
Those who don’t know their numbers are furthest from achieving financial zen.
And they are the ones who ASK US what they make, what they spend and what they save.
The best part is that if you don’t know your numbers, it’s really easy to get up to speed quickly.
All you have to do is spend 5 minutes a week reviewing what you made that week, what you spent that
week and what you saved that week.
After a couple months, you’ll know your numbers like the back of your hand.
For all our Financial Zen Members, all of the numbers you need are easily accessible in your Financial Zen
Dashboard.
If you don’t know your numbers, make sure to take 5 minutes this weekend to look at them.
