Think Inc. — Module 10

You don’t have to be a financial wizard to run a prosperous business.

But you do need to understand some basic “numbers” so you can use financial data to make smart decisions.

In this module, you’ll learn how to:

Shift your focus from revenue to profit
Price your offering to maximize your profit
Create and manage your cash flow sheet
Recognize the importance of setting up a bookkeeping system
Use financial data to guide your decisions

Be sure to check out the Resources section for further help developing your financial literacy and planning for financial success.

Mastering the Numbers Part of Business

Introduction

Thinking Like a CEO

Zeroing in on Profit

Cashflow is King

Bookkeeping Basics

Making Use of Your Financial Data

Take Entrepreneurial Action

Using the Cash Flow Sheet template, estimate your cashflow for the next six months. (For bonus points, go for the full 12 months!)
Choose an accounting app and set it up for your business. Then make an appointment with yourself to update the app regularly.

Reflection questions

How do you feel when you think about the “numbers” part of running a business? If the idea of managing business finances brings up any negative emotions, how might you reframe your thinking about that to adopt are more finance-positive mindset?
How do your thoughts about managing business finances relate to your thoughts about money in general?
What did you learn about money growing up? How have family attitudes and personal experiences shaped the way you think about money?
Would changing any of your thoughts about money make you a more effective entrepreneur?

Additional Resources

For Further Help

Below you’ll find a catalogue of entrepreneurship resources. It includes the resources curated for each Module of the Think Inc. program plus additional resources on other topics that will help you develop your entrepreneurial thinking skills.

Module 1 Resources: Find Your Entrepreneurial Idea

Nine ways entrepreneurs think differently than employees (Inc.com Article)
Six tools to assess your potential as an entrepreneur (AlleyWatch Article)
Why is entrepreneurial thinking important (Video from the University of Calgary)

Module 2 Resources: Collect Insights from Your Target Market

Customer interviews: Tips, do’s, and don’ts (VentureWell Article)
Find your customers with a target market analysis (Forbes Article)
How to do the “product/market fit” survey with your customers (video from Tiny Marketing Wins)

Module 3 Resources: Sketch Your Business Model

Module 4 Resources: Pitch Your Business Idea

Module 5 Resources: Start Your Side Hustle

Module 6 Resources: Design the Career and Life You Want

Designing Your Career (free course from Stanford Online)
Forget resolutions. Try these 7 ways to design your life.
Life Design Log

Module 7 Resources: Attracting Your First Customers

How to Develop a Unique (& Memorable) Brand Identity in 2022 (tips for creating your visual brand identity)
12 Top Storytelling Marketing Examples: How Brands Tell Stories
Data-Driven Marketing Trends for 2022
Which Marketing Personality Type Are You?
Seth’s Blog (blog by marketing expert Seth Godin)