For small business owners, financial statements can be their most important tools to steer their businesses successfully. Yet many dread looking at the numbers and would rather leave it to an accountant. Dawn Fotopulos, author of Accounting for the Numberphobic: A Survival Guide for Small Business Owners, recently sat down with the AMA Edgewise team to discuss the importance of small business owners understanding the numbers and to demystify the financial dashboard.
In her new book Accounting for the Numberphobic: A Survival Guide for Small Business Owners, Dawn Fotopulos attempts to reduce the number of small business failures by examining the struggles of owners attempting to turn their hobbies into jobs. Fotopulos argues that the key to success will not come from a constant attempt to attract new customers, but rather adopting a strategy in which owners successfully manage what they already have. Dawn believes that in order to be successful, owners must be able to first observe what has been going on in their business, while at the same time look ahead to predict possible outcomes in the near future.
Dawn Fotopulos is founder of BestSmallBizHelp.com, an award-winning blog and resource site for small-businesspeople. A former banker, she is currently an Associate Professor of Business at The King’s College in Manhattan.