Many businesses have various reports, graphs and summaries that are used in managing their businesses.

The thing is, if you don’t understand where the numbers come from, how they are calculated and what they mean, you are just wasting time.

Recently someone involved in a business with me asked about an aberration in one of our reports. When I explained where the numbers came from he suddenly had a “light bulb moment” in realizing how some of the decisions he was involved with were affecting the bottom line.

One reason we don’t do a better job of understanding the numbers is the fear of admitting we don’t know something. For a long time I feel I have had the advantage of not worrying about admitting when I don’t know something or don’t know where something comes from.

The next time there are formulas, reports or graphs you don’t understand, go ahead and ask.

Have a great day!