As the first quarter of 2024 draws to a close, I wanted to put up a review of what has been going on so both for myself, and for others to understand what the life of a business owner can look like sometimes. January – Review, Planning and Rocket Fuel I always take the first week or two of January to conduct a full review of the previous year. As it happened, this year I was in Norway until the 7th for my father-in-law’s birthday, which gave me plenty of time to think about the year that had passed. 2023 was in many ways a very successful year for myself and for my company. At work we hit record revenue and profitability, have an awesome growth pipeline planned out across product and distribution, purchased an office and warehouse space, and held one hell of a Christmas party for everyone we know! Personally, similar vibes. Guro and I are happy, we bought a new apartment and got the reform underway before we move in, I completed UTMB in the summer, went on some awesome trips around the world and spent lots of time with family and friends. Really a good year

Retail businesses are complex, multi-faceted operations with virtually unlimited metrics you can track, but which ones are the most important for you to track?  Establishing a Solid Financial Foundation: To master finance in retail, it is crucial to start with a strong financial foundation. This includes the basics, like having the correct business bank accounts set up (not all are created equal!), a bookkeeping software for tracking sales and expenses (preferably one that links to your Point of Sale system), and an internal system for keeping accurate financial records. The true base of mastering finance is to set up the correct information and data flow which enable you to work systematically through your financial position. Before starting, make sure you’ve got these basics covered.  Budgeting for Success: Most people will tell you “developing a comprehensive budget is essential for effective financial management”, and I am here to tell you that they are only 50% right. The truth is, almost all forecasts we make are wrong 2 days after we have made them. This means that we have two options, try to fit our reality to the budget or be willing to have a rolling and flexible budget which matches reality.