Mathematics is a complex area of knowledge. For many individuals in the business world, math and finance are part of almost every task, from calculating production costs to estimating future asset requirements. However, for small businesses that don’t have access to the world’s top accountants and investors, overseeing finances can feel complicated and stressful.
Where do they start? Do they have to know everything about math to succeed? It turns out some areas of the subject are better suited for small business owners.
Part of running a successful business is planning for growth. Algebra can help with this, such as graphing a linear function to predict future growth trends. Owners can do this by plotting points and using the slope and y-intercept.
If they think they need to brush up on their skills, they can use an online math tutor who works with them one-on-one and creates a personalized study plan for them. Online tutors determine if business owners are a visual learner or a kinaesthetic learner and base their study plan on that. This ensures they are getting the most out of the experience.
Business owners can also use educational YouTube videos to find beginner to intermediate lessons on algebra or enroll in local community college introductory classes. Many individuals find that using an online learning program is easier than attending in-person classes as they often work more than a conventional 9-5.
Arithmetic is the most important area of math for business owners to learn. Adding, multiplying, and dividing numbers is part of everyday tasks like calculating earnings and giving clients estimates. Individuals also use it to pay employees.
Arithmetic can also help with growth planning. People can use it to calculate expenses and balance their budget.
Geometry is crucial to learn for business owners that are in creative fields, such as interior design and architecture. For instance, the design of louvre roof systems has various elements of geometry to it.
Even industries like graphic design can benefit from learning the basics of geometry. Many graphic designers use geometric patterns to create symbols and logos.
Areas like calculus are complex, so small business owners don’t typically have to worry about it. However, they can if they want to as there are advantages.
Individuals can use calculus to figure out marginal costs and revenues. Doing so ensures they are maximizing their profits and measuring increase rates. Calculus is also helpful in statistics, which is used in digital marketing, market research, and supply chain management.
Math can be a daunting subject to learn. As a result, many small business owners may feel like they are at a disadvantage when overseeing their finances themselves. However, they should not let this discourage them.
Business owners are only required to learn the basics of math. Calculus is an option but not a necessity. Fortunately, there are many ways to learn the basics of math, such as enrolling in community college classes, hiring an online tutor, or using platforms like YouTube to find free videos.