It is scary to me how many business owners cannot read their own company financial statements let alone understand them. Any business owner who wants to grow their business should have at least a basic understanding.
So here we go:
The two basic Financial Statements are the Balance Sheet and the Profit & Loss Statement or P & L.
Every business needs to use software to help maintain and run its’ processes. However, sometimes people get lost in the truth that the software is just tool created by people – Humans.
When there are situations that require some creative or (dare I say) even logical thinking, I am often perplexed when I hear the words “Well that is what the computer says.”
Here is why software alone does not lift your business:
Success is hard work. It takes years, it takes time, and it takes money, blood, sweat and tears. It takes everything! It is lonely at the top but I think it is lonelier when you are in the middle trying to get to the top.
You need to be able to stand out as in stand above. Here’s how.
I made the same mistakes as many entrepreneurs when I started businesses in the past. Even though I was warned by mentors and I knew better, I still somehow let myself get too wrapped up in the details instead of growing my audience and client base. Today I work with entrepreneurs who have made it past the startup stage but somehow continue to fall into the some of these entrepreneurial traps that hold their business growth back.
Here are a few things to avoid whether you are just getting started or been in business for awhile now: