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.
A couple of years ago, I was retained to help a struggling business regain its profitability. After six days, I told the CEO that the problem was not sales-related. The problem was too much overhead and debt. The CEO disagreed with my assessment – and to my great relief my contract was quietly terminated. The company went out of business eight months later.
Running a debt-free business is probably contrary to everything that you have ever learned. And you might wonder why you should do it.
One of my biggest struggles in my day-to-day life is managing my priorities. And by that, I mean I take stuff wayyyy too seriously. Car bill due? I’m thinking about it all day. Carpet to vacuum? Also on my mental to-do list.
If you spend all your time prioritizing your responsibilities, you’re likely ignoring some things that are very important to your life. Like your family, your friends, your “you” time, etc.
Try out focusing on these 7 areas to see if you can achieve a happier life.
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.