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What Every Business Owner Should Understand About Financials Part 4 of 4
- Every business should develop a culture of understanding of their financial statements and why the numbers within matter. Clarity about financial metrics and clarity about other key performance indicators (KPIs) Is an essential part of having accountability within an organization. In addition, as the old parable goes, to reach a destination, you first need to […] Read More
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What Every Business Owner Should Understand About Financials Part 3 of 4
- Financial reports are only useful if you apply the information within them for making informed decisions. Reviewing statements without acting is like reading a GPS and never turning the steering wheel. Forecasting Your Financial Statements are a snapshot of your business’s financial performance up to a given moment in time. They contain a backwards look […] Read More
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What Every Business Owner Should Understand About Financials Part 2 of 4
- Once you understand your financial statements, the next step is to know which numbers matter most to decision making and business performance. Not all metrics are created equal; some metrics are diagnostic/historic, others are KPIs that drive growth. Some Income Statement (P&L) numbers feed directly into the ActionCOACH 6-Ways (6Ws) concept. In this blog I […] Read More
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What Every Business Owner Should Understand About Financials Part 1 of 4
- Many business owners rely heavily on their accountant or bookkeeper to keep financial records up to date and accurate—and that’s essential. But delegating the tasks should never mean delegating understanding. Too many businesses fail not because the product is weak or the market disappears, but because the owner didn’t fully understand their financials. Understanding your […] Read More
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