Updated: Jun 18
Time To Reflect And Resolve To prepare for the future, reflect back on the last 12 months. Analyze your business performance by reviewing the following key financial statements:
The Balance Sheet summarizes a business’s assets, liabilities, and equity at a specific point in time.
The Profit & Loss Statement outlines the revenue and expenses a business incurred during a specific period, which provides insight into the business’s profitability.
The Cash Flow Statement provides visibility into when cash flows into and out of a business, and how cash balances have changed over a specific time period.
Create A Budget & Forecast Your Cash Flow You can use the Profit & Loss Statement to create a budget. The Cash Flow Statement can be used to forecast your cash for the year. Think about the growth goals you want to achieve this year and factor them in your budget and forecast.
Outsource Your Bookkeeping
Small business owners have multiple responsibilities, one of the most stressful and time-consuming of which is bookkeeping. If you would like to take back 4 to 6 hours a month to focus on growing your business, now is the time to outsource your bookkeeping!
As Benjamin Franklin Once Stated “If You Fail To Plan, You Are Planning To Fail“. This ends the five week email series. Click here to revisit the past 4 tips if you missed them.