-Print a Profit & Loss Statement (for the most recent month that you have completed financial information).
-Print a Balance Sheet (for the last date that you have complete financial information).
-Print a Statement of Cash Flows (for the most recent month of complete financial information).
This is your first step. Your entire business is built on this information. To build a strong bullet-proof business, you must become obsessed with this information.
Look at your P&L over the latest month, latest quarter, and latest year. Compare to previous periods to begin to see trends.
Look at your balance sheet at End of Year 2019, and at the end of June 2020. What are the differences? This will show you what your business is actually worth. For all practical purposes, this is the starting point on your map, because we all want our businesses to be worth more, right?
Really see where your money is going to and where it is coming from on your Statement of Cash Flows. I’ve worked with businesses that struggle with cash flow and those that don’t. Those that struggle aren’t yet profitable. Let’s get you truly profitable so that cash flow isn’t an issue anymore.
Do this every single month, if not more often.
Daniels Business Solutions 