“How Can I Save My Business?”
Running a successful business is a lot like driving a car.
You get in the vehicle, buckle up, turn on the ignition and then you begin driving to your destination with your eyes closed, right?
Wrong! Of course you don’t close your eyes.
You need your sight to avoid collisions, read your dashboard, and navigate to your destination. But many small business owners just like you are running their businesses with their eyes closed.
The Endless Struggle
If you’re working long hours struggling to keep your business alive, and you have no idea why all your hard work isn’t paying off, it’s possible that you’re not seeing the whole picture. You’re likely missing vital information, just as if you were driving blindfolded.
There is a solution.
You have access to three basic accounting statements that enable you to drive your business with eyes open.
You just need to know how to read them.
In the same way that your ability to drive a car improves when you’re paying attention, so too does your ability to generate money from your business. And not just a few dollars – we’re talking tens of thousands of dollars over the lifetime of your business. It could even save your business from being another grim statistic.
What you need is a basic understanding of your financial dashboard.
Yes, You Have a Financial Dashboard
Remember the first time you drove a car? You were a little nervous, right?
Even though learning the rules of the road may have felt boring or nerve-wracking, doing so gave you the freedom to take on the open road. Likewise, learning how to read your financial dashboard will provide you with the foundation to generate higher and sustainable long term profits.
Your dashboard includes three “gauges” that help you safely drive your business. They are:
- Your profit and loss statement.
- Your cash flow statement.
- Your balance sheet.
These three statements are like your speedometer, gas gauge, and oil pressure indicator. When read properly, they help you…
- …avoid head-on collisions with bankruptcy.
- …bypass clients and customers that drain your resources.
- …navigate potential risks that would otherwise stall your business.
Did you know you could be showing a profit and still be going bankrupt?
In the next section, we’ll help you steer clear of bankruptcy and other hazards. You’ll learn what your financial dashboard looks like and how to read the most critical gauge.
Take the Assessment
