The answer is YES – but why is that important to you? The business/sporting team analogy works on many levels. There are extremely few elite level high performing sport teams that don’t have quality skilled people in the roles of coach, captain and key positional players. Likewise, those high … [Read more...] about Are businesses like sporting teams?
(Tongue in cheek) I fully understand that nobody reading this blog will have the problems I discuss in their own business. However, you will have seen these issues at play in the businesses of competitors, so being aware of these can help you take advantage of the errors in their ways. I’m sure … [Read more...] about What is it about business owners?
Most Financial Statements comprise a Balance Sheet and a Profit & Loss Statement. In this article we’ll focus on the Balance Sheet. Cutting it back to absolute basics a Balance Sheet is simply a record, at a point in time, of all: the Assets (the things the entity 'owns') the … [Read more...] about What is the balance sheet telling me?
We’ve all heard the common refrain – CASH IS KING. It’s a rather ironic statement given that the overwhelming majority of financial statements prepared for small to medium sized business are limited to the Profit & Loss Statement and the Balance Sheet. Inevitably it means that most … [Read more...] about Cash is KING
Most business owners are aware of the value Key Performance Indicators (KPI) can play in monitoring and driving desirable activity. (If you’re not, I strongly suggest you become familiar with the concept of KPIs – maybe send me a message and I’ll forward an extremely comprehensive list of KPIs for … [Read more...] about Why both KPIs and budgets need to carefully designed and carefully implemented
Most Financial Statements comprise of two standard reports, which are commonly known as the Balance Sheet and the Profit & Loss Statement. In this article we’ll focus on the Profit & Loss Statement. I’ll start this with an observation that it’s a misleading title – you’ve either made a … [Read more...] about What should I do with my Profit & Loss statement?