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Throughout the world and the USA:
Unfortunately, most owners do not work closely with their financial data and
when they do, it is often too late. With all the features built into today's
accounting software programs (be sure you have your latest upgrades), any owner
should have the numbers they need to effectively run their business in one
place at the push of a button.
We all look
at our Profit & Loss (P&L) statement. Yet, too many of us just give a
passing glance at our Balance Sheet. Yet, by running comparative analyses over
several closings across your P&L and through your Balance Sheet, you can
produce data that leads to new decisions, new activity and ultimately, more
cash. Your accounting software makes it easy. We all just need to learn how to
use it effectively.
Jim Schell
says that information from financial statements should be distilled into what
he calls "key indicators." These are important numbers that are fun and easy to
track. Each of us has a favorite number we always look at besides the bottom
line. That number, plus a few others, can help you to turn running your
business into a competitive sport for everyone involved with your business.
CONTACT: (in
order of appearance - each link goes to the website of each
business)
Jim Schell
Opportunity Knocks
PO Box
9073
Bend, Oregon 97708
T: 541.317.9490
URL:
http://www.opp-knocks.org/
Email:
Click
here.
Industry: Business services
To
order Jim's little book:
Understanding
Your Financial Statements
Noel R.
Hanson
Hanson & Company
21 West Dayton Street
Pasadena,
California 91105
T: 626-792-8495
Email:Click
here
URL: http://www.hanson.com
Nani
Waddoups
R.Wagoner Company
2136 North Flint Avenue
Portland,
OR 97227
Email:Click
here
URL: http://www.rwagnerarts.com/
Chris Schatte
Texoma Home & Garden
2300 Wilbarger St
Vernon TX
76384-7753
T: 940-552-2900
Email:Click
here
URL: http://www.texomagarden.com/
We invite your questions or comments.
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- ABOUT
NUMBERS. Once you begin doing that comparative analysis over a period of
time, your numbers take on a life of their own. If you share them with your
employees, advisors, bankers and advocates, you'll be surprised how these
numbers can inspire ideas to save money and focus attention on emerging
business trends. Successful business owners are not concerned with numbers in a
vacuum; they are interested in numbers compared to other numbers. Also, by
creating and studying reports at least monthly, owners can spot trends. These
trends then guide the owner to offer the right products and services at the
right time at the right price with the right number of employees.
Have
everyone in your business enroll in
Financial Statements
University.
It's free.
- BE A
PROBLEM-SOLVER. Business is just a series of problem-solving exercisesAnd
your numbers are most often keys to understanding the very nature of each
problem.
- CASE STUDY GUIDE: You will find these
case studies and video clips in the best-selling business textbooks used within
MBA programs in colleges and universities around the world. To understand the
organics of one's financials requires understanding the key critical ratios.
The foremost experts in the world on business ratios are people at
The Risk
Management Association (this links goes to our explanation about the
organization). This episode is to help us all better understand our income and
balance statements, then our business ratios.
- CASES BY BUSINESS TYPE. Click on the
heading to find all the business types and then click on your type of business
to check out those case studies.
- FIRST PRINCIPLES: Starting a
business is the road to economic independence for most of us average people.
Read a little more to see why
incorporating a business keeps the passion of
the American revolution alive!
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