Basic Financials 101 – Critical Information for a Small Business Owner

Basic Financials 101 - Critical Information for Small Business Owners I remember a few years back, meeting with a new client who insisted he didn’t need me to provide him monthly financial reports, saying “If I’m making money on every job, and there’s cash in the bank, then I must be profitable!” ... Dude. This attitude is one reason that more than 50% of new small businesses are hard pressed to make it past their first couple of years. Even after managing the accounting for SMB’s for nearly 20 years, I am still  amazed at how many don’t clearly understand the importance of basic financial reports. After running into this problem enough times to want to scream from the rooftops, I took some time to reflect on why this might be the case. As it turns out, the most common [...]