Image source: Small Business Trends

Small business owners often don't make the right use of financial statements. They don't fully understand what they are, and can't read them properly. Although most people assume the business owners know these numbers, they usually don't have the knowledge they need for understanding and planning for their business throughout the year.

If you recognize yourself in the paragraph above, don't be embarrassed. The good news is - you only need a solid understanding of the financial statements to take the right actions, like creating a profit plan, which is one of the first steps you need to take to put your business on the road to success.  Ability to plan upfront will help you achieve sustainable profits, and make sure you don't run out of business.

Read more about why you need to understand your financial statements in Small Business Trends article here.

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