It’s mid-year. The year is half over. But we still have half a year to go.
It’s time to re-evaluate and recharge. We still have time to achieve our goals by the end of the year.
So let’s get started with the mid-year checklist.
Everybody talks about knowing your numbers and KPIs. But what are they? What can they help you determine? What kinds of questions can they answer?
For starters… they can answer questions like:
What are the warning signs in your business?
What are the growth indicators?
The numbers that show you’re doing well and your business is healthy?
Unless you have spent years studying bookkeeping and accounting, looking at financial statements probably makes your eyes cross and makes your head hurt.
But it doesn’t have to be that way…I’m gonna give you the lowdown.
What to look for when reviewing your numbers aka your financial statements.
Let me start with asking you a question… did you know that there IS a difference? The difference between bookkeeping and accounting.
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Are you where you want to be in your business? Are you still sitting at the kiddie table? Or have you and your business grown up?
If you’re still at the kiddie table and you want to play with the big boys (and girls), it’s time for your business to grow up. Otherwise what’s the point?
As promised, let’s continue the modified cash basis conversation that we started over here in the Accounts Receivable 101 convo…
If you want a better picture than a cash-basis** financial statement can give, in additional to tracking what your customers owe you (accounts receivable), you should track what you owe your vendors and suppliers (accounts payable).
