Are you one step away from bankruptcy or breakthrough?
3 ways to ensure that your business is moving toward breakthrough and not bankruptcy:
Get your business in order.
1. Prepare financial statements
Your accountant should prepare a profit and loss statement and balance sheet for you at least quarterly.
When you receive your financial statements, take some time to review them. Review more detail if something doesn’t look right. Financial statements are good for measuring profitability, but also a good way to uncover theft.
What are you looking at? Do you know? Understanding what you should be looking for, making sure that you have enough money in the bank, confirming that you are making enough money and not losing money are all key to avoiding bankruptcy.