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Chapter 21: Ten Mistakes You Don't Want ... > Failing to Use Financial Statements ...

Failing to Use Financial Statements to Manage Your Business

A wise old sage once said that if you can’t measure it, you can’t manage it. That statement is certainly true in business. After all, your business’s financial statements (the ultimate in measurement) can provide all the information you need to make the best decisions when managing your business. Nevertheless, too many small-business owners believe that, because they can look at the bottom line of the profit and loss statement (P&L) and locate the net income figure, they know everything they need to know about their financial statements. Meanwhile, they overlook such tools as the balance sheet, cash flow statements, cash flow projections, and budgets, along with myriad valuable percentages and ratios that evolve from all those financial st....


  

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