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2022 is still new and full of potential. Last week, I talked about a healthier you. This week, I’d like to touch on couple tips to keep the health of your business in check.
Today happens to be Public Radio Broadcasting Day. The invention of radio broadcasting was important because of its ability to deliver news around the world; even information that saved lives on many occasions. Being informed about your business can open your eyes to new possibilities, and maybe even save your business from an unexpected catastrophe. Useful information can help you make the right decisions, at the right time. I’m sure most of you have heard the saying “cash flow is the lifeblood of a business” so let’s look at some ways to on keep an eye on your budget and forecasting in the new year.
There are three key business reports to review: P&L, balance sheet, and cash-flow statement. You can read about all three here. The report I check most frequently is my P&L (profit & loss statement). This report provides a summary of revenue coming in, expenses going out, and hopefully healthy profits in the middle. Here is a good article on how to have educated eyes on this important report.
Perhaps you are already ahead of the game and know about all this. LivePlan is an app that will help take your CEO level up a notch. At first glance, the app is catered towards new business ventures. However, there are many features existing businesses can utilize, such as connecting to popular accounting apps (like QuickBooks) and pulling data automatically. Here is a quick list of available metrics. I have yet to play with this app but did some research, so I’m excited to try it out.
Whatever your goals and dreams may be this year, I truly hope you don’t give up working towards them. 2022, here we come!
– Burak Sarac, Team Lead
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