Frankly, compared to working with clients, creating new programs, and marketing, dealing with the money side of business is, well, kind of boring.
Oh yeah, and then there are those things called ‘financial statements.’ And they come with names like “P&L,” “Statement of Profit & Loss,” “Income Statement,” “Balance Sheet,” ad nauseam. As you probably know already, these are different names for various financial statements, reports that are supposed to tell you how well your business is doing.
For non-financial entrepreneurs, learning to read and understand what financial statements are telling them about their business is hard enough. But to make matters worse, there’s a lot of industry-lingo that is confusing and redundant that adds to the confusion.
And then there’s another matter: How do you learn how to read financial statements?
Seems like a question that’s easy enough to get answered in this age of instant information at your fingertips. Just hop online. Grab an eBook or a print book.
And that’s where the problems start happening…
We’ve tried this ourselves. When one of us (George) was struggling to understand the lingo and the practical meanings of the lingo, he bought several books and constantly bounced from one online resource to another. It was an exceptionally frustrating experience. And that’s being nice about it.
George took diligent notes from various resources in his attempts to become proficient at reading financial statements.
After hours upon hours of study, George was confused, frustrated, and deflated. Maybe you’ve felt that way too. Or maybe you knew better than to attempt this exercise in futility.
Fortunately, Dan came to George’s rescue. Item by item, question by question, confusing point by confusing point, Dan patiently explained definitions, uses of those definitions, and the format of business financial performance as reported in those statements.
Through all of these efforts, George and Dan realized a disconcerting truth: Much of the information that is readily available, that is supposed to teach the fundamentals of reading financial statements, is laden with inaccuracies, misleading statements, and confusing presentations.
We felt compelled to do something about this. We created a visual step-by-step guide, Financial Statements Made Practical, to help you, the non-financial entrepreneur, understand what your financial reports are telling you. We wanted to remove the confusion, intimidation, and frustration.
What You’ll Learn
- To become more comfortable in dealing with basic financial reports
- To understand what goes into your business financial reports and why they are important
- To appreciate the limitations and pitfalls of financial statements
- To cut through the confusing lingo and seemingly illogical conventions
How You’ll Learn
- Step-by-step, visually aided approach combined with succinct definitions, descriptions, and explanations makes it easy to grasp the important elements
- By focusing on what you need to know, your time is used efficiently
- Quick grasp of key concepts and a practical understanding of the “lingo” enables you to immediately start to use your financial statements for strategic planning
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