Let me cut to the chase. I’ll analyze your financial statements during the next coaching session, keeping all of your details private and creating common-sized statements. Plus, I’m going to tell you why you should have common-sized statements. (No, it doesn’t have anything to do with the size of the paper they are printed on.)
Interested? Send your current financial statements to Coaching@USTaxAid.com. This will be your Balance Sheet plus your Profit & Loss, and, if you’ve got them, your Cash Flow Statements too.
I’ll cover it during the next coaching session on Wednesday, March 21st at 5 pm Pacific.
Why do you need financial statements for your business?
For tax planning
For business valuation
Before you sell
For estate valuation
In case of divorce
In case of disability
In case of death
For asset protection
To find low hanging fruit
To find possible cash flow issues
To spot embezzlement
To be able to walk away from your business and know it won’t fail
What makes you the most money
What makes you the least money
Do you need more sales
Do you need lower COGS
Do you need lower G & A
Analysis of trends (more important that one static financial stmt)
Benchmark against others in your industry
Find your KPI
How efficient are you with your company resources
Where does the cash come from in your business
Should you borrow more
Should you pay off debt
How efficient are you with your inventory
That’s the reasons I came up with in 3 minutes. If I spent a little more time, I know there would a lot more. If you don’t have current financial statements or aren’t using them to determine what’s next for your business, you’re missing a valuable tool.
Learn more at the next coaching session!
If you’re not yet a member of my twice monthly coaching class, you can join at: https://www.ustaxaid.com/coaching-program/