Where to start?
It’s called ‘Owning Your Numbers’ and it is the title of my Financial Shows this season. I’m not a financial expert. Like you, I started out not knowing much about all the financial elements of running a successful business. Today we start the journey and over the next 13 weeks, we will look at every aspect of Owning Your Numbers. You need a foundation to build knowledge upon, the ability to create, read and understand basic reports. This entire process starts here - understanding how your business makes money. Today's show is Business Finance 101 - what standard reports are available and what story does it tell? Show Objective Given the 3 standard financial statements (Balance Statement, Income Statement, and Sources & Uses of Cash), you will interpret the financial performance of the business and improve future decision making. IIMPORTANT SUPPORT IS NOW AVAILABLE - Next Monday at 1PM EST is our CHALLENGE Session where we will review the previous Financial Shows. It is an open forum for you to ask questions and challenge your thinking about Owning Your Numbers. Click Here to Reserve a Seat. EPISODE 1 - GETTING THE BASICS OUT OF THE WAY (support podcast) We start the series and specifically how to get a handle on your key financial reports. This is a two-step process. It starts with you becoming intimate with the standard reports and using it to then build custom reports based on what you learn from the Balance Statement, Income Statement, Cash Flow Statement. The second step is finding at a minimum a CPA and the best case is a fractional CFO to handle the reporting so you can spend your time discussing the implications of past, present, and future decisions. Tags: recession proofing your business, owning your numbers, basic financial reporting, balance statement, income statement, cash flow statement, IBGR, IBGR Network, William Eastman EPISODE 2: REPORT 1 - THE BALANCE SHEET (support podcast) The Balance Statement is a picture of an event - the business's financial position at the end of each month. Its purpose is to provide a clear picture of your assets, liabilities, and equity. Assets are what you own that drives revenue or supports business operations. Liabilities are long-term or additional obligations you have to gain assets. Equity is the leftovers when taking on liabilities to gain assets. The Balance Sheet divides assets into groups: Current and Non-Current. Current Assets are usually under 12 months old and can be easily converted to cash.
IMPORTANT SUPPORT IS NOW AVAILABLE - Next Monday at 1PM EST is our CHALLENGE Session where we will review the previous Financial Shows. It is an open forum for you to ask questions and challenge your thinking about Owning Your Numbers. Click Here to Reserve a Seat. Tags: recession proofing your business, owning your numbers, basic financial reporting, balance statement, income statement, cash flow statement, IBGR, IBGR Network, William Eastman EPISODE 3: REPORT 3 - THE INCOME STATEMENT (support podcast) The Income Statement is a picture of the process - business conducted over the month. It is also known as the Profit and Loss Statement or P/L. It tells the business owner the level of profitability over the month. This is a critical document for bankers and other lenders to determine if the business is a good risk. It is a picture of Revenues & Gains, and Expenses & Losses. It explains how the Balance Statement changed from month to month.
IMPORTANT SUPPORT IS NOW AVAILABLE - Next Monday at 1PM EST is our CHALLENGE Session where we will review the previous Financial Shows. It is an open forum for you to ask questions and challenge your thinking about Owning Your Numbers. Click Here to Reserve a Seat. Tags: recession proofing your business, owning your numbers, basic financial reporting, balance statement, income statement, cash flow statement, IBGR, IBGR Network, William Eastman EPISODE 4: THE CASH FLOW STATEMENT (support podcast) The Cash Flow Statement explains the process - how the Income Statement (P/L) created the Balance Statement. It reorganizes the information from the Income Statement into operations, investing, financing, and supporting.
IMPORTANT SUPPORT IS NOW AVAILABLE - Next Monday at 1PM EST is our CHALLENGE Session where we will review the previous Financial Shows. It is an open forum for you to ask questions and challenge your thinking about Owning Your Numbers. Click Here to Reserve a Seat. Tags: recession proofing your business, owning your numbers, basic financial reporting, balance statement, income statement, cash flow statement, IBGR, IBGR Network, William Eastman
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