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4 Things Every Small Business Should Know

Posted On: September 16, 2021 by Community Bank of Parkersburg in: General

  For many small business owners, reading – and understanding – a financial statement can be intimidating. Most entrepreneurs are not financial specialists, and it may seem like this is something that should be left to financial professionals, and for the line-item details, that’s true. But knowing how to identify 3 or 4 key items can give you important information at a glance about the health of your company. For example, a financial statement will tell you: If your company is making money, and if so, how much. If your company has debts, and if so, how capable it is to pay them back. How much your company spends to generate revenue. Whether your company is financially improving – or not – over time. Sound important? It is, no matter what size your business is. So let’s get started!   The Balance Sheet A balance sheet shows a snapshot of a company’s assets, liabilities and shareholder’s

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