What do you think is more important in business – sales or profit? It’s a trick question because, without sales, there would be no profit in a business. However, without consistent profit in a company, there would be no business.Smiling business womanYou do not need to be an accountant, you do not need to do your bookkeeping, but if you are the CEO of your business, you need a high-level understanding of your business finances.
You can hire experts to advise you, but if you do not have basic financial literacy in your business, you will not understand the decisions you are making in your business. The impact of those decisions you make affects the bottom line, which is the profit.1. Understand the income statement The income statement is the most used financial report in business. You can create your budget from the income statement, your operating forecast and measure your key performance indicators all from the income statement. When you understand how to interpret the numbers from the income statement, you will be clear on how your business decisions affect the profitability of your business.
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