MDSBDC Event: Understanding Your Business Financial Statement
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Taking time to read your financial statements might not be the most exciting part of running your own business, but they are a key reporting tool that help you understand the state of your business and where it is going.
Your financial statements are also an essential tool to help you make important business and investment decisions, such as cost management, continuing or discontinuing a business operation, mergers and acquisitions, forecasting, and buying or leasing equipment.
If a business owner understands how to analyze its financial data, they can quickly identify what is working well in their business, and what can be expanded; or identify areas that needs monitoring, improvement, or should be discontinued.