As Charley Munger states, there is a difference of working in your business and working on your business. It is imperative to take time to work on your business instead of in it. As business owners it is easy to get swept away with the everyday activities and get stuck just working in your business. You have to take a step back and analyze your business. Planning ahead and having attainable goals helps your business and yourself stay on course.
This is where financial statements come into play. Having a good set of financial statements does three things. It shows where your business was, where it is and where you want to take it. It is a way of measuring your business actions. More importantly, it is a tool to help you work on your business and have strategic goals.
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