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How to Read and Understand Your Income Statement (Profit and Loss)
Your profit and loss statement is the first financial information that investors and bankers will look at in your plan. Here’s a rundown of what the numbers mean.
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Your profit and loss statement is the first financial information that investors and bankers will look at in your plan. Here’s a rundown of what the numbers mean.
Defining your business model is the final step in Lean Planning. In short, it’s how your business will make money. Learn how to define your business model.
The third step in lean planning is to use the milestones technique to create a roadmap for your business to help you implement your strategy.
Your Lean Plan needs strategy, but even a great strategy is useless without tactics. Tactics are the things that you actually do to make your business work. Tactics are your road map—and here’s how to develop them.
An economic downturn typically spells trouble for business owners. It also presents an opportunity for new entrants to fill gaps in the market.
When facing an economic crisis, it can be difficult to think about the future of your business. The need to survive takes precedence over planning and that can lead to both short and long-term problems for your business. Read on for steps on how to save your business and pivot to recession-proof success.
Learn to calculate how much cash you’re using up and how long you have until it’s depleted.
Don’t let times of uncertainty lead to panic and rushed decisions. Instead find ways to adapt and plan, starting with reviewing your budget and forecasts.
These are the tools that we know, love, and wouldn’t hesitate to recommend—many of them we use ourselves. Use them to propel your startup into success and growth.
Keeping track of your business’s expense budget is really not that much different than managing a personal budget—in fact, it’s strikingly similar with just a few differences.