If there is anything a business owner should know is the hidden things in a company’s balance sheet.

A really good way to get to know and learn about a company is to review their balance sheet.  Here’s what you can find:

• Inventory flow and status
• Sales and cost of goods sold
• Negative liabilities
• Assets and negative receivables

By looking at the balance sheet along with the P/L (profit and loss statement), your impression of the company’s finances will come into sharper focus.

Are you prepared for a crisis?

Is your company ready for a crisis or a surprise?

When you establish your company, you need to be continually thinking about how the company is going to grow and evolve. Several things to think about:

• A buy-sell agreement between principals and partners in the company.
• Continual review of the value of the company.
• A succession plan for the company to help deal with death and retirement.
• Financial plans in case of equipment failures or other losses.

Being prepared is being re-paired!