Do you ever find yourself staring at your business’ balance sheet and wondering what it all means? If so, you’re certainly not alone!
You went into business because had a terrific idea to provide pharmacy services and make a difference to your community, and because as pharmacists you have the know-how to make it happen!
Over the years we have been fortunate enough to help a number of individuals make one of the most important decisions they will make in their life for themselves and their families. That is helping our pharmacists go into business as a pharmacy owner.
In this process, we meet up with the clients and discuss a number of issues; amongst them are:
- Effective structures
- Borrowing capacity
- Cashflow position
- Tax position and
- Equity position
Now these are important discussion points, which can be answered with the help of the financial statements. However, the question that stumps our clients during these meeting is - “do you understand your financial statements?”
As an owner, knowing what the numbers represent and what they tell you, allows you to drive smart business decisions, become financially literate and sleep at night knowing your position.
