How confident are you about the financial viability of your practice? According to the SBA Office of Advocacy, about two-thirds of small businesses with employees survive at least 2 years and about half survive at least 5 years. Only one-third survive 10 years or longer. These statistics should be a wake-up call – to invest the time in assessing your financial operations.
How can you increase your odds of surviving? You may be regularly producing financial statements, but do you really understand what the data is telling you? Just generating the numbers isn’t enough. You need to leverage your financial information in order to not only survive but also thrive in our volatile business environment.
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