I used to measure my business success and financial health by looking at my checking account balance. If it was above a certain amount, then I was OK. Otherwise, I felt nervous.
That meant I felt nervous a lot. But this approach to measurement worked for me for a couple of years.
I didn’t even know what a bookkeeper did. Then, I met with a member of my networking group who offered bookkeeping services. She explained to me that an organized monthly record of my sales and expenses would be important if I were ever audited by the IRS. [Read more…] about Build a business that can weather a storm. Why you need to look at more than profit and loss.