Last night, I led a group of amazing guest panelists through a discussion of the highs and lows of financial management for a group of entrepreneurs hand-picked by the regional Small Business Association office based in Philadelphia.
During the session, we had two entrepreneurs volunteer for “Hot Seat” evaluations, where they shared their current financials with the expert panelists and then engaged in a very enlightening discussion as the experts reviewed and questioned each entrepreneur.
In the 3-hour session, the top five topics that received the most interest and attention were: 1) Clearly understanding the need to review and understand basic financial reports on a periodic basis (monthly, if not weekly). 2) How a financial professional reviews a P/L statement and balance sheet and cash flow statement to quickly assess whether a business is healthy or not. 3) How a bank or other lending institution will preform a review to see if a business is credit-worthy. 4) How the structure of a business should be apparent in the balance sheet (outstanding shares, etc.). 5) How your P/L and balance sheet work together to lead the business compared to how the cash flow statement and budget work to manage the business.
Joining me on the panel were:
Thanks to my amazing expert panel guests as well as all the entrepreneurs who participated.
Bill Ringle is a CEO, former Apple exec, published author, and angel investor. Through Grow Business Now, he offers strategies and tools to elevate growth for executives and entrepreneurs from more than 46 industries. Bill has conducted nearly 200 podcast interviews on My Quest for the Best, where industry and business leaders share their secrets to success.