Getting comfortable with your financial statements can be transformational for your business. But, most food entrepreneurs and managers don’t have formal training in accounting or finance, and many come to the sector motivated more by social impact than making money.
If you don’t understand what your financial statements are saying about your business, you will pay the cost in unrecognized accounting problems, lost opportunities to make the company more profitable, and an inability to raise capital.
This course covers all three of the primary financial statements: Income Statement, Balance Sheet, and Cash Flow Statement. The financial life of your food business constantly affects all three statements.
Questions this course can help you answer:
- Do the numbers in your financial statements even make sense given what you know about your business? Are they up to date?
- If an investor or banker asked for a balance sheet, would it be up to date?
- How does my business make money? Or, why doesn’t it make money?
- What should I be working on to improve the financial performance of my food business?
- What makes my business model worthy of funding by a bank or an investor?
- Are my sales efforts and marketing programs working?
- Can I use debt or do I have to raise equity to grow my business?