Understanding Financial Statements and Sustainability
Part 3 of SCORE Manasota's March series, "Starting a Business and Ensuring Financial Sustainability"
We will introduce you to 3 financial statements that will give you a high level “dashboard” for how your business is performing financially so you can secure a business loan and outlive the current pandemic!
"Clear business financial valuations."
"Clear, precise, on time."
"Not too much information at once. there is a lot but its not overwhelming."
"Very clear presentation."
"Everything was great."
View and download the presentation PDF here.
On March 9th, the latest in the SCORE Manasota’s Service & Thrive in 2021 Forum series was held in order to educate the participants and engage them in a discussion around financial statements. SCORE mentor Ray Vicks covered the basics of financial statements while Gio Cantarella took the participants through a real-life example. Ramin Hashemi moderated the event.
A pre-forum survey revealed that most respondents do not utilize financial statements to guide their business decisions, for example:
- 75% do not know their gross profit margin
- 78% do not rely on income statements
- 73% do not generate balance sheets
Watch the clip below to hear Gio and Ray make a case for the importance of the numbers, but more importantly their meaning!
It's not the number. It's what it said to you.
Ray retired after serving over thirty years as a Big Four CPA Firm audit and consulting executive, followed by three years as the CFO of a Washington, DC-based healthcare system. During his career he provided services to academic medical centers, health insurers, managed care plans, long-term care facilities, physician practice groups and public healthcare agencies. Ray has extensive experience in accounting, financial reporting, debt and equity financing of business transactions, strategic planning and risk management and internal control systems design and implementation. He currently is the sole principal in an LLC that provides strategic advisory services to business executives and Boards. Ray currently serves on the Boards of Directors and as Finance Committee Chair of (1) NACD Capital Area Chapter and (2) Take Stock in Children – Manatee County. Ray holds a BS degree from Virginia Tech and completed a year of MPH degree work at George Washington University. He is a CPA licensed in multiple states.