The Foundation of Any Successful Company is Organizational and Financial Management!Good Business Administration supports marketing and business development.
THE IMPORTANCE OF ORGANIZATIONAL MANAGEMENT
THREE PILLARS OF FINANCIAL MANAGEMENT
Profit and Loss
The Profit and Loss statement gives you an insight into where your expenses are and where your revenue is. A profit and loss statement is measured monthly to show your profit or loss at the end of the month.
Your Balance Sheet or list of your Assets (the things you own) and your Liabilities (the things or money you owe someone else) gives you an insight at a certain point in time (a snapshot) of where you stand in Net Wealth.
It is important to understand that whatever your Profit and Loss statement says, or your balance sheet, even if it all looks very positive and promising, Cash-Flow is key to success.