You Need A Co-Pilot
Now your gauges become the primary tool you have to be able to tell if you are flying in the correct direction and to monitor altitude and airspeed. If you don’t have a really solid understanding of these tools you will not be prepared to make critical decisions with solid facts and the confidence that what you are doing is correct. How can you tell where you are if you fly into a cloud? What do you need to do if you fly into a storm? How do you correct a drop in cabin pressure or restart an engine while in the air?
The financial statements (income statement and balance sheet) are the primary gauges for your business. With an intimate understanding of these tools, you can make critical decisions, complete proper planning and make almost any business situation easier because you can see it coming and plan for it.