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Analyze 2018’s Financial Statements to Boost 2019’s Trajectory

February 12, 2019 by OSYB Staff

Intuit QuickBooks shares how to use your 2018 financial statements as a building block to improve your 2019 business goals.

Use  3 common business metrics to measure success to create an improvement plan for the next year:

  • increased profit
  • strong cash collections that cover business expenses
  • growth plans to higher more staff and/or add new products

Keeping these metrics front and center will keep you focused on what you need to do. Then look over your financial statement and use the data to devise a plan to improve your 2019 business plan:

  1.  Ferret out trends in your balance sheet, then find to ways to maximize their potential.
  2.  Review sales costs and prices, if costs are increasing then re-negotiate with vendors or consider raising prices.
  3.  Take the time to make a solid mindful analysis, then execute the appropriate changes in a timely manner, so that 2019 is more profitable than 2018.

Read more:  How to Evaluate Your Year-End Financial Statements for a More Profitable 2019

Image Credit:  Deposit Photos