When a system is in place, and the process is teachable, then the firm starts to build a foundation for growth. This means that the large business focuses on profit and loss statements by product line, by customer, by state, by sales rep, by broker, by office, by whatever. Most small-business owners manage their entire financial system by measuring the balance in their checking account by calling the bank. Profit and loss statements are usually done at the end of the year, when taxes are done. Balance sheets, unless prepared by the tax advisor, are nonexistent.
Larger businesses intend to stick around.
They plan to be in business in 100 years. They tend to think long term, but they act in the short term. It is a shame, but many cannot see the forest because they are so busy looking at the tree right in front of them. This is January, the beginning of a new year and a new century. Those bigger companies have paved the way to make your business journey more successful and easier.