Sustaining long-term financial success: Side Hustle Financial Impact PT 2

In this episode I review key business statistics and long-term success rates. Did you know 50% of business fail within 5 years. Why? A main issue is financial management. Today I explain the importance of having, and knowing the details behind, financial statements for your business. These financial statements, such as income statement, sales proforma, cash flow statement and balance sheet statement, are key tools necessary to maintain long-term financial success. You gotta have them so you get credit, as well as know how much your equity investment in the business is really worth. In addition, these statements can help you better manage business finances & increase probability of long-term success.