The Business Scoreboard

One of the most important things I’ve learned over the past seven years helping others to maximize their business wealth is knowing the score.

I feel very lucky because I had a happy confluence of circumstances back when I was educating myself in this field further.

At about the same time I was learning the fundamentals of intermediate accounting in one school, I was fortunate enough to be enrolled in a separate course on financial statement analysis.

I was learning how to order the information on an income statement and a balance sheet in one while gaining a better understanding of how to interpret them in the other.

I consider myself fortunate, in hindsight, though at the time I was a little distressed over what I had to do to get the credits I wanted to eventually succeed in accounting.

But this isn’t about me.? I’m sharing this little insight into my own life because I’m grateful for the way it unfolded at the time.?

The numbers tell a story.? A decent football or basketball coach will tell you that, so let’s explore the classic sports metaphor a little.

Calling the Play

I took this next bit away from a coaching program I had the great good fortune to be a part of.

Imagine entering a ball court late in the fourth period of a game, looking up at the scoreboard, and seeing nothing other than the home team’s score in red numbers in the upper left corner.?

Nothing else.? No time remaining, opponent’s score, time outs taken, nothing.

Do you know what’s going on based on what you’re seeing?

Not so much, no.? That’s because you don’t have all the information you need.

Now imagine you’re the coach, and you don’t have this valuable information.

It would be pretty damned hard to orchestrate the game, wouldn’t it?

At a bare minimum you should have a full understanding of what the 3 reports of the “holy trinity” of reporting provides for you.

These three most holy of reports are the profit & loss statement (also known as the income statement), the balance sheet, and the statement of cash flows.

Understanding the unique information each of these statements provides you is absolutely critical to your success, but…

There’s more.? I say this because, although valuable information, it is also basically historical in nature.?

A business advisor, acting as a non-equity partner in your business prosperity, will also be able to share information pumped up on steroids that will provide you tools to predict the future, and make data-driven decisions.

Proactive, rather than reactive, accounting.?

Imagine yourself, only wealthier!

To Wrap This Up Then…

If you, my physician entrepreneurs and other self-employed folks are making your quarterly Estimated Tax payments four times a year, then tax time should be a reconciliation.

A time to tally up the score, and ensure your 2024 goals are on track with what you set in early January as well as having a firm handle on what to do next.

If you’re treating tax planning correctly, and just grinning and getting the ugly reality over and done in April, June, September and January you are in an incredible position.

Physician entrepreneurs, if you would like to discuss how having a non-equity financial partner guiding your practice's business future can increase your wealth, reduce your taxes, and provide the peace of mind that will allow you to put 110% of yourself into your patient care goals?

We would like to talk to you as well.

We are still accepting one new business advisory clients in the month of February.?

Use the link I’m providing below now to choose a time to talk most convenient for you.

You will also receive your own copy of 5 Mistakes Physicians Make That Hurt Cash Flow, just for booking a call.

Imagine having a financial coach and compliance expert by your side, so that you can focus your professional clinical time where it belongs: on patient care.

Does that sound good?

Then reach out to me, and let’s talk: Free Profit & Cash Flow Analysis