Understanding your financial statements is a critical skill for any business owner or manager. It enables you to gauge your company’s financial health, make strategic decisions, and communicate effectively with stakeholders. By familiarising yourself with the balance sheet, income statement, and cash flow statement, as well as key financial ratios, you can gain valuable insights into your business’s performance and prospects. Remember, while it’s beneficial to have a basic understanding, consulting with financial professionals can provide deeper insights and strategic guidance tailored to your specific business needs.