Watch Hills Bank’s business bankers share with you the top 5 things successful business owners know.
- Successful business owners know it’s essential to work ON their business as well as IN their business.
- Successful business owners benchmark their business-compare ratios to industry averages.
- Successful business owners know the 5 Initial Financial Indicators to quickly assess their financial statement. Those indicators include: Assessing Trend Analysis, expense control, Debt/Equity Ratio, EBITDA (Earnings before Interest, Tax and Depreciation and Amortization, and determining if the company misfinanced?
- Successful business owners are financial doctors: Test the health of the business, analyze the results, diagnose, and prescribe.
- Sales cure everything. The common misconception that sales in a business will make the company stronger and produce a profit. Not necessarily the case. Businesses can grow themselves BROKE. Must look at the big picture of the business.
Over 300 participants have taken the Financial Management for the Closely Held Business seminar reaching over 200 successful Corridor businesses. We have a seminar in Washington and one in Cedar Rapids, so sign up for one today by visiting www.HillsBank.com/BusinessAcademy.