In many ways, money is the language of business—but often it takes some time before entrepreneurs feel comfortable speaking that language. If you don’t develop some basic financial knowledge and understanding, you risk missing red flags that might indicate problems with how you’re managing your business and its money. With the help of three key financial statements—Balance Sheet, Profit and Loss (P&L) Statement, and Cash Flow Statement—business owners can stay in tune with the financial health of their businesses. According to SCORE mentor Bruce Mitchell, “These financial statements are the keys to understanding any business. In a very precise way, you can determine if your business is growing and succeeding or failing.” Balance Sheet This financial statement lists the assets, liabilities and equity of your company at a specific point in time. Its purpose is to provide a view of your company's financial position (its net worth) through displaying what your business owns and owes. P&L (Profit and Loss Statement) Also known as an income statement, the profit and loss statement is a financial statement that summarizes your business’s revenues and expenses during a period of time—typically a year or fiscal quarter. By reviewing your P&L, you can gain a better understanding of how your revenues and costs affect your profitability. Cash Flow Statement This financial statement enables you to see your company's sources—and uses—of cash over a specified period of time. It can be used to understand your business’s performance trends, which might not be evident using just your balance sheets and P&L statements. As a small business owner, your company’s success can depend on you paying attention to these key financial statements. “If you review your company Balance Sheet, you can learn how much cash you have on hand,how much you owe, and how much equity you have in the business. Your annual Profit and Loss Statement will tell you if you have made a profit and how much. It will also assist you in preparing your income tax return,” explains Mitchell. “Good financial statements are essential if you need additional funding for your business. Any lender will require these documents before providing additional funds.” You don’t necessarily need to be an expert in financials to successfully manage and grow your business. In fact, you should consider periodic consultations with an accounting professional to put you on—and make sure you stay on—the right track. But as a small business owner, you should have a basic understanding of what these financial statements are telling you about the well-being of your company. You’ll find a wealth of small business-related information, resources, and training, plus free, confidential counseling from more than 12,000 business experts. For more information about contacting a mentor or volunteering contact the SCORE Lake of the Ozarks Chapter at www.LakeoftheOzarks.SCORE.org, by e-mail at email@example.com or call 573-346-5441. Serving Mid-Missouri with offices in the Lake of the Ozarks, Columbia, Jefferson City and Lebanon.
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LAKE AREA CHAMBER OF COMMERCE
#1 Willmore Lane
P.O. Box 1570
Lake Ozark, Missouri 65049
(1/4 mi. Northwest of Bagnell Dam)
Visitor Center Hours: Monday - Friday 9:00am - 4:30pm
Saturday & Sunday 9:00am -3:00pm Closed Sunday only Nov 1 - Mar 31
Closed Thanksgiving, Christmas, New Years and during inclement weather.
Willmore Lodge is the home of Lake Area Chamber of Commerce as well as Bagnell Dam History Museum. Stop by for visitor information and to hear sites and sounds from Lake of the Ozarks since passed. Willmore Lodge houses the history of our region.
Our Mission & Vision
The Lake Area Chamber of Commerce is committed to improve the economic prosperity and quality of life in the Lake of the Ozarks area, and to be the principal advocate for and a provider of services to its business community.
Be the foremost voice and partner for business, economic development and community enrichment.
Over 500 Members Strong
At over 500 members strong, the Lake Area Chamber of Commerce is a strong voice, growth advocate, and resource for the business community at the Lake of the Ozarks. We are member focused and member driven and look forward to serving YOUR business!