In order to run a successful business, Edson said it is imperative that business owners know how to manage information. The process begins with having up-to-date financial statements and a budget - and constantly monitoring both.
Paperwork goes beyond financial statements and a budget, it is important to keep monthly and annual statements, too. These statements are necessary for tax purposes, controlling bank accounts, and managing a budget.
Sadly, too many owners and managers spend too much time putting out fires and not enough time looking at financial statements to determine why they made a profit or had a loss, he noted.