Knowledge is Power
Typically, financial statements are prepared, at best, on a quarterly basis, and in some instances, only once per year. This can be a disaster waiting to happen.
You must be able to compare, in a timely fashion and on a regular basis, the current month, quarter, and annual financials, and, most importantly, update your actual and predicted revenue and expenses. Then, you can make adjustments, as needed, to stay on a successful path to your goals.
Owners have to develop some knowledge on how to read their financial statements.