Journal of Hotel and Business Management
Open Access

Business

Small businesses must be well informed to survive in a competitive environment and one of the vital competencies they must develop is to read and understand important financial statements.

Understanding essential financial statements such as ‘Trial Balance’, ‘Balance Sheet’, and ‘Profit and Loss’ statements is paramount as these are very important reports for small businesses to ensure their competitiveness in the market. Running a business without understanding these financial reports is like driving a car without a dashboard.