Gilbert-area business owners recently gathered for “Know Your Numbers: Turning Financial Statements into Better Business Decisions,” a 90-minute working session facilitated by Steve Stowe of Apex Accounting and Advisory. Designed as a hands-on workshop, it drew an engaged group that asked plenty of questions throughout, and Steve worked directly with attendees’ own business situations as they came up.
What Was Covered
The session focused on helping owners find the few numbers that matter most each month and turn them into better decisions. Steve organized the discussion around three questions: Did we make money? What do we owe? Can we pay the bills?
Attendees learned how to read a profit and loss statement and a balance sheet, and what each one reveals about a business. A key theme was that profit and cash are not the same thing. A business can have a strong month on paper and still see its bank balance drop, usually because of unpaid customer invoices, equipment purchases, loan payments, or owner withdrawals. The group also covered how to figure out the revenue needed to cover monthly costs, how hiring and margin changes affect that target, and how even small pricing adjustments can make a meaningful difference to profit.
Learning by Doing
Participation was high throughout. Attendees broke into small groups to work through real-world scenarios, first tracing where a profitable business’s cash went, then testing the impact of a new hire and a higher margin. Each time, groups regrouped to compare answers and share what they would do. The discussions were lively, and many owners saw their own businesses in the examples, from late-paying customers to the pressure of big purchases.
Throughout the session, attendees asked questions about their own pricing, cash flow, and hiring decisions, and Steve tied the concepts back to their specific businesses, which kept the material practical.
Building a Monthly Habit
The workshop closed with a simple routine owners can use right away: check a handful of key numbers each month, including one activity specific to your type of business, and hold a short monthly check-in that ends with one clear next step and a due date. Each attendee wrote down a personal 30-day action and had a plan ready to go before leaving.
Key Takeaways
- Check sales, costs, cash, and unpaid bills each month
- Ask why profit and the bank balance changed differently
- Know the revenue that covers your monthly costs
- End each check-in with one next step and a due date
Thank you to everyone who attended and contributed to such an engaged session.
More on the CATALYST
The CATALYST is a Business Resource Center that is a strategic partnership between the Gilbert office of Economic Development and the Gilbert Chamber Foundation. Together, we help direct resources, services, and offer a year-round calendar of events and programming tailored to the Gilbert entrepreneur and small business community. The CATALYST is the newest collaboration aimed at stimulating economic wellness and strengthening business connections in Gilbert. Learn more at catalystgilbert.com