Financial reports can feel intimidating, especially for founders without a finance background. But understanding the basics can dramatically improve decision-making and confidence. In this practical guide, Rebecca Nankya Ssemugabi breaks down how to read a balance sheet in simple, everyday language, supported by a hands-on balance sheet generator you can try yourself. M ost founders don’t struggle with running a business. They struggle with understanding the numbers behind it. And few reports feel more intimidating than the balance sheet. But here’s the truth: a balance sheet is simply a snapshot of what your business owns, what it owes, and what’s actually yours at a specific point in time. The Balance Sheet in One Line Every balance sheet is built on one simple equation: Assets = Liabilities + Equity Assets are what the business owns Liabilities are what the business owes Equity is what belongs to the owner(s) If this equation balances, the balance sheet makes sense. A Simple Exa...
If you are an ambitious person, you must have multiple things going on in your life. They may be related to your work, home, online world, or any other realm. Similarly, you may have personal goals to achieve in your life. To keep you organized and make sure you don't forget these tasks, you need to jot them down. This document is a powerful productivity tool. It is called a to-do list. What is a Master To-Do List? It is a combined list of all your to-do tasks and goals in your life. The main purpose of this list is to dump all your goals and tasks from your mind on a piece of paper, a word processor, or maybe in a mobile app. The basic difference between a daily or weekly to-do list and the master list is that the daily/weekly to-do list is short-term, whereas the master to-do list is a combined list of tasks that you want to accomplish in the long run or during your entire lifetime. This is not limited to only personal life; you can create one about your professional goa...