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...
Here is what I was thinking for the last few days.
I've used Asana for work in the past, but recently, I’ve started using ClickUp. It has some familiar features, like the Kanban Board similar to Asana, but it’s more robust. Best of all, it’s free! 🎉 Let’s see how it fares. For those who aren’t familiar, Asana and ClickUp are project management and productivity tools. They help you accomplish tasks efficiently, with features like chat, meetings, document sharing, tracking, and much more integrated into the software. 🛠️
As I’ve gotten more serious about this blog, I’m using these tools to stay on track. You can use them for personal tasks too! For instance, you can set goals, assign deadlines, and break down your goals into actionable steps. Just give them a try—they're fun to use and give you a sense of accomplishment when you hit your targets. ✅
Another thought I had is about how the invention of computers and the web helps us understand spiritual concepts more easily. 🌐 Life, like a website, has both a front end and a back end. We get so engrossed in the material world—the “front end”—that we forget it’s just a facade. The real stuff happens in the “backend,” behind the scenes. 🧘♂️
One thing that’s been bothering me is inflation. For example, what used to cost a buck now costs $10. 😩 It’s a burden on everyone, especially the poor. But it also makes me wonder—where will this inflation lead? Is there an upper limit, or will prices keep rising indefinitely? What will the world look like in 1,000 years? Will there be a new monetary system? 🤔 Food for thought!
I also want to mention the love desi people have for Chai. ☕ “Chai” is the Urdu word for milk tea. Tea was introduced to India by the British in the 19th century, and since then, it’s become a staple of everyday life in South Asia. We love Chai so much that you’ll see people drinking it even when it’s 50°C outside! 🌞
Lastly, I recently created a few simple games that you might have played—one where you can slap your manager. I had this idea for a while because, well, I’ve personally wanted to slap a few people. 😅 ChatGPT helped me bring this idea to life. Oops, did I just spill my business secret? 🙊 Big platforms like BuzzFeed and Mashable are already using AI to make quizzes and games, and I think it all comes down to the novelty of ideas. Creativity is the lever you can use to gain a competitive edge. 💡
That's it for this week. See you next week. Cheers!
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