In a well-managed small business, the balance sheet is not as important to the owner as the income statement.

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Both the balance sheet and income statement are important financial statements in a well-managed small business. The balance sheet shows the company's assets, liabilities, and equity, which is crucial for assessing the overall financial health and solvency of the business. Meanwhile, the income statement shows the company's revenue, expenses, and profits, which is crucial for understanding the company's profitability and performance over a period of time. Both statements provide valuable information for decision-making and financial analysis.

In a Well-Managed Small Business, the Balance Sheet Is Not