80: How to Make More Money Utilizing Your Profit and Loss Statement

Episode 80

In today’s episode we are going to take a deep dive into the profit and loss (P&L) statement covering topics such as 1) what is a P&L statement?;  2) Why is a P&L so important; 3) What to do when you receive your P&L?; and 4) What strategies Ken and I use in our own businesses to analyze our books and make decisions that drive value? 

Listen to the episode and know how to utilize the P&L statement! 

[00:01 – 05:27] Opening Segment

  • Why a profit and loss (P&L) statement is important in a business
    • David explains 
  • 2 ways to get a P&L

[05:28 – 15:28] Show Us The Money!

  • Why we get excited when we receive our P&L 
  • We break down the net income 
  • Analyze your P&L with these key steps from David 
    • How to see trends? 

[15:29 – 25:07] Understanding Gross Margin 

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  • An MS Excel hack that you should know 
  • We talk about gross margins 

[25:08 – 30:13] Improving Your P&L  

  • David talks about the “real gold” of an income statement 
  • Improve your P&L next month with these tips from David! 
  • Are you not an accounting or finance major?
    • No problems! Listen to David’s advice 

[30:14 – 33:49] Closing Segment 

  • Make more money by utilizing the P&L!
    • We summarized this episode into several key steps 
  • Connect with us. Links below
  • Final words

 

Tweetable Quotes:

“The numbers speak to you in trends. Look at them and troubleshoot them up.” – Ken Wilson

“Don’t let net income be an afterthought. Have it be something that you plan on.” – David Schomer

Resources mentioned:

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