Quality Time with Your P&L – What Should it Look Like?I write and speak a lot about P&Ls. I’m a little obsessed with them – and I’m not a numbers person at heart. I come from the law and we all know lawyers are so bad at math that they should have calculators embedded in their forearms.
The reason I’m obsessed with P&Ls despite being numerically challenged is that I know what goldmines they are. You need a plan to commune with your numbers, see what they are telling you and act accordingly.
I suggest 1 hour a week using this secret sauce:
Review 10 minutes
Familiarize yourself with the categories and numbers
Circle 10 minutes
Take a pen to it and circle anything that stands out
Ponder 20 minutes
Sit quietly and let your great brain process what you’ve read
Review 10 minutes
What do you want to know now that you’ve pondered?
Notes 10 minutes
What is working?
What do you want to change?
What do you want more information on?
Who do you need to talk to?
Move these items to your action list. This is the P&L gold!
You’ll be amazed at the difference an hour a week will make. Your will be in complete control of your business, your finger on the pulse. You’ll make educated and wise decisions in your business. You will think differently. You will win.
Can you do this? Do you think it’s worth an hour a week? Is it a bit scary to contemplate?
Spend one hour a week with your P&L and it will change the way you do business, guaranteed.
I’m knee deep in the process of developing a 4-week course titled “Untangling Money Spaghetti; Financial Mastery for Small Business Owners”. If you think it might be something you’re interested in, shoot an email to firstname.lastname@example.org and we’ll send you information as we move toward launch in mid-September.
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