Quality Time with Your P&L – What Should it Look Like?

Quality Time with Your P&L – What Should it Look Like? image Profit and Loss StatementQuality 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 cfo@emilychasesmith.com and we’ll send you information as we move toward launch in mid-September.

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