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
- Want some Amazon refunds? Check out Getida
- Promo code: FTM400
- 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:
- Firing the Man Ep. 78 on ACoS: Intersection of PPC & Profitability (PART 1)
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