Firing The Man
How to Make More Money Utilizing Your Profit and Loss Statement
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Firing The Man
How to Make More Money Utilizing Your Profit and Loss Statement
Jul 06, 2021 Episode 80
Firing The Man

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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