✏️ Your Profit & Loss is the report card for your business.
If you're making decisions based only on your bank balance, you're missing one of the most powerful tools available to you. Learn what a P&L is, why it matters, and how it can help you build a more profitable business.
🔑 Key Takeaways
- Your P&L is the report card for your business.
- A bank balance doesn't tell you whether you're profitable.
- Your P&L follows a simple flow: Sales - Cost of Goods - Expenses = Profit.
- Gross profit is not the same as your final profit.
- Looking monthly helps you identify trends and problems.
- Your P&L helps answer whether you can afford to hire, spend, or invest.
- Profit and cash flow are connected, but they aren't the same thing.
- Good bookkeeping gives you numbers you can actually use.
- You don't need to become an accountant. You need to become a business owner who understands their numbers.
- What matters isn't that you didn't know this before. It's what you do next.
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DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS
👉 Check Out the AFFORDABLE - Know Your Business Numbers Course http://KnowYourBusinessNumbersCourse.com
NEED A BOOKKEEPER?
👉 Check out BABO Bookkeeping. https://babobookkeeping.com Yep! We can help you do your bookkeeping so you can focus on growing your business!
CONTACT ME:
👉 Bookkeeping for Your Business: tammy@babobookkeeping.com
WATCH VIDEOS:
👉 Watch on the Youtube Channel - Plus EXTRA TRAININGS on there: https://www.youtube.com/@BadassBusinessOwners
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TOOLS TO HELP YOU RUN A BETTER BUSINESS
Recommended Bookkeeping:
👉 The #1 Tool You Need: Quickbooks Online - https://babolearning.com/quickbooks You must have a good, easy to use bookkeeping system. The #1 option for those needing invoicing & online payments
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Books I Recommend to Help You Take Your Business to the Next Level
👉 Profit First by Mike Michalowicz – https://amzn.to/3nBsCRC
👉 eMyth Revisited by Michael Gurber - https://amzn.to/3bMDTeR
👉 How to Grow Your Small Business: A 6-Step Plan to Help Your Business Take Off – Donald Miller - https://amzn.to/4bvCDX8
👉 Atomic Habits by James Clear - https://amzn.to/3kpXs1m
👉 Building a Storybrand by Donald Miller - https://amzn.to/3y5t0fS
👉 The ONE Thing by Gary Keller & Jay Papasan - https://amzn.to/3yciFi7
👉 The 12 Week Year - Brian Moran & Michael Lennington - https://amzn.to/3R54Smi
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👉 DISCLAIMER on Affiliate Links: I occasionally will have some affiliate links & I do earn a small commission but at no cost to you. I only recommend companies or items that I believe will save you time, money or help make your business better
👉 DISCLAIMER: I am not an attorney, CPA, insurance agent or financial advisor. My videos/podcast are for entertainment & educational purposes only and should not be construed as tax, legal, insurance or financial advice. Please seek out a qualified CPA, attorney, or specialist as needed. I'm sharing my experiences with my businesses and those I have worked for and/or helped coach.
