Entrepreneurs love the P&L statement. Why? Because it’s focused on profitability. Scrolling down to find what is on the bottom line is like opening a present on Christmas. However, the bottom line is not the only good thing to be found on a P&L. There are so many other gems to be found within this financial statement, lessons that will help you boss better (and more profitably).
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How do you hire financial professionals to support your small business? What should you look for in a financial pro? What tasks should they perform? What deliverables should they provide?
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How do you determine if you’re running a successful business? Do you look at sales revenue? Is it what you see when you check your bank account balance? Do you look at your profit on your P&L statement? Is it based on your business’s increase in customers or clients? Perhaps success is receiving all 5-star Google reviews! All of these methods can help you track your business’s performance, but they’re […]
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If you’ve been around me for any amount of time you know that I LOVE organization, optimization, making things run better, faster, and cheaper. In fact, during my days as a corporate engineer/scientist, that was a major part of my job. Systems and processes are essential to all businesses. They are the foundation of profitability, growth, and longevity. When I first started talking about processes and systems to small business […]
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Has your business ever had a cash shortage? You’re not alone. According to a 2019 Intuit study , 60% of small business owners say cash flow has been a problem in their businesses. If that was 2019, where would the number land in 2023?
In this post-pandemic period we are in, I wouldn’t be surprised if that number is higher.
While there are some things about cash flow you can’t control, there is one area where you do have control.