How to Make More Money Utilizing Your Profit and Loss Statement

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

• 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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