#11: UNDERSTAND YOUR PROFIT & LOSS LIKE A BOSS

Financially Adjusted

07/18/24 • 16 min

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In this episode, I explain the importance of the Profit and Loss statement for small businesses. I’ll also cover its components, why it matters, and how to set realistic profit margin goals in your business. Common misconceptions/misunderstandings about this statement will also be addressed, as well as the optimal frequency for evaluating your P&L.

Key Topics:

· What is a Profit and Loss statement?

· Components of a P&L

· Importance of setting profit margin goals

· Common misconceptions about net profit

· Actionable steps for regular P&L analysis

Thanks for tuning in! You can reach out to me with any questions at [email protected]. Be sure to hit ‘follow’ or ‘subscribe’ wherever you listen so you don’t miss out on any valuable financial tips for your business!

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Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.

07/18/24 • 16 min

Financially Adjusted - #11: UNDERSTAND YOUR PROFIT & LOSS LIKE A BOSS

Transcript

Hi entrepreneurial friend! Welcome back if you've tuned in before. If you are new to me, I am Leslie Roth with Financially Adjusted and I am here to help you understand and navigate the financial aspects of running your small business. Today's episode is going to be a really good one and is designed to help you understand your profit and loss statement. It's one of the most important things you can learn in your business and will help you to keep your finger on the pulse of your business healt

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