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Financially Simple - Small Business Support


The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

Jan 24, 2019

In episode 124 of Financially Simple, Justin continues his deep dive into creating a best in class Financial department in your business, by looking at your Profits and Losses.

Knowing the full extent of your revenue and costs will help develop a greater understanding of your Business’s financial state, and in so doing create a story that will help increase the efficiency and value of the Business.

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ARTICLE TRANSCRIPT: https://financiallysimple.com/profit-and-loss-reading-your-companys-pl-statement/

 

TIME INDEX:

00:29 - How to make Your P&L tell a Story

01:20 - More than just a Paper Trail

02:27 - Putting the Pieces Together

02:53 - The Revenue Stream

03:32 - Cost of Goods

04:18 - Gross Profit

04:34 - Expenses

06:07 - Net Income

07:09 - Examining the Revenue Stream

09:58 - Examining the Cost of Goods Sold

11:06 - Examining Your Expenses - Required vs. Discretionary

12:58 - Calculating Your Margin

13:39 - Wrap Up

 

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DISCLAIMER:

Neither Financially Simple, LLC nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances. Justin Goodbread, CEO of Heritage Investors, LLC, a Registered Investment Advisor, is an Investment Advisor Representative who offers advisory services through Heritage Investors. The information contained within the podcast is for informational purposes only and not considered investment advice. Seek help from a competent Financial Advisor.