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: BLOG: Profit and Loss - Reading Your Company's P&L Statement
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
Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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