The Basics of a Profit & Loss Income Statement for Small Business Owners
Channel: Be a Badass Business Owner
Date: 2022-06-08

Are You a Small Business Owner wanting to learn your profit and loss income statement better?  Not sure where to start? Let’s walk through the basics of a P&L Statement and show you what information it shows you. We will also cover how a profit and loss statement can help you in your small business. 

If Interested in diving deeper. Here is a video where I take a look at a Profit and Loss Statement and What it is Telling Us.... https://youtu.be/tldpl71jF5g

KEY MOMENTS IN THE VIDEO:

00:00 The Basics of a Profit & Loss Income Statement for Small Business Owners
00:35 The 5 Key Sections of a Profit & Loss Statement
05:55 What Your Business Profits Should Be Used For
07:16 P&L is the Flow of Money Thru Your Business
07:52 How to Use the P&L in your Pricing & Purchases
10:19 Your Profit & Loss is the Story of Your Business
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WANT TO DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS? 
👉 Check Out the AFFORDABLE - Know Your Business Numbers Course http://KnowYourBusinessNumbersCourse.com  

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WANT MORE? HERE ARE SOME OTHER VIDEOS TO HELP… 
👉 Pricing Your Products Correctly – https://youtu.be/AQ_mUb1E9MQ 
👉 Pricing Your Services Correctly - https://youtu.be/doAKxyRa4pM
👉 How to Read a Profit & Loss Statement - https://youtu.be/x6qdKGnWE0w  

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POPULAR FREE GUIDES 
👉 FREE eGuide: 8 Steps to Earning $100,000 in Income in your small business - http://bit.ly/8Steps100k 
👉 FREE eGuide: How to Read a Profit & Loss Statement - https://bit.ly/ReadPL 
👉 FREE Start Up Guide for Starting a Business - https://bit.ly/BusinessStartUpGuide 
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TOOLS TO HELP YOU RUN A BETTER BUSINESS

👉👉👉Recommended Bookkeeping:   My #1 Recommended Resource for Small Business Owners. A profitable business Starts with knowing Your Business Numbers.  Quickbooks Online https://babolearning.com/quickbooks

👉 Quicken - Home & Business Finances https://babolearning.com/quicken .......Great for beginners with no need for online payment options (Windows version only will do a Profit & Loss Report) – No monthly fees

Managing Day to Day Tasks, Scheduling, for Home Service Pros
👉 Housecall Pro (https://babolearning.com/housecallpro ) & 👉 JOBBER: https://babolearning.com/jobber --- Online software for home service pros. Manage many day to day tasks, same time & money. Get paid quickly (they can link to Quickbooks Online) Both are easy to learn (even if you aren’t techy!)

👉 Gusto Online Payroll - ( https://babolearning.com/gusto ) a fantastic, easy to use online payroll system. Why spend your time doing payroll yourself?

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Books I Recommend to Help Take Your Business to the Next Level
👉 Profit First by Mike Michalowicz – https://amzn.to/3nBsCRC
👉 eMyth Revisited by Michael Gurber - https://amzn.to/3bMDTeR
👉 Atomic Habits by James Clear - https://amzn.to/3kpXs1m 
👉 Building a Storybrand by Donald Miller - https://amzn.to/3y5t0fS
👉 The ONE Thing by Gary Keller & Jay Papasan - https://amzn.to/3yciFi7
👉 The 12 Week Year - Brian Moran & Michael Lennington - https://amzn.to/3R54Smi  

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COURSES to HELP YOU

👉 Understanding Your Business Numbers - http://KnowYourBusinessNumbersCourse.com 
👉 Start a Local Small Business – http://StartASmallBusinessCourse.com

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MORE:
👉 Check Out the Website: https://babolearning.com
👉 Listen to the Badass Business Owner Podcast on Spotify or Apple Podcasts –
Iphone: http://bit.ly/LSBCpodcast1 | Android: http://bit.ly/LSBCGoogle  | Spotify http://bit.ly/LSBCPodcast
👉 Want to Help Support the Channel? Click the Super Thanks!  
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👉  DISCLAIMER on Affiliate Links: I occasionally will have some affiliate links & I do earn a small commission but at no cost to you. I only recommend companies or items that I believe will save you time, money or help make your business better

👉  DISCLAIMER:  I am not an attorney, CPA, bookkeeper, insurance agent or financial advisor. My videos/podcast are for entertainment & educational purposes only and should not be construed as tax, legal, insurance or financial advice. Please seek out a qualified CPA, attorney, or specialist as needed.  I’m sharing my experiences with my businesses and those I have worked for and/or helped coach. 

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Local Small Business Owners are the Backbone of All of Our Communities! 
 

WHO IS THIS FOR: small business owners who serve their local community & those looking to increase profits, boost sales, improve processes and develop stronger teams. Entrepreneurs who want to make more money & know their business numbers better!


#KnowYourBusinessNumbers #SmallBusinessOwner #tipsforSmallbusiness