The Powerful Tool Ignored by Most Small Business Owners
ฝัง
- เผยแพร่เมื่อ 4 ก.ค. 2024
- Your profit and loss income statement is the most powerful tool you have to understand your business numbers so you can create more sales and profits! They are intimidated by the numbers or don't even know they exist. So let's dive in and take a look at this powerful business tool you have so you can start making more money in your business!
VIDEO: Profit & Loss for Beginners - • Understanding a Profit...
VIDEO: Profit & Loss Basics - • The Basics of a Profit...
WANT TO DIVE IN DEEPER & LEARN MORE ABOUT YOUR NUMBERS?
👉 Check Out the AFFORDABLE - Know Your Business Numbers Course KnowYourBusinessNumbersCourse.com
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WANT MORE? HERE ARE SOME OTHER VIDEOS TO HELP…
👉 Pricing Your Products Correctly - • How to Price Your Prod...
👉 Pricing Your Services Correctly - • How to Price Correctly...
👉 How to Read a Profit & Loss Statement - • The Basics of a Profit...
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POPULAR FREE GUIDES
👉 FREE eGuide: 8 Steps to Earning $100,000 in Income in your small business - bit.ly/8Steps100k
👉 FREE eGuide: How to Read a Profit & Loss Statement - bit.ly/ReadPL
👉 FREE Start Up Guide for Starting a Business - 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 babolearning.com/quickbooks
👉 Quicken - Home & Business Finances 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 (babolearning.com/housecallpro ) & 👉 JOBBER: 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 - ( babolearning.com/gusto ) a fantastic, easy to use online payroll system. Why spend your time doing payroll yourself?
👉 MailChimp - ( babolearning.com/mailchimp )Automatically send emails to your customers and create great repeat business
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Books I Recommend to Help Take Your Business to the Next Level
👉 Profit First by Mike Michalowicz - amzn.to/3nBsCRC
👉 eMyth Revisited by Michael Gurber - amzn.to/3bMDTeR
👉 Atomic Habits by James Clear - amzn.to/3kpXs1m
👉 Building a Storybrand by Donald Miller - amzn.to/3y5t0fS
👉 The ONE Thing by Gary Keller & Jay Papasan - amzn.to/3yciFi7
👉 The 12 Week Year - Brian Moran & Michael Lennington - amzn.to/3R54Smi
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COURSES to HELP YOU
👉 Understanding Your Business Numbers - KnowYourBusinessNumbersCourse.com
👉 Start a Local Small Business - StartASmallBusinessCourse.com
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MORE:
👉 Check Out the Website: babolearning.com
👉 Listen to the Badass Business Owner Podcast on Spotify or Apple Podcasts -
Iphone: bit.ly/LSBCpodcast1 | Android: bit.ly/LSBCGoogle | Spotify 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
Your videos are so relaxing. I play them every month while I square up the books. They get me in the zone. Thanks! 😁
Excellent! Thank you! ❤
Thank you!!
You're welcome! - tammy
thank you very much, you are an awesome teacher with so much knowledge, Love from Panama Canal ❤
awe Thanks for watching! - Tammy
Thank you Tammy.
You are so welcome
I cannot find the templet from this podcast. I enjoy the information you provide.
Hey there. the one I'm using is just from a normal Quickbooks. Do you use any accounting program? Tammy
Thank you so much ! And you explain in such a straightforward way - do you have any videos for sole traders offering any service- it gets so confusing 🙈 best wishes from the U.K. and new subbie x
Thanks for subscribing! :-). Are you looking for anything in particular? I use a lot of examples for our service-based folks. For example, here is one I did for pricing....th-cam.com/video/doAKxyRa4pM/w-d-xo.html
@@BadassBusinessOwners just something very basic - offering services like maybe consultancy / working from home too / and travelling to bookings using vehicle and petrol and car parking - you have no idea how much i would appreciate it 🙏❤️
@@Bbbbbbcd I'll see about doing a future one but here is a video I did on expenses. It will work on your business as well. There is one for Cost of Goods as well. th-cam.com/video/pFDeAgb0gjo/w-d-xo.html
@@BadassBusinessOwners thank you ! And I will watch- sorry for replying later - different time zone 🙈
Thank you Tammy for everything you put out. It's helped me a lot. I'm not all the way there but I'm trying to follow your lead on what applies to my little trucking company.
I'm so glad I get to be part of your journey Ruben! Each day you get better than the day before just because you are focused on it! - Tammy
can you do a video on the cogs for a service business please? I have a bookkeeping and tax service business. Ty!
I can take a look at doing that. Here is another one that might help. They key to service based is accounting for those labor hours to provide the service. That is what is missed a lot of times. th-cam.com/video/x6qdKGnWE0w/w-d-xo.html
I have business where the customer will pay it in 21days later. so the Income that we earn would be from previous months. My Question is what Total CoGS should I put ? is it the CoGS for the current month sales or ...?
Typically in a cash accounting (which most small businesses use, see a tax specialist for more) you account for stuff in the month they occur. So let's say you purchase the materials in Feb but don't get the money until March, the COGS would be in Feb even though the INCOME won't be until March. Think of it this way, you are using retained earnings to purchase the materials while you wait for payment. So in your business, you will always want to have money in reserves to do this unless you capture partial payments at the time of purchasing the materials. - Tammy
@@BadassBusinessOwners Many Thanks for your explaination. Your videos are so practical and easy to understand. Subscribed from Indonesia . God Bless
@@BadassBusinessOwners hi Tammy, Let say the Income on February is from the November-January Sales. the CoGS is the Cost of Product Sold in February . am I right? and also on Feb , I have purchase goods for my inventory(stock) should I write it? My Net Income become Minus so much, the story become so sad. my Question is:
1. Am I writting the PNL correctly? It seems that my business lose money a lot on february (but i notice that because I purchase the goods for future sales) . What is my -PNL telling actually?
2. If I always write down the CoGS of the Product sold in the particulary month, and I also write the Purchase of Goods , wouldn't it means I count the Product Cost twice in my Business?
Appreciate your help
@@dc3811 Unless you collect partial payments up front for the jobs you do, you will probably have a loss until your sales are great enough to cover costs from past jobs. Sounds like you have a business that needs to have retained earnings to purchase goods. Typically you will have some months that have high profit to offset those that don't. For example, when the payments hit from the past jobs, they should help offset the old sales. But if you only see losses, I have a feeling you might have either a pricing issue or you have never created enough sales to offset your inventory costs. Hard to tell without looking at the business... But those are areas to check. - Tammy
@@BadassBusinessOwners Many Thanks Tammy
What Keeps You From Reviewing Your P & L Monthly?