EP96: Beyond The Numbers: Profit & Loss Statement

Build To Enough (formerly Fish Food)

In this episode, Keila is excited to bring you the first of her “Beyond the Numbers” series, a deeper look into why numbers themselves aren’t necessarily good or bad. And while they don’t mean anything as a standalone, the story behind the numbers is what we really need to know in order to make decisions for our business that not only make the most sense but also build a life and business that we can be proud of.

So tune in as Keila dives into profit and loss statements and why it is the foundational piece of helping you make the best strategic decisions about your business.

Find the common deductible expenses spreadsheet mentioned in this episode here: drive.google.com/file/d/1gzoqJvta260ESLGwXv0jLfzBcuzKXgu_/view?usp=sharing

KEY POINTS:

- What is a profit and loss statement?

- Breaking down revenue, expenses, and deductibles

- How often should we be bookkeeping?

- Explicit versus implicit data

- “Don’t get too focused on the number itself”

QUOTABLES:

“The whole point of your profit and loss and all of your financial statements is to tell you a story. It's not enough to just look at a number; you really want to know what the numbers are trying to tell you.”

RESOURCES:

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