Welcome to the how of business with your host, Henry Lopez, the podcast that helps you start, run, and grow your small business.

And now, here is your host.

This is Henry Lopez, and welcome to this episode of the how of business.

This episode is all about your profit and loss

statement or your P&L statement. And it's all about helping you answer perhaps the most critical

question about your business. Are you making or are you losing money? This episode is about

helping you answer that critical question by understanding how to use your profit and loss

statement or your P&L statement, which is one of the important financial statements you should use

to help you manage your business. I will cover this topic from a small business owner's perspective

since I am not a CPA or accountant, so my tips and suggestions are based on my experiences

as an owner of multiple small businesses over the years and my experiences as a coach and consultant

for many other small businesses. I'm going to focus on high-level tips and suggestions for

how to use your P&L, your profit and loss statement, to help you run and grow

your small business. I encourage you to also consult with your accountants or your CPA at least

once a year, but ideally more often than that, about your financials and for you to continue

learning incrementally how to interpret your financial statements. You know, lots of business owners

are uncomfortable with this part of their business, the financials part of the business. So what results

is you ignore it and it can get out of control. You may have never learned how to use or interpret

financial statements. That's a very common thing. You're not alone, but you can change this.

And you don't have to be a financial whiz or a math expert to do so. To receive more information

about the how a business, including links to the show notes page for this episode, and there'll be a

free download called Profit and Lost Statement Overview that you're going to want to get,

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