10 ways to get better information from your
If I knew then
what I know now
- Tip of the Month: Find
your blind spots
Ten Ways to Get Better Information from Your Financial Statements
Owen, SVP, Business Resource Services
|| Group your P&L expenses by category such as sales and marketing expenses, occupancy, etc and not alphabetically.
||Have your P&L and
Balance Sheet produced on a monthly basis.
|| Get your statements in a timely manner. You should
receive monthly statements by the 15th of the next month and finalized year-end statements by the end of the 1st quarter of your new fiscal year.
|| Have them reviewed by a CPA on a regular basis, not just at tax time.
||Create a point of sales system that ties into your financial statements so you know your true inventory number.
|| Know your real gross margin percentage by knowing your true inventory number. (see #5)
|| Try to minimize what you put into your miscellaneous expense account.
|| Avoid having too many categories, or at least have P&L and Balance Sheet reports that roll up into one page.
|| Have your P&L and Balance Sheet reports show both dollars and percentages so you can see whether changes are due to changes in volume or true increases in costs and then compare them to industry standards.
|| If your accountant or bookkeeper can't do all of the above, get them trained, better advised or replaced.
I Knew Then What I Know Now
always been a sucker for time travel books and
movies: The Time Machine, Time and Again,
Somewhere In Time; you name it, I've read the
book or seen the movie, and still cry every time
Christopher Reeve finds his way back to Jane
Seymour in Somewhere In Time. That's why I was
so intrigued by life coach Martha Beck's October
column in O Magazine, “If It's Tuesday, I Must
by 25.” In it, Martha describes a series of
exercises to get past emotional pain and "
unstuck" from a current life situation.
Blind Spot n. A subject about which one is markedly ignorant or prejudiced.
you have blind spots about how you manage your people? I guess if you knew you had them, they wouldn't be blind spots, would they? One way to find out is by having a skilled coach or consultant conduct a 360 degree review in which your staff and colleagues are asked to give honest, confidential feedback on your leadership and management style. You then work with the coach to improve your score. Scary stuff? You bet, but invaluable to the development of you and your business. Contact me at
firstname.lastname@example.org for more information.
Mastery Performance Groups for
Pharmacy Owners and
Owners: There are
still a few slots available for the October 13 Profit Mastery workshop
at the NCPA Convention in Ft. Lauderdale, Florida.
Contact Kelly Cavenah,
800.488.3520 if you are interested in attending.
Plus Day program on Oct 14 is sold out.
for the 2006 schedule coming soon! Register early
as space will be limited!
to FIT Members!
Hamel and Co. were just awarded Hearts on Fire retailer
of the year! They won the award the first time it
was given out in 2002, and are the first company to win
it a second time. Congratulations to Gary Hill and
and Jeffrey Singer of Singer’s Jewelers have launched
Liza’s Legacy to both commemorate a friend who was a
victim of domestic violence, and to raise funds for this
important cause. On Saturday, October 1, they will
officially start taking orders for a pin called “Loves
Me, Loves Me Not.” Profits from the sale of the pin
will go towards helping others impacted by domestic
violence. For more information on how you can support
their efforts, visit them at www.singersjewelers.com.
Way to go Linda and Jeffrey!
Over 97% of the people who attend our workshops say they've
substantially increased their understanding of the health, strengths and
weaknesses of their companies. Change the way you manage your
business, increase your cash flow, and find profits you never knew
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