Get Your Company FIT & Your Bottom Line FAT

Issue #12 - October 2005     

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In This Issue...
  • Article:  10 ways to get better information from your financial statements
  • Coach's Corner:   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
by Laurie Owen, SVP, Business Resource Services


1. Group your P&L expenses by category such as sales and marketing expenses, occupancy, etc and not alphabetically.
2. Have your P&L and Balance Sheet produced on a monthly basis.
3. 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.
4. Have them reviewed by a CPA on a regular basis, not just at tax time.
5. Create a point of sales system that ties into your financial statements so you know your true inventory number.
6. Know your real gross margin percentage by knowing your true inventory number. (see #5)
7. Try to minimize what you put into your miscellaneous expense account.
8. Avoid having too many categories, or at least have P&L and Balance Sheet reports that roll up into one page.
9. 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.
10. If your accountant or bookkeeper can't do all of the above, get them trained, better advised or replaced. 

If I Knew Then What I Know Now

I've 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.  continued

Tip of the Month 
Blind Spot n. A subject about which one is markedly ignorant or prejudiced.
Do 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 for more information.

Profit Mastery Performance Groups for Pharmacy Owners and Jewelers

Pharmacy 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.  

Our Plus Day program on Oct 14 is sold out.

Jewelers: Look for the 2006 schedule coming soon!  Register early as space will be limited!

Congratulations to FIT Members!

Leo 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 his team! 

Linda 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  

Way to go Linda and Jeffrey!

Profit Mastery Workshops for
Business Owners

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 existed. 

Pharmacy Owners
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FIT Software  Like having a trusted financial advisor at your fingertips – 24x7. Let FIT do the "what-if" so you won't do the "if only." Get your fully functional evaluation version here

Take the guesswork out of pricing your products.  With this Profit Finder wheel, you select a target profit margin and it automatically helps you find the right price every time. $10 purchase

Road Map to Success  - Great Management Tool!
We've taken our Road Map, enlarged (22x28) and laminated it so you can write on it over and over again. At only $26.95, it's a great investment. 
More Info  |  Purchase

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