Profit and Loss (P&L) Accounts – A Guide for small business owners

Guide to profit & loss statement

When you’re trying to work out how well your business is doing, one of the most powerful tools in your financial arsenal is your profit and loss account (P&L).

This is a simple set of figures that will give you a summary of what your business has spent and sold, normally in a 12 month period.

Crucially, a P&L statement will tell you how much profit or loss your business has made so it’s useful to have a good grasp of it.

Here’s an overview of Profit & Loss Accounts for a small business owner.
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Five questions that will add value to your bottom line

increase profitability

As a business owner, you are always looking for greater efficiencies, more productivity and some general cost savings.

One of your key jobs is to make sure you are always looking for ways get your business running more smoothly and more profitably, but before you jump in and make wholesale changes to the way your business is run; ask yourself these 5 key questions; (more…)

Achieving sustainability in business – managing the complexity of profit, planet and people

Business sustainability is a great opportunity for start-ups and small businesses to focus on. Not only is it a way to create long-term, sustainable success, but it’s also a way to attract employees (younger generations expressly value sustainability), investors and business partners.

Let’s briefly look at what business sustainability is and then get into some practical tips for how to make it reality for your business. (more…)

What creativity can do for your bottom line

How creativity boosts profits

If you’re running your own small business, or thinking about starting one, then chances are that you’re already creative and putting your ideas into practice.

But as any business owner knows that your initial idea is often just the start. Ongoing creativity is also not an optional extra for companies. It is a crucial component of a successful business. This is because creativity is really about change. It is about thinking differently and challenging the status quo. It is about having the same conditions as other people but coming up with something fresh.

And it is this new thinking and innovation that helps secure the future for businesses big and small, and keeps individuals relevant in a fast-paced changing world.

With creativity being so crucial to business success, we asked Claire Bridges, author of, In Your Creative Element to explain how to harness the creativity, within yourself and your team, to fuel your business growth;

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Competitive Advantage for small businesses – How it can boost profitability, growth and drive long term success

If you can develop a competitive advantage for your small business, you will be able to sell your product or service more easily and more profitably.

Ultimately a good competitive advantage will mean that your business is more likely to succeed and is able to grow.

With the ability to develop a competitive advantage being so important for small business owners, we asked Garry Smith, co-author of Creating Business Advantage: Setting Up and Running A Successful Business to explain more about it;

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Five ways publishing a book can help increase your start-up profits

Many entrepreneurs are aware of the benefits of becoming a published author. But only a very small percentage of business owners ever get around to writing a book.

This is a big lost opportunity for those who don’t put pen to paper, according to Sue Richardson, who outlines five ways that writing and publishing a book can help your start-up to take off;
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