If you don’t have a profit and loss statement—or don’t even know what one is—and you’ve already started your business, you’re not alone. I’ve talked to a lot of business owners in the exact same situation. Some of them have been running their companies for years without ever seeing a monthly profit and loss (P&L) statement. They don’t work with a bookkeeper or accountant, and because of that, they don’t truly know their numbers.
Knowing your numbers in business is essential, and if this sounds familiar, it’s time to make a change.
Knowing your numbers in business means understanding the financial health of your company. Without a monthly P&L, you’re operating in the dark. A P&L is more than just a report; it’s the pulse of your business, showing where your money’s coming from, where it’s going, and whether you’re actually profitable. This info is critical for making smart decisions, especially if you’re trying to grow.
Hiring a bookkeeper or accountant doesn’t have to break the bank. Even a few hundred dollars a month can make an incredible difference. This is the financial health of your business, and money spent on solid bookkeeping pays for itself. You’ll finally have a clear picture of where you stand and what levers you can pull to move your business forward. Knowing your numbers in business isn’t optional—it’s essential to setting yourself up for success.
Don’t fall into the trap of thinking you can “get by” without knowing your numbers. Make the investment in knowing your numbers in business. It’s one of the smartest moves you can make for the long-term success of your business.
Quick and Easy Actionable Tips for Knowing Your Numbers in Business
Track the Basics: If hiring a bookkeeper isn’t in the cards yet, start logging your income and expenses yourself. Google Sheets or Excel can get the job done—track every dollar.
Make Monthly Financial Reviews Non-Negotiable: Schedule a time every month to review your numbers. Look for trends, see where you’re spending, and adjust as needed.
Sort Your Expenses: Break down your expenses into categories like ‘Marketing,’ ‘Payroll,’ or ‘Supplies.’ This way, you know where your money’s going—and where to tighten up if things get lean.
Automate Where You Can: Use accounting software like QuickBooks or Wave. They’ll link to your bank account, categorize expenses, and even generate a basic P&L to give you a quick overview.
Bring in a Pro for a One-Time Setup: Even if you don’t hire a bookkeeper every month, consider paying for a setup. A pro can organize your books and set you up with a system that’s easy to manage.
Keep an Eye on Key Numbers: Start tracking gross profit, net profit, and profit margin. Knowing these numbers in business will keep you sharp on what’s working and what’s not.
Commit to Learning: No one else is going to learn it for you. Watch tutorials, read up, take a course—whatever it takes to get comfortable reading your P&L and using it to make smart moves.
These steps will give you the foundation you need for knowing your numbers in business. The sooner you’re clear on your numbers, the sooner you can make decisions that keep your business in the black.✌️
Justin Hubbard
PLUS: Whenever you're ready, here are three ways I can help you grow your business:
1. Get Personal Help with a FREE Strategy Call
Need fresh insights on your business strategy? Book a FREE 30-minute call with me. I help identify winning strategies to boost your bottom line and enhance your quality of life.
You’ve hired experts for your golf game and finances—now hire a coach to help your business thrive. As a fellow small business owner, I understand the challenges and know how to navigate them for growth and success. Book your strategy call HERE.
2. adimize: Grow Your Business with Our Proven Google Ads System
Want to maximize your ad spend and drive results? Get a FREE Google Ads account review with adimize. Our team specializes in optimizing ad campaigns to drive leads and increase bookings. With over a decade of hauling industry marketing experience, we help your business grow using intent-driven, results-focused strategies. And with no contracts, there’s nothing to lose. Schedule your free review HERE.
3. Order My New eBook: Beyond Breaking Even | Unlocking Profit Potential In Hauling Businesses
Discover how to generate sustainable revenue and growth. This book provides targeted, efficient strategies specifically designed for the hauling industry. Inside, you'll find actionable insights on how to scale your business, optimize operations, and increase profitability while minimizing risk. Learn from real-world examples and proven methods that have helped businesses like yours go beyond survival to achieving success. Purchase your copy HERE.
Comments