5 Top Tips to help you seek professional help with your P&L

Managing your profit and loss (P&L) statement is a critical aspect of running a successful business. However, sometimes it can be challenging to understand and analyse your financial data, which is why seeking professional help may be necessary. Here are five tips to help you seek professional help in relation to your P&L statement:

• Find a qualified accountant or financial advisor:
  A qualified accountant or financial advisor can help you understand your P&L statement and offer advice on how to improve your financial performance. Look for professionals with relevant experience and certifications, such as a Certified Public Accountant (CPA) or a Certified Financial Planner (CFP).

• Set clear goals:
  Before seeking professional help, set clear goals for what you want to achieve. Whether it’s increasing revenue, reducing expenses, or improving profitability, having specific goals can help you and your advisor develop a plan to achieve them.
• Prepare your financial data:
  To get the most out of your professional help, prepare your financial data in advance. This includes your P&L statement, balance sheet, cash flow statement, and any other relevant financial data. Having this information readily available can help your advisor offer more informed advice.

• Ask questions:
  Don’t be afraid to ask questions about your P&L statement and financial data. A good advisor should be willing to explain complex financial concepts in a way that’s easy to understand. Asking questions can also help you develop a better understanding of your business’s financial health.
• Develop an action plan:
  Once you’ve received advice from a professional, develop an action plan to implement their recommendations. This may include adjusting pricing, cutting costs, or investing in new opportunities. By taking action, you can improve your business’s financial performance and achieve your goals.

Seeking professional help in relation to your P&L statement can be a valuable investment in your business’s financial health. By finding a qualified advisor, setting clear goals, preparing your financial data, asking questions, and developing an action plan, you can make informed decisions and take action to improve your business’s profitability.

Who is ActionCOACH’s Business Coach Mark Dilks?

Mark Dilks is an accomplished business leader, experienced coach, mentor and business builder. He supports business owners, executives and teams across Milton Keynes, Bedford, Northampton, Luton & Dunstable in all aspects of building profitable high growth businesses; from start-up phase all the way through to maturity and divestment. No matter what challenges you are facing, Mark will invariably have encountered a similar situation previously and will be able to support you to quickly and efficiently overcome your business hurdles by sharing examples of how other business have solved similar problems that you are experiencing. He is motivated, driven, tenacious and is able to get the very best out of all the resources available to his clients and to ensure that the maximum results possible are achieved.