When your Profit and Loss Statement shows that you have  positive profit, you need to really check if that is real profit because it may not.  Positive  doesn't mean the business is financially healthy.  This is the case of  just “paper profit”.  Why does this happen?  Unreal profit happens  when profit that does not equate to having actual cash in the bank.

In this episode, Annette will give you some guidelines on how to ensure that you have the right cash management in your business.  Some of the causes why the business is not financially solvent is when there are money leaks happening in your business operation.   

Here are a few insights you’ll hear in today’s show…

• What are the types of profits?
• How do you know if your business is financially healthy?
• How do you ensure that your business has physical cash profit?
• What does "Profit First" do and how do you operate it?
•  Why is it important that you identify and assess money leaks that are happening in your business?
• What are money leaks?

Resources:

Identify and eradicate money leaks: https://youtu.be/tKDmRApyrww

Understanding a profit and loss account: https://youtu.be/9R6QwNPsM7w

Understanding a balance sheet: https://youtu.be/EZ1cctAAnI0

Connect to Annette Ferguson:

Facebook - https://www.facebook.com/UKAnnetteFerguson/

Instagram - https://www.instagram.com/annetteandco_/

YouTube - https://www.youtube.com/channel/UCkohh_X-4R5mKfEW9rBQ1qA

Listen to the Podcast - Financial and Lifestyle Freedom for UK Business Owners -

https://podcasts.apple.com/gb/podcast/financial-and-lifestyle-freedom-for-uk-business-owners/id1473582522