#111: Income Statement Explained and How to Use it to Grow
from Next Level Pros
by Chris Lee
Published: Fri Jun 21 2024
Show Notes
Welcome to a new episode of The Founder Podcast! In this episode, we dive deep into understanding the financials of your business, focusing on building an income statement and conducting a break even analysis. Learn how to effectively assess your sales, costs, and margins to ensure your business is scalable and profitable.
https://nextlevelhomepros.com/june25thworkshop
Highlights:
"Not understanding the financials of your business could be costing you millions."
"There’s the traditional way to look at it with GAAP accounting principles, and then there’s the business owner way."
"Every dollar collected would mean 45 cents to the bottom line once you're breaking even."
"For every dollar I spend on marketing, it's going to equal $40 in revenue."
Timestamps:
- Introduction
- Importance of Understanding Financials
- Basics of an Income Statement
- Understanding Sales and Cost of Goods Sold
- Gross Profit and Gross Margin Explained
- Calculating Cost of Acquisition (CAC)
- Breakeven Analysis Breakdown
- Scaling Your Business Effectively
- Impact of Fixed Costs on Breakeven
- Workshop Announcement and Closing Remarks
Looking to scale your business? Want to learn directly from the same team that helped me sell my last business for 9 figures? Click this link below to check out how you can work with us.
https://nextlevelhomepros.com/grow-home-service-vsl
Join my community - Founder Acceleration https://www.founderacceleration.com
Apply for our next Mastermind: https://www.thefoundermastermind.com
Golf with Chris: https://www.golfwithchris.com
Watch my latest Podcast
Apple- https://podcasts.apple.com/us/podcast/the-founder-podcast/id1687030281S
Spotify- https://open.spotify.com/show/1e0cL2vI1JAtQrojSOA7D2
YouTube - @thefounderspodcast