Welcome to the Mills Knows Bills Podcast! Host Mills Bender, founder and CEO of Mills Knows Bills, discusses strategies for business owners and variable income earners to manage their finances effectively. Let's get to those burning financial questions!
In this season finale episode of the Mills Knows Bills podcast, Mills provides a comprehensive guide to understanding and analyzing your profit and loss (P&L) statement. The episode covers key components such as revenue, cost of goods sold (COGS), operating expenses (OPEX), and net income. Mills offers practical tips on diversifying revenue, managing seasonal business fluctuations, negotiating with vendors, and maintaining a healthy profit margin. Whether you're a product-based or service-based business owner, this P&L analysis 101 class will help you make smarter financial decisions and avoid common pitfalls. Tune in to learn how to better handle your fluctuating income and stay on track with your financial goals!
Do you have your own burning financial question for Mills? Contact her here:
Email: info@MillsKnowsBills.com
Website: https://MillsKnowsBills.com
Instagram: https://instagram.com/@millsknowsbills
LinkedIn: https://www.linkedin.com/company/mills-knows-bills
Subscribe for the latest on YouTube: https://youtube.com/@MillsKnowsBills
Link to video podcast episode: https://youtu.be/5MUYVnkmG-I
00:00 Introduction to Mills Knows Bills
00:53 Podcast Overview and Goals
01:26 Understanding Profit and Loss (P&L)
02:01 Revenue Analysis
03:52 Cost of Goods Sold (COGS)
04:49 Operating Expenses (OPEX)
06:39 Net Income and Profit Margin
09:22 Conclusion and Next Steps
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