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Will You Take Your Business to the Next Million Dollar Level This Year?
Ready To Take Your Business
And Life To The Next Level?
We are currently experiencing a serious global crisis.
For me it feels like déjà vu from the global financial crisis of 2008, or from 9/11.
In the next 6-12 months (or less), some business owners will see their incomes and business revenues grow massively – while others will fall behind by 5 years or more. Many will go bankrupt and never recover.
There are some things I need to tell you
–and they might not be easy to hear–but they are VITAL for you to know in this time of crisis.
Some people will not be ready to hear or accept these facts.
Others will agree and choose to make the most of the life-changing opportunity that is presenting itself right now–take advantage of the huge financial windfall in front of us, and play an important part in our global recovery.
The first thing you should know is that in bad times (crisis, conflict, recession or even depressions) things usually move faster than they do in good times.
This means that you’ll feel the effect of anything you do (or don’t do) more quickly, and that the results will be more intense.
It also means that when you see a massive opportunity, you must seize it, or else someone else will take it from you. Competition is fierce.
Now, if you know exactly what to do and how to do it in these crazy times then you really don’t need me.
If, on the other hand you are confused, uncertain, maybe a little fearful for the health and survival of your business, or you just want to seize this massive financial opportunity before you, you need to pay close attention
The truth is that the whole world has completely changed in a matter of months.
And, this change is going to continue. (Many brilliant people actually think the rate of change will accelerate.)
The marketing and sales strategies that worked 3-6 months ago won’t work today.
This is NOT the time to react. It’s the time to be calm so you can respond intelligently.
When the world and markets change this quickly you have to change with them. You MUST adapt…or risk big financial losses (and a lot of personal pain and suffering).
The world of business has changed, and so has the mindset and behavior of your consumers. How they’re making buying decisions and who they buy from has shifted.
If you haven’t adjusted to match how they are making decisions… you are falling behind and putting the success of your business and future at risk.
One of the greatest skills you can develop right now is what I call… Being an adaptationist. An adaptationist in your mindset, your marketing and your sales approach and process.
This is where the latest in neuroscience and neuropsychology comes into play. (If that sounds daunting to you, don’t worry–I’ve been teaching this way of thinking about marketing and sales for over 20 years and I know how to make it dirt simple.)
If you’re not using the “neuro” approach, you’ll be drowned out by the millions of other businesses yelling to be heard in a crowded marketplace, trying to get people to buy from them.
Finding enough new leads and qualified buyers to sustain your business (let alone make a profit) will be nearly impossible if you’re still using the same old methods and techniques.
My intention is not to frighten you, but to get across how serious this situation is.
Your prospects are feeling fear and uncertainty, and this unpredictability is dominating their mind and lives. They don’t know who to trust, who to follow, or who to buy from.
The part of your prospect’s brain that’s making most of the decisions has changed from the Logical Brain to the Emotional Brain or the Instinctual/Survival Brain (see the image below).
And, actually, most people don’t use their Logical Brain to make most decisions even when they aren’t overwhelmed by a global crisis!
The most successful marketers and business people have always appealed to these 3 parts of the brain (and done so in a specific order) to make their offers irresistible.
Unfortunately, few business owners understand how to leverage the proven psychological and emotional triggers that make catching the attention of prospects and turning them into eager buyers easy.
You must lead your prospects down a safe and smart decision making process or they will be attracted to the company who knows how to do what I am talking about. Do you really want them to buy from your competition instead of from you just because you don’t know how to market and sell the right way for today’s market conditions?
The smart “Neuro-Marketer” who can apply the latest in Neuro-Marketing and Neuro-Sales techniques and strategies knows how to target their ideal client and not waste time or money marketing to “tire kickers” and people who will waste their time and money.
They know how to create irresistible offers that grab attention and convert like crazy. They use specific “neuro-language patterns” that connect emotionally with their prospects and make them feel safe and secure instead of uncomfortable or uncertain.
The world of marketing and sales has changed as a result of our new understanding about the brain and how and why people choose to buy from one company or person instead of another.
Businesses that aren’t following the latest in Neuro-Marketing and Neuro-Sales and don’t innovate and adapt quickly will suffer a deadly blow and disappear forever, or will fight tooth and nail to stay alive and earn a meager income over the next several years.
In the next six months, there are 3 basic paths your business can follow:
Things can get worse. Much Worse…
Things can stay about the same…
Things can get better. Way Better…
Have a look at this “3 Possible Futures” diagram created by my friend Simon Bowen, Founder of the Models Method:
Even if you work more hours and put in more effort than you ever have, if you’re using the same marketing and sales strategies, my prediction is that you work really really hard to survive. If you don’t put in the time or effort and things will get much worse for you and your family.
There is however, a much smarter and easier option for you…
Choose to apply the latest Neuro-Marketing and Neuro-Sales strategies and techniques, my prediction is that you will not only survive but thrive and earn more income, gain traction, and increase the value of your business in the next 6-12 months.
To Help You Get Started on the Path to a Million Dollar Business Breakthrough We Recommend You Take the MKS Master Key Business Challenge and Answer the Questionnaire
We put together the MKS Master Key Million Dollar Business Breakthrough Challenge for people who want to set themselves up to come out of the COVID-19 crisis better than they went in…and I want to help YOU do just that.
So if you’re ready to get focused, take action, and WIN – I want you to join me for this challenge.
Imagine what you can achieve after I give you the benefit of my 35+ years of business growth experience, and the momentum you’ll build after doing powerful daily exercises that will help you position your offers in ways that attract the most ready buyers who want what you have to offer.
Questionnaire to Create a Proven Blueprint to Build Your
6 or 7-Figure Business This Year
(…even if you are stuck or just starting out!)
: Are You Effectively Managing Your Company’s Profit and Loss?
A P&L statement gives you a clear picture of your company’s financial standing. Learning to read it helps you cut costs and up your revenue.
Profit and loss (P&L) management is the process of determining how to cut costs and increase revenue.
You can start that process by looking at your business’s profit and loss statement (aka income statement). Since your income statement breaks down your business’s costs and gains, it offers key insights into growing your revenue and upping your business’s chance of success.
If you want to know more about how exactly a business income statement can help you manage profit and loss, keep reading—we explore the meaning of profit and loss, how to read a profit and loss report, and why P&L management is so important to small businesses.
: What is Your Profit and Loss Management Program?
Are you currently using your profit and loss statement to make informed decisions about your business’s finances? Then you’re already doing profit and loss management—nice work!
At its most basic, profit and loss management simply means using your P&L statement to make informed financial decisions about your business. Notably, profit and loss management doesn’t just mean you should measure how much you make—it also means looking at how much money you lose to expenses.
When you chart your profit and loss, you can identify gaps in your savings and expenses, defusing fiscal problems before they become major losses.
: What is Your Business’s P&L Statement?
Creating an income statement is the crucial first step for managing profit and loss.
A profit and loss statement breaks down your business’s profits and losses by category to show your net profit or net loss. That number also represents your income, which is why a P&L statement is also called an income statement. It lays out your gains and losses clearly and should give you some clear starting points for where to trim costs.
Alongside the balance sheet and cash flow statement, your P&L statement is one of the three most important financial documents in your repertoire. Why? Because comparing the three statements gives you an accurate depiction of how your business stands financially at any given moment.
If you’re planning to take out a small-business loan and your lender requires you to submit a business plan (most do), you’ll need to include a profit and loss statement. From the very start of your business, you’ll need to make a profit and loss statement and continue to look at it frequently. It pays, literally, to get familiar with creating, reading, and interpreting income statements as soon as possible.
Wondering how often to create and check a key financial statement like an income statement? You should absolutely generate an annual P&L statement to chart your profits and losses over the last fiscal year, but generating monthly statements will give you better insights into how your business is performing month over month (or week over week—creating a P&L statement each week honestly isn’t a bad idea).
: What information is on Your Business P&L Statement?
A profit and loss statement is divided into two main sections: a revenue section and an expenses section. You’ll subtract expenses from revenue to calculate your net profit, aka your bottom line. Typically, your P&L statement will show your profits and losses over a specific period of time, determined by you (for instance, over a year, a month, or a week.)
Depending on the accounting software or template you use, your P&L statement could have more or less detail than the categories we list. Still, all P&L statements should include the same information in roughly the same order. (If you want a more thorough breakdown of the categories we list below, check out our P&L statement how-to guide.)
Revenue (gross income)
Revenue—aka gross income—is the money you make by selling services or goods. When calculating revenue, make sure to list all sources of business income. That could include not just sales but also interest earned on investments.
Direct costs are expenses that stem directly from creating your product or delivering your services. Put a little differently, any expense connected to the company’s products or services is a direct cost. If you sell a product rather than a service, direct costs are usually referred to as the cost of goods sold, or COGS.
Your gross profit is the amount of money left after subtracting direct costs from your gross income.
You might also see a gross profit margin on your income statement, which is the gross profit expressed as a percentage. A high gross profit margin is a good indicator (though not the only indicator) of a business’s financial health.
If your direct costs are higher than your gross income, you’ll see a gross loss here rather than a gross profit. Hopefully that won’t happen—but if it does, remember that your P&L sheet gives you helpful information on how to turn that loss into a profit. For instance, you might discover that you aren’t charging enough per product to cover the cost of goods sold, and upping your prices by just a bit could start to turn your loss around.
Simplified formula: Gross profit
Gross profit = Revenue – COGS
Expenses refer to any costs besides the direct costs of producing a product. Typically, these expenses fall into one of the following categories:
- Operating expenses (OPEX, or operating costs), or ongoing and necessary costs that keep your business up and running. Rent, monthly utility fees, equipment maintenance, and advertising expenses are typical examples of OPEX.
- Non-operating expenses, or less frequent costs that aren’t essential to your business’s day-to-day operations. Paying interest on a loan, hiring a lawyer, or paying for movers would all count as non-operating expenses that impact your bottom line.
Depending on how complex your business is and what accounting software you use, you might list all expenses line by line instead of distinguishing between OPEX and other expenses. Alternatively, you might break down your expenses into more detailed categories, such as administrative expenses and overhead expenses.
Once you’ve totaled your gross profit and expenses, you can finally calculate your net profit. If you see a positive number in this category, your business is profitable—that’s great news! If you see a net loss instead, you don’t need to despair right away. Instead, meet with a CPA to implement strategies for cutting costs and increasing revenue.
Simplified formula: Net profit
Net profit = Gross profit – expenses
Track your income with accounting software
: What is Your Business P&L Management System?
Profit and loss management, or P&L management, is the process of creating profit and loss statements to analyze your company’s overall revenue and expenses. The P&L statement gives you crucial information about where to cut out expenses, how to increase revenue, and whether your business is profitable or not.
: How Do You Calculate Your Business’s P&L?
A profit and loss statement lists your company’s income and subtracts expenses (including costs of goods sold, operating expenses, and non-operating expenses) to find your net income.
: How Can You Improve Your Business’s P&L?
Improving your company’s profits and reducing losses starts with creating P&L statements. Once you’ve done that, you should compare statements from different time periods to understand sales trends, analyze costs, and determine if you can cut out certain expenses while increasing sources of revenue. You should always meet with a CPA to discuss structural changes that will up your company’s profitability.
: What is the Difference Between Your Business’s Income statement, Balance Sheet, and Cash Flow Statement?
A P&L statement (aka income statement) overviews how a business is performing by showing revenue, direct costs, and business expenses. In contrast, a balance sheet summarizes all of a business’s long-term assets, liabilities, and shareholders’ equity.
Finally, a cash flow statement shows where your cash is coming from and where it’s going. Along with showing money earned from sales, it should show the money you earn from investing and trade opportunities plus cash from bank loans or other financing options. It also details cash outflow to help you determine if you’re spending more than you’re earning.
Taken together, income statements, balance sheets, and cash flow statements give you a detailed look at your business’s financial health. If you want to see how your business is doing overall, it’s a good idea to work with all three.
: How Should You Use Your P&L Statement to Manage Your Business’s Profit and Loss?
Creating a good P&L statement is just one part of managing your company’s profit and loss. Once you’ve built your detailed income statement, take these steps to sort out how profitable your company is versus how profitable it could be:
- Compare your current P&L statement with past statements. Has anything changed drastically? If so, can you identify how or why?
- Meet with a CPA, accountant, or financial analyst to get help identifying areas of improvement.
- Continue to keep detailed records of your company’s profits and losses so you can create new, accurate P&L statements every month or quarter.
: Are the Four Basic Financial Statements Used in Your Business?
The four main financial statements investors should read include income statements, balance sheets, cash flow statements, and statements of shareholders’ equity. If you’re a business owner, you should also know how to prepare and read these four statements: they’ll show you and your potential investors how healthy your business is.
: Income statements (profit and loss statements)
An income statement showcases a business’s profitability over a specific time period, usually over the course of a fiscal year. You might also hear income statements referred to as profit and loss (P&L) statements, statements of earnings, or statements of operations.
: Balance sheets
A balance sheet covers three essential financial categories: a business’s assets, liabilities, and equity.
- A company’s assets include both its revenue and the amount it would earn from liquidating physical assets like machinery, property, and excess inventory. Assets also include the company’s copyrights, investments, and earned interest.
- A company’s liabilities include whatever it owes to non-shareholders. The amount could include loans, unpaid wages, income taxes, rent, and interest payments.
- A company’s shareholder equity refers to what its shareholders would earn after the company liquidated its assets and paid all its bills.
A balance sheet lists the company’s assets on one side (usually the left half) and its liabilities and equity on the other (usually the right half). The two halves of the sheet must equal each other for the sheet to be balanced.
The asset side of the sheet lists assets by how quickly they could be liquidated, starting with current assets like cash and inventory. Current assets also include anything that could either be liquidated or yield returns within a year, such as short-term investments and accounts receivable.
The sheet then lists non-current assets like long-term investments, intangible assets like copyrights, and fixed assets that would take over a year to sell and liquidate—for instance, warehouses or heavy machinery necessary to daily operations.
The liability side of the sheet lists liabilities by how soon each payment is due, starting with current liabilities that are due within a year. Long-term liabilities, which come due more than a year after the balance sheet is created, are listed next.
Shareholders’ equity is listed beneath liabilities on the same side of the sheet. This section includes retained earnings, which is income the company reinvests for growth and uses to pay down debt. It should also show the stock invested in the company.
: Cash flow statements
A cash flow statement (or statement of cash flows, if you’re feeling fancy) shows how much cash is moving into and out of a business—plus where that cash is going. So while a balance sheet lists a company’s assets and an income statement reports on its profitability, a cash flow statement indicates if a business is earning money and allocating that money wisely.
Cash flow statements include three main sections:
- Cash flow from operating activities. This section of the statement compares the income statement’s net profit to the amount of cash you put into (and get out of) daily operations, such as sales and wages.
- Cash flow from investing activities. This section includes cash earned from a company’s investment portfolio as well as long-term investments in a business’s future, such as cash payments for property or new equipment. These types of investments are also called capital expenditures, or the money businesses reinvest in their own physical assets.
- Cash flow from financing activities. Shareholders’ equity is listed in this section, as are payments a company makes to a financial institution like a bank.
If more cash is flowing into a business than out of it, the company has a positive cash flow, which often indicates the business is flourishing (and thus represents a good investment opportunity). If the business is losing more money than it’s earning, it has a negative cash flow, and the business owners need to make some key changes if they want to get investors on board.
: Statements of shareholders’ equity
The statement of shareholders’ (or stockholders’) equity demonstrates if shareholders’ equity went up or down over a given time period—which is why you might also see this statement referred to as a statement of changes in stockholders’ equity. It’s typically included as part of the balance sheet, but it’s important enough to stockholders to merit its own close reading.
The sheet breaks down equity by type and amount, including common stock, treasury stock, and retained earnings. It also lists the beginning and ending balances for each type of equity over a given time period—which means you should see if stockholders are getting a good return on their investment or not.
Types of stock: Stock comes in multiple formats, most notably these three:
- Common stock, or stock that includes voting privileges in a company’s decisions
- Preferred stock, or stock that is paid out to stockholders before common stock is
- Treasury stock, or stock a company repurchases
: Which Financial Statement is the Most Important in Your Business?
In terms of charting a company’s growth, profit, and fiscal health, the balance sheet and income statement are the most important financial statements for business owners and potential investors alike. If we had to choose just one of the two, we’d probably say the balance sheet—seeing a snapshot of a company’s assets, liabilities, and equity is crucial to determining its financial viability.
However, all four financial statements work together to show you different parts of a business’s financial health. For example, an income statement shows you a profit margin, but it doesn’t list the ready cash the company has on hand—you need a cash flow statement for that information. Looking at all of the statements together is the only way to really get a handle on a business’s finances.
: How Do You Analyze Financial Statements in Your Business?
Reading a financial statement is the first step in analyzing a company’s financials and deciding whether investing is a good idea. After you read each statement (and its footnotes), you should be able to pull out key numbers to generate financial ratios. From an investing perspective, these ratios are the best indicator of a company’s financial health.
These financial ratios aren’t spelled out clearly in the financial statements themselves—you have to do the legwork yourself. Important ratios can differ from industry to industry, so you should check with an accountant to learn more about which financial ratios you should pay most attention to. If you want to try your hand at ratio calculations yourself, the U.S. Securities and Exchange Commission has a useful list of basic financial ratios and how to calculate them.
You’ll Never Stop Growing to Become a Million Dollar Income Earner When You Work with Us
It’s unbelievable how many small businesses and firm owners we speak with tell us their firm sucks the life out of them. They spend too many hours producing too little income. Flying by the seat of their pants, hoping they don’t miss a deadline under the weight of all they have to do. Clients are running them ragged, and payroll is pounding on the door. Now you can end all of that!
: What is the Takeaway From This Message as it Applies to Your Business?
When you know how to read financial statements, or if you’re a small-business owner, understanding how to read your own financial statements doesn’t just encourage investors to give you a try: it also gives you the data you need to make your business more profitable.
Strategic P&L management guided by a detailed income statements will help you keep earnings positive and minimize expenses. Creating P&L statements frequently, meeting with a CPA to review findings, and implementing changes as needed are the first steps in knowing where your business stands financially—and making necessary changes to increase profits while decreasing costs.
Note Footnote Disclosures
Footnote disclosures aren’t separate financial documents. They’re sections found at the end of the financial statements that contextualize the company’s numbers.
In particular, footnotes spell out the company’s accounting practices to help explain how the company arrived at the numbers it did. And the notes might also list additional financial information like the company’s deferred income tax payments, pension plan funding, and employee stock options.
It’s tempting to skip the fine print (after all, we do it all the time with phone agreements and internet contracts), but it’s absolutely essential to read financial documents’ footnotes. Numbers alone can’t give you the full story, and the context the footnotes provide can help you decide how trustworthy, ethical, and up-front a company’s accounting practices are.
- How to Read a Financial Statement
- The Best Tools for Creating a Financial Statement
- The 6 Most Useful Financial Documents for Small Businesses
- 21 Tips for Getting Invoices Paid on Time
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I know what you are thinking. Whose is this picture of? This is a picture of me when I was jumping with the 10th Special Forces Group. Like you I had to Break Through My Upper Limits.
Please enjoy the above programs! Wishing you and yours a wonderful New Year!
We hope you’ll deepen your practices of journaling, tracking your habits, setting your goals, and watching inspirational classes with us this year and beyond.
Let’s make the year extraordinary, together.
Cheering you on, always!
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Wishing you prosperity and success. Remember You Were Born To Win!!
Michael Kissinger and Sydney Reitenbach
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