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Is Your Profit and Loss Statement Rich or Poor?

Written by: Leanne Hoagland-Smith

Article Overview: Do you know your P&L statement? Are you P&L rich or P&L poor?

Is Your Profit and Loss Statement Rich or Poor?

Many business people use their P&L statement to gauge their business activity including increasing sales to reducing costs. However, the P&L statement is far more for a select group of people.

P stand for profits and profits are a good thing. Profits are the direct result of closing sales.

L stands for losses and losses are not a good thing. Losses are the direct result of not closing sales as well as poor management decisions regarding fixed operating expenditures.

Years ago I read a significant quotation that has been with me ever since.

“The true voyage of discovery is not seeking new landscapes, but seeing with new eyes.” Marcell Proust

What I learned from this simple statement is that to change my life I must change my filter or how I view life. In taking such action, I am now more inclined to look at the what ifs or the possibilities. I will no longer be guided by the limitations of past experiences that influence current and future choices.

Are you a possibility thinker? Do you embrace life looking at the what ifs? The authors of Blue Ocean Strategy probably provide one of the best examples of possibility thinking which is a great success strategy. By being a possibility thinker you are also probably a risk taker, someone who enjoys rocking the boat and truly in charge of your own destiny.

Or you are limitation thinker? Do you awaken each morning thinking about what is going to go wrong, limited by yesterday’s experiences? Has the negative conditioning from early childhood experience transferred itself into your adult life? By being a limitation thinker you are probably also someone who goes along with the crowd, complacent, willing to let life run you.

If you truly want to master success, now is the time to look at your P&L statement. Not the profit and loss one, but the possibilities and limitations statement. Start increasing your possibilities and decreasing your limitations. What you will find is that your successes will grow and isn’t that what you truly want?

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Article Tags: adult life, blue ocean, business activity, childhood experience, early childhood, increasing sales, landscapes, ocean strategy, own destiny, poor management decisions, possibility thinker, possibility thinking, profit and loss, proust, quotation, risk taker, rocking the boat, select group, success strategy, voyage of discovery



Related Forum Posts
Re: How To Be Rich - [quote="TheRainmaker":tst8wsa8]Sounds great. What exactly have you found to be eye opening??[/quote:tst8wsa8] The first eye opener was measuring wealth by your total assets 1 Million - 2 Million Pounds The Comfortable Poor 2 Million - 5 Million Pounds The Comfortably Off 5 Million - 15 Million Pounds The Comfortably wealthy 15 Million - 40 Million Pounds The Lesser Rich 40 Million - 75 Million Pounds The Comfortably Rich 75 Million - 100 Million Pounds The Rich 100 Million - 200 Million Pounds The Seriously Rich 200 Million - 400 Million Pounds The Truly Rich 400 Million - 999 Million Pounds The Filthy Rich Over 999 Million Pounds The Super Rich
Small Business Books - I haven't read them but will check them out the next time I go to the store. I've heard a lot of good things about Rich Dad Poor Dad.
Mission Mantra - Why don't we call it a mission mantra? It depends on the business and how much emphasis they put on a Mission Statement or Mantra. Most of the business I've dealt with don't really care to much about a Mission Statement and only believe they need one because everyone else has one.
Dropped Out Of School To Startup! - I wanted to announce it here first that I dropped out of my university program to start my own business! I finished reading Rich Dad, Poor Dad and some of the other success stories of Bill Gates and Michael Dell and now it's my turn! I know my business idea is better than everyone else in my industry and I'm going to prove everyone wrong. Does anybody have other drop out stories of big entrepreneurs that you can share with me? Thanks!!! It's day #1!
Re: You don't need a degree to be an Entrepreneur - Hi Mary, I agree. If you have the opportunity to go to university at any time of life - DO IT! And, while you are there, make the most of it. Like you, I got a lot out of my three undergrad years, but had a lingering feeling that I had not used them to the full... and was determined to make up for that when I returned 14 years later to do my M.A! I don't have Kiyosaki's Rich Dad, Poor Dad to hand, but towards the end of that book, even though his college educated dad "didn't get it" when it came to making mula, Kiyosaki still recommends a college education. It is not necessary for making money, but it is definitely worthwhile.


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