Written and podcast for entrepreneurs, corporate management, and investors, John D. Sanders expands on his philosophies of making companies attractive for outside capital - why to do it, how to do it, when to do it, how to promote it, and what to do with it.
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Our subject today is the balance sheet, the profit and loss statement commonly referred to as P&L, and what does it all mean?
So every organization, and if you're a public company, you have to publish your balance sheet and your P&L and it has to be audited. But you can do your own balance sheet and P&L.
And a lot of small companies and organizations do not have them audited but have someone in the organization keep track of the numbers. Otherwise, if you don't have a balance sheet, you don't know where you are. And if you don't have a P&L, you don't know where you're going.
So that's the difference between them. One is a snapshot, the balance sheet, and the other is a roadmap of where you're going.
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