The Know Your Numbers Series
The first in a series of financial statements covered in this series
The Profit and Loss Statement
The P&L statement is a financial tool that summarises a business's income and expenses, allowing owners to gauge its financial health and make smart financial decisions.
Garage businesses should regularly analyse their P&L statement to monitor short-term trends, identify cost control issues, set pricing strategies, and make informed financial decisions.
Even those with limited financial knowledge garage should know their numbers.
Atomic Action 
Find out how many ‘cash flow crunches’ you have had in the past 12 months, and use this as a starting point to discuss how to make Improvements with your accountant /bookkeeper.