Review your expenses – and save yourself money

Running a business will always mean incurring certain expenses, or ‘spend’. There are always costs, overheads, and supplier bills that mount up. These expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what can you do to reduce your spend levels? And what impact […]

Is your cost of sales affecting your gross profit?

Do you know how much it costs you to produce each product or service in your range? The better you can understand this cost of sales – or cost of goods sold (COGS), as it’s more commonly known – the more ability you have to control your company’s profitability.  When you know your COGS: But […]

Understanding Your Profit and Loss Statement

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the profit and loss (P&L) shows transactions over a specific period of time, this […]