Starting in October, MultiFunding will host a three-course class, “ARA Masterclass: Deciding How Big You Want Your Business To Be.”
The course, available only to members of the American Rental Association (ARA), begins with a unique look at and tracking profit and loss (P&L) statements. Typically, the top portion of P&L statements includes variable costs. These costs include cost of goods sold, commissions, etc. These costs are the costs associated with the products and services that are provided and sold to customers. So, they go up and down based on sales.
The lower part of the P&L statements includes “Other Expenses.” These include things like rent, shopping expenses, payroll, insurance, travel, etc. So if you think about the expenses under the statement, they can be divided into two different categories: the money for use and the money. He is chosen to try new things to grow and expand businesses.
Money to be used for rent, insurance, utilities, wages, etc. These are basic expenses to keep the lights on and the business running on time. I believe that funds that do not need to be spent should now be labeled as “investment costs”, new items used to test or expand the business. These are investments to be bigger, better or different in the future.
What have you been investing in? These investments may include new salespeople, new products, or different marketing campaigns or channels. You may have decided to open a new store or location. Whatever your investments are, they need to be tracked and monitored to make sense of them.
If you invest $100,000 in the stock market, you can log into your account at any time of the day or night and see how your investments are doing. When it comes to our investments in businesses, the information may not be accurate, but we should still have the same understanding. How are we doing, and what have we learned? Where should we double down, and what programs should we kill? Are we investing fast enough?
If you think you don’t have time to focus on these questions, you’re probably doing too much in your business. Instead, think about hiring others to work in your organization because you are the only one who can work “on” your business and push it to the next level.
“ARA Masterclass: Deciding What You Want Your Business To Be” can help. The first episode will air on October 6th at 1pm ET, followed by the second episode on October 20th and the third episode on November 3rd. Here are a few things attendees can take away from the sessions:
Determining what investments are needed to achieve your goal.
Knowing whether you are making those investments fast enough.
Knowing that you have the right capital structure to support your plans.
Learning new ways to allocate P&L costs.
The best ways to track your investments.
Visit kf1brdxe.pages.infusionsoft.net for more details and to register.
Amy Cassar is the founder and CEO of MultiFunding, a Philadelphia-based consulting firm that provides business owners across the United States with creative and cost-effective options for their business debt needs and structuring. It can be reached by email at ami@multifunding.com or online at multifunding.com.
