Have Your Manager Present Your P & L Back to You

A few weeks ago, Tracy and I had the honor to hang out with a group of Operations Directors for Multi-Store Operations compliments of the Transformer Institute. We also recorded a few outstanding podcast episodes.

A big takeaway for me was to have your store manager present their P & L back to you each month. If you want to know if your manager(s) understand their financial responsibilities, KPI goals, and net profit, get them to present their view of their P & L results.

What a  valuable opportunity to showcase their hard work and achievements. It allows them to demonstrate the financial performance of their operation, highlighting key metrics such as revenue, expenses, and profitability and linking them to their goals.

This exercise, each month, reflects on their ability to effectively manage finances but also showcases their analytical skills and attention to detail, or lack thereof. It provides a comprehensive overview of the financial health of their area of responsibility. Be sure your statements are based on accurate data.

This exercise also allows them to advocate for their team’s accomplishments and contributions and how their efforts have affected the organization’s bottom line.

Furthermore, having your manager present the P&L statement emphasizes collaboration and teamwork. It demonstrates that you value their expertise and trust them to successfully communicate financial information in a clear and concise manner.

Overall, having your manager present your P&L to management is an occasion for recognition and appreciation. It allows you to showcase the results of your hard work while reinforcing trust in both yourself as a leader and in the capabilities of your team. It demonstrates that they understand where the money goes.

Finally, presenting a well-prepared P&L statement demonstrates financial understanding and dedication to driving profitability and making informed business decisions. It allows you to transfer ownership of the results and communicate them effectively as the learning continues.

About the author, Carm Capriotto, AAP

Carm is the founder and host of the Remarkable Results Radio Podcast and the pioneer of automotive aftermarket podcasts. Carm calls on his years of experience in the aftermarket to bring engaging stories from his guests.

Listen to raw, unfiltered, honest, and sincere stories that include insights, trends, best practices, and expertise. Each interview brings an opportunity to learn one new thing through the stories of personal achievement. Many podcast guests tell their story of transformation from working in their business to working on it.

As host of over 1,000 episodes, Carm uses his enthusiasm and passion for the aftermarket especially the service sector to take his listeners on a journey showcasing successful service professionals’ paths to Remarkable Results. He also enjoys interviews with aftermarket industry thought leaders who bring their industry perspectives to his listener.

Follow the podcast on your favorite podcast listening app and always listen to learn just one thing!