This text can be divided into the following sentences and corrected for mistakes: 1. So, I just finished up a meeting with a potential client. This guy is a realtor and he rolls up to the meeting in a $100,000 Mercedes. 2. We sit down, and about five minutes into the meeting, this gentleman starts crying, saying, "PK, I need financing, but I've been declined by five different banks. What do I do?" 3. Because I said, "Scott, let me see your profit and loss statement." I take one look at his profit and loss statement, and I start crying. 4. So, what we're gonna do today is I'm going to show you exactly how to put together a profit and loss statement, what a profit and loss statement is, why it's important, and most importantly, at the end of this video, I'm going to give you a template that you can use for your very own business. 5. So, what exactly is a profit and loss statement, or P&Ls, as referred to? It's nothing more than your gross sales minus your costs minus your fixed expenses over a specified period of time. This could be monthly, quarterly, or annually. 6. Why are P&Ls so important? Three big reasons. Number one, it helps you keep a pulse on the overall health of your business. Number two, it makes tax time much easier, and you might even save on accounting fees. Number three, which is probably the most important, is anytime you try to acquire a business loan or any kind of business capital, the lender is likely going to ask for a P&L, and this is something that we could assist with too, of course. 7. Let's get into the actual P&L. Here's how it works. The top line is your gross sales. Let's say you're in...
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