Produce a P&L Daily
We should not manage by looking only at end-of-month statements.
The monthly P&L statement consists of an accumulation of daily revenues and expenses. Therefore, we should manage with the mentality that every day we are building the statement. Managing without looking at daily figures is like piloting a plane without looking at instruments. We would not know where we would land. Similarly, we would not be able to reach our goal without keeping an eye on daily business operations.
Let's not forget what a P&L is: the accumulated results of our individual daily accomplishments.