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Produce a P&L Daily

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Responsible business managers must develop a keen, daily awareness of profit and loss. While it is standard practice in business to look at monthly profit statements, this is not enough to take appropriate action and adjust to changing market conditions. The monthly profit statement is nothing more than the accumulation of daily profit from the previous month. Waiting until the end of the month to check the profit statement often means missing a valuable opportunity to identify possible issues as they arise. While this level of attention to detail might seem overzealous, it is necessary for anyone who is responsible for employees' livelihoods as a business leader.

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