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Profit and Loss Thinking vs Balance Sheet Thinking
Shift your mindset from PNL Thinking to B/S Sheet. Why? Let's discuss
Hi there, Shiro here 👋
📌 Quick Update:
So a quick summary of both the books I have read:
Tuesdays with Morrie: It is a real-life story of the last conversation between Mitch Albom and his favorite professor from his college days. The professor is suffering from ALS, the same disease Stephen Hawkings had, and through the conversation with Mitch, he teaches the most valuable lessons about life.
Technical Difficulties: In this book, Jeannett is trying to help people with Dyslexia. It is a mental disorder where an individual is not able to read and write like a normal person. Book talks about the reason behind dyslexia and why people should embrace it as a gift rather than treating it as a disease.
Now for the upcoming week, picked “The Quick and Easy Way to Effective Speaking” by Dale Carnegie and “24 Assets” by Daniel Priestley. 24 Assets is already half down so this newsletter is about one key learning from the book
🧠 Learning of the week:
1. Profit and Loss thinking vs Balance Sheet Thinking. SO...
Balance sheet thinking is about understanding the mix of assets and how they can be utilized.
Whereas, Profit and Loss thinking ignores the assets and simply looks for ways to generate money selling what they have.
If you want your business to grow, become profitable and be robust, you need to shift your mindset from profit and loss thinking to balance sheet thinking.
In this digital age, think about creating media, intellectual property, data, and technology as primary assets for your business. In the short term, this might feel inconvenient. In the long term, the business takes on a life of its own.
Learning is done, more from this book in future newsletters. Time for few timeless wisdom quotes from Tuesdays with Morrie.
🖊 Quote of the Week
As long as we can love each other, and remember the feeling of love we had, we can die without ever really going away. All the love you created is still there.. All the memories are still there. You life on - in the hearts of everyone you have touched and nurtured while you were here.
That’s all for today. I hope you got some great learnings today.
Liking & commenting on this newsletter will help me understand your views about this.
Bye-bye for now. See you next Sunday.