Accounting glossary and P&L guide
One of the most asked questions since 1949 has been “how much should I charge.” The flip answer is as much as possible. The business answer is enough to cover ALL your costs and have a bit left over for a rainy day, constant cash flow and future investment.
And these days it is more important than ever to get the financial side covered. With everyone and his friend selling flowers … be it online operators or the ever-increasing number of home workers selling flowers – the market is getting more and more competitive and quite frankly, muck up your costings and you might as well shut down now … or resign yourself to a life of poverty.
Because whilst we totally get there isn’t a shedload of money in floristry equally that doesn’t mean you should run at a loss or work for nothing; as they say Turnover is Vanity, Profit is Sanity.
Now truth is we can’t give you a lesson in accountancy in one article. Not only is it a HUGE subject (and why good accountants take four years just to train) but every single business is different and will have quirks and needs that are totally individual.
So what we’ve done is collate all the things we’ve been asked about over the years from margins to mark-ups, P&L’s to Promotions and all those other little things that can mean the diff erence between vanity and sanity.
Read the full feature in the magazine — which you can buy right here - and below you’ll find a glossary of terms and P&L guide as promised.