This form should be filled out on the first of the month, for the previous month. Ex: September 1st, you would fill in your August P&L
Office Expenses
This is going to be every bill that is reoccurring in your business.
If you’re part of the CORE – your CORE bill is a reoccurring expense that happens every month. Other examples would be:
- Drop Gifts
- Lotto Scratchers
- Database Drops
- Phone Bill
- Realtor Co-marketing
Misc. Expenses
This section is for one time expenses. Examples of this would be:
- A client appreciation event
- Spontaneous team outing
Wage Expenses
These are going to be bonuses that you are paying to your team/employees. Whether it’s for working on the weekend or just cash/gift card for doing a great job – that money gets recorded here.
Take care of your employees.
Totals
At the end of each expense section there is a Subtotal line. Make sure you are filling that out so you/your coach can evaluate how much you are spending on each section, and then add the three sections together to get your Total expenses at the bottom of section 1. This section should reflect EVERYTHING that you are spending on your business.
Section 2
This section is outside revenue. Outside revenue is any revenue that comes in that is not your paylog commission. Some examples of this would be:
- If you have Jr Loan Officer under you and make commission off of their loans
- If you are collecting any kind of referral fee
- Marketing credits (this number would be marketing credits that came IN to your account this month – not the balance of your account)
Section 3
This is your personal revenue section, this number will come from your pay log. You’re going to show how much commission you made off your pay log that month in the Personal revenue from Pay Log line. You will divide this number by the # of units that you closed to get your Revenue Per Unit. Your Total Revenue line at the bottom of this section should be the same as the number on your pay log.
Section 4
This section is where you’re going to bring it all together and do the math.
The combination of Section 2 and 3 is going to give you your Total Gross Income.
Taxable Income
Gross Taxable Paid YTD: This is going to be your gross income year to date. You’ll get this number by added up all of your previous P&L’s for the year.
Projected Year End Gross Income Goal: You’re going to need your Gross Taxable Paid YTD number to fill this in. Take that number, divided by the number of months that have passed in the year so far, and then multiply by 12. This will give you your Projected Year End Gross Income Goal.
CTA: Cost to acquire is going to be section 1 divided by your number of units. This is going to show you how much it is costing you to close each loan.
Tips & Tricks
You cut expenses every single month, no matter what!
Rule #1 MAKE A PROFIT. You are in business to make a profit.
Always track the money and bps in section 1 and 2; it’s not one or the other, it’s both
Key items that affect your profit are product mix, what you pay your employees, branch margin and productivity of each person