What Is P & L Management?
P & L management stands for profit and loss management and it has become an increasingly desired skill sought out by executive recruiters in executive candidates. P & L Management involves decreasing costs and increasing revenues, which is important for any business regardless of its field or market.
In periods of recession or instability, this skill becomes an even more desired skill and executives who possess it will go far in the corporate world. Executives who are able to showcase their background in P & L management always are able to get an advantage compared to candidates who do not.
To highlight an executive’s background in P & L management, they should be sure to include examples of P & L management on their resumes, online profiles and networking biographies. In order to be successful at P & L management, executives need to have complete ownership of the business unit’s successes and failures of the business unit that they are in charge of managing. This means that they must have a strong command of every program and every item that either contributes to a profit or occurs an expense. The executive must also have team leadership skills and be able to communicate the P & L statement to every employee as well as ensure that all employees are invested in positively influencing that statement as best as they can.