Having P&L responsibility listed on your career documents can dramatically increase your chances of winning new opportunities. Having these experiences shows recruiters you are a leader in your current organization with strong financial acumen needed to excel at the next level.
What is P&L Responsibility?
P&L responsibility involves monitoring the net income after expenses for a department or organization and influencing on how company resources are allocated. Those with P&L responsibility often give final approval for new projects, find ways to cut budget expenditure and ensure every program generates a positive ROI.
If you are looking to take on P&L responsibilities in your organization, here are 5 important traits to develop ensure success in the role.
The Buck Stops Here Attitude:
Because P&L leaders have command of all line items, great and small, they ultimately are responsible for any profits or loses that directly impact the organization’s successes and failures.
P&L responsibility goes far beyond reporting finances. To be successful, executives must have confidence in their ability to work with a variety of people and teams to identify savings opportunities and the focus to see the projects through.
P&L leaders must be able to communicate the actualities of a P&L statement and ensure every employee.
Listening to & Encouraging Others:
Discovering new ways of generating income is a vital skill for P&L leaders. They must be able to source, connect and implement new ideas from people all over the organization to weather changes in the business climate or to adapt to new technological advancements.
Ability to Share achievements as well as Mistakes:
P&L leaders often communicate the financials to C-level executives and the board. In these meetings, they must be able to tell the full story of the organization, from exciting achievements to their own mistakes, followed by suggested next steps or potential solutions.