Business Mentoring Noosa

Helping small businesses on the Sunshine Coast to fulfill their true potential

BMN

Ensure You Have Cash When Needed

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Among the largest contributors to the failure of both small and larger businesses, are either, they fail to make a profit or they incorrectly account for their cash and run out of money to pay their debts and tax liability.

This is particularly acute in small businesses where the owner/operators do not necessarily have much experience in financial matters and find themselves in an unexpected cash flow crisis.

It introduces a simple set of “Piggy Banks” that give you a “set and forget” approach so that when tax and other expenses become due, you have sufficient funds to pay.  And, along the way, you have also taken out not only a Wage but a Profit as well.  Read more here:

https://mailchi.mp/bfab42d30c39/fam2qc6i05

This article was suggested by our mentor Scott Williams

 

 

 

1% Higher Prices gives 11% Profit Improvement

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A consultant study across 1,200 major businesses found that a 1-2% increase in price, assuming demand remained constant, on average would have increased the company’s profit by 11%. Clearly, this could be a quick boost to your company’s profitability.

For a quick example of the impact of a price change, consider a business turning over $500,000 per year.  Let us further assume that it makes a 5% profit on that, which gives it a profit of $25,000. If it increased its price by 1%, and assuming demand remained constant, that would lead to an extra $5,000 in income. This extra $5,000 over the original $25,000 is a 20% improvement.

Read more here…  (link below)

https://mailchi.mp/26a995340a24/mv7dut51vv

Recommended listening by our mentor Scott Williams.