If your business has been going for any length of time it probably has acquired a few “barnacles” slowing down its profit. Try this 100 Day sprint that has a stretch goal of doubling your profit in the 100 dayshttps://mailchi.mp/bcc354924259/p50ef4e8b6
Profit
You Are Pricing Your Product WRONG! How to Determine Optimal Price for Profit
Get a Head Start on Pricing for Profit with this 4 minute video. A tip from our mentor Scott W.
https://www.youtube.com/watch?v=Tgnt7VUcvqw&index=17&list=PL8E-jzF0hTI1QVRjnPW-Je8x_I23ZyHAD
Achieve the Profit and Salary YOU Want
Last edition of Tips we explained that the traditional accounting equation of Income-Expense=Profit has the effect of putting profit last. We think it should be first else why run a business. Now read Part Two of how to achieve this. https://mailchi.mp/468801850bb9/9aq6p6q6lb
Supplied by our mentor Scott W.
Ensure You Have Cash When Needed
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
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.