Five New Ways to Increase Your Profits. Part 4: Update Your Break-Even

Revisit Your Break-Even Each Month and Reset Your Sales Goals Each Time. By James Chittenden Expenses change all the time, and therefore the revenue you must earn to pay them changes too. “Break-even analysis”, also known as ”break-even” is a misunderstood term, and means different things to different people. The path to increasing your profits Read More

Five New Ways to Increase Your Profits. Part 2: A Simple Way to Set Profit Margins

Part 2. Calculating Margins is Simple. Avoid This Rookie Mistake! By James Chittenden If pricing products scares you, you’re not alone. Incorrect pricing is very common. Novice business owners sometimes price too high, earning the contempt of their market. However, it is far more common to price too low in an attempt to gain market Read More

Avoid breaking this unwritten, but important rule when pricing.

Surcharge at restaurant resulted in bad publicity for the restaurant.

Novice business owners rarely price correctly. Many new businesses underprice in an effort to win new customers and community goodwill. Others price high, but fail to provide enough value to justify the price. Underpricing means a lot of work and expense for less revenue. It means you are underpaying yourself. You didn’t start your own Read More