Posts Tagged ‘Profits’
Words Have Value, Too!
A lot of time and energy is spent quantitatively analyzing the results of surveys. The survey may be based on metrics such as customer satisfaction, NPS, customer effort, or customer experience. This quantitative analysis may take on many dimensions of statistical methodology. However, the comments that are made associated with the individual scores are seldom included in…
Read MoreCustomers Should Care About Your Profitability
Too often, we succumb to price pressure—even worse, we lead with price, making pricing the center of focus of our sales efforts, then being forced to discount to “win” the business. What if we started shifting our conversations from discussions of discounting to educating them about the importance, to them, of maintaining our pricing and…
Read MorePricing Strategy Guide: Service Businesses
Developing a pricing strategy may not be a science, but sometimes it can feel about as difficult as performing brain surgery or engineering rocket ships! Service businesses are at particularly high risk of pricing confusion. It’s much trickier to put a dollar value on things like time and expertise than to determine the cost of producing…
Read MoreHow Not to Spend a Loan
So you realize you now have the option to obtain financing. Your credit is good, you are on steady ground, you have collateral, and you may even have been approved for a loan. How are you going to spend it? If you are already considering applying for a loan, you likely already have plans for…
Read More3 Ways to Reduce Cost of Goods Sold
The cost of the materials used to make the product or service you sell directly impacts your profit. This is easy to see, because the less you have to spend to get the product, the more money you get to keep when you sell it. It would seem to many then, that the cheaper the…
Read MoreEvaluate All Your Products and Services Each Year
“Cut your losses and let your profits run.” ~Proverb Many businesses fall into the trap of assuming that products or services generating great sales revenue are also profitable. Truthfully, you cannot tell which products and services should be continued or eliminated unless you look at the profitability of each one. For this reason, I strongly…
Read MoreHow to Forecast Sales and Profits Without Just Guessing
Yes, it’s—my title here—a real question, and I get it a lot: how to forecast sales and profits without just guessing. It’s a good question too, because it leads to a better understanding of how and why we use forecasting to help manage a business, and to predict starting costs and the numbers for the…
Read MoreThe Secrets to Improving Profits in Your Small Business
It’s about time to rummage through my spice rack and see what I need to throw away and what I need to replace. I’m sure I’ll find several little jars that have only a small bit of the original herb or spice left. In addition to those, there are probably some very old spices that…
Read More3 Things You Need to Remember About Profits
Are you a small business owner? Are you looking to start your own business? The politicians can misunderstand profits, and so can the general public, but you’d better not. Profits are good, not bad; but your business runs on cash, not just profits. 1. Profits are an accounting concept, not actual money. Yes, they lead…
Read More5 Questions to Manage Profits
