Do you know how much profit you are making? Do you know how many sales you need to make a profit?
Sometimes people are so busy keeping businesses going that they can’t calculate whether they are making a profit. Generating enough cash flow to pay bills is not the same as profit.
If you know what your costs are and what you charge for you products or services, you can start to figure out how profitable your business is. You can also set targets and see whether you are meeting them.
Monitoring your costs and revenue lets you know exactly how your business is performing at any time. It will tell you whether you are meeting your sales targets or whether you need to sell more. It will give you far more control of your business.
We hope you find these kickstart suggestions useful. If you have your own suggestions for improvements you’d like to share, please get in touch and help us all kickstart our businesses for 2012.