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What should my profit margin be? 5 strategies to improve it
Manage episode 418311500 series 3363549
Sisällön tarjoaa Stuart Wemyss & Mena Abraham, Stuart Wemyss, and Mena Abraham. Stuart Wemyss & Mena Abraham, Stuart Wemyss, and Mena Abraham tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.
In this episode, Mena and Stuart delve into acceptable profit margins and strategies to improve them. They emphasise regularly reviewing and adjusting pricing to reflect cost increases while considering pricing power (Episode 5, Season 1). The hosts recommend analysing profit and loss statements, negotiating better supplier prices, and exploring alternatives to optimise input costs and inventory management.
They discuss evaluating employee performance, providing training, ensuring productivity-enhancing tools, and considering outsourcing to optimise labour costs. Maximising customer spending by offering higher-margin-related products/services is highlighted, using examples like Morning Market, Marian Wine Bar, and Cutler & Co.
The episode references a previous discussion (Episode 8, Season 4) on using cost accounting to gain granular insights into revenue and profitability by product, client, category, etc. Overall, it's a comprehensive, actionable guide for understanding and improving profit margins.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
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