Carving out some time to perform a few year-end business financial tasks can help you wrap up the year and set yourself up to start the new year ready to go. You’ll feel confident and ready to hit the ground running on your first day back in the office after the holidays.
How to Know if Your Business is Profitable (and what to do if it isn’t)
If your business has money in the bank, that means you’re profitable, right?
Maybe, but maybe not.
To determine your profitability, we need to understand your business’s gross profit and net profit, all while analyzing your processes and overall costs of doing business.
Is all this making your head spin?!
Let me offer a simple guide to help you understand your business’s profitability and a few ideas on what to do if it isn’t. Let’s begin!
What Business Owners Need to Know About Inflation
7 Steps to Increase Business Profits
Keep Your Business Running Smoothly With a Profitability Analysis
What would happen if you didn’t change the oil in your car?
It would start to run like crap and, eventually, cause damage to your engine.
You and I know that it’s critical to maintain our vehicles by changing the oil or else we’ll have a burnout engine. With that in mind, let me ask the next question.
What would happen if you didn’t perform a profitability analysis on your business.
It would run like crap and, eventually, cause damage to your business.
You know it’s important to perform routine maintenance on your vehicle and the same principle applies to your business.
When you need an oil change, you bring it to the mechanic/shop. You trust an expert to take care of that for you. Let me share what a profitability analysis is and why you should trust an expert to walk through this process for you. It could change your business and result in reaching your biggest business goals.
Grow Your Profit with Your Own CFO
As a business owner, you work really hard and wear multiple hats (and scarves and shirts) to make everything work. You deserve to enjoy the fruits of your labor and live well without feeling stressed come tax season or hoping there’s enough money to pay yourself each month. There’s a better way to manage your business cash flow without increasing sales.