How to increase profitability
When it comes to increasing profitability, it is common for business owners to feel like Dorothy when she visited the Wizard of Oz.
Studying numbers can feel intimidating or scary.
0:11 Profitability is a simple math formula.
0:32 Did you know you can control profitability? Instead of hoping you’ll generate a profit, you can actually control profit just like you do the sound on the radio. Let’s pull back the curtain and see the controls that will help you increase profitability.
1:35 Sales
5:15 Labor - Costs of goods sold - more efficient when you deliver services.
9:27 How much does 5 minutes really cost?
10:57 Equipment and materials – Cost of goods sold
13:30 Tips to reduce cost of goods sold
17:09 Overhead expenses - more efficient in the administrative side of our business.
21:39 small improvements = BIG IMPACT
25:11 Stop Profit Leaks
- Pinpoint the problem
- Plug the profit leak
- Prevent from happening again
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