business

The real value of doing a business plan is not having the finished product in hand; rather, the value lies in the process of research and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, to study and research when you are not sure of the facts, and to look at your ideas critically. It takes time, but avoids costly, perhaps disastrous, mistakes later.

FOUR WAYS TO INCREASE BUSINESS PROFITABILITY

When you're just starting out in business, it's a safe bet that you need more clients. But what if you have been up and running for a while, and you're still not making as much money as you would like? You may be in the habit of thinking that attracting new clients is the answer, but this isn't always the case.

There are many reasons why a professional services business might not be earning enough, but they typically fall into four categories:

Not enough revenue;
Not enough profit;
Not enough customers; or
Not enough time.

In reading the suggestions above, you may have discovered that you don't have enough information to diagnose your earnings problem. There are six statistics every service business owner should know:

Revenue;
Expenses;
Profit Margin;
Number of customers;
Average sale amount; and
Billable Time.

If you don't have the answers, start tracking these measurements today and
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