Episode Details

How is the profitability in your business? The biggest factor in your profitability is making sure you are pricing appropriately, and you have to know your numbers to predict your profit! In today’s show, we will discuss how to set your prices, when to increase your prices, and what to do if your low margins don’t provide appropriate owner’s pay. There is a LOT to consider within this topic, but it’s relevant to every small business owner and can make all the difference in your profitability and your life! Join us to learn more!

Profit by Design is a Tap the Potential Production.

Show Highlights:

• A look at the bigger picture of “appropriate owner’s pay”

• Why pricing for growth and investing in yourself are essential in your business

• How the Tap the Potential Solution teaches you to plan for 30% growth year after year (Download your copy of the Chart of $10,000 an hour activities here!)

• How to set your prices correctly, based on the cost of goods sold, consistent margins, and net profit margins (Follow my example to learn to do the calculations.)

• An example to show why a 20% net profit margin will not allow sufficient owner’s pay and investment for growth