))
What should my profit margin be? 5 strategies to improve it
Manage episode 418311500 series 3363549
Content provided by Stuart Wemyss & Mena Abraham, Stuart Wemyss, and Mena Abraham. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Stuart Wemyss & Mena Abraham, Stuart Wemyss, and Mena Abraham or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
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.
If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!
Click here to subscribe to our weekly email.
SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.
Work with Mena & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.
Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn
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.
94 episodes
Share
