Another great thing to do at year end is look at your pricing. So, do you need to increase your prices? What are your profit margins? It is so important to know these numbers so that you know if you need to increase your selling prices or reduce your cost of goods sold.
First of all, why did you start your business? I’m sure it wasn’t to be a hobby! You started your business to make money – let’s be honest. Therefore, it is important to know your numbers so that you can know when you need to raise your prices. You can’t make a decision on price increases from a feeling. You need facts and figures.
Most importantly, you need to know your margins and you need to know your overhead expenses. These are the most important numbers in your business and you need to know them every single month. So, looking at your up to date financial reports, do you need to increase prices? Maybe you need to reduce your overhead? Or maybe you need to reduce your cost of goods sold?
As a result of knowing this information and making these decisions, you should be able to increase your revenue and profitability in 2019!
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