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Is Your Business Making Money?

Is your business making money? Would you know?

Figuring out whether your business is actually making money is no easy task. Most small business owners have a pretty good idea of what their top line is (their revenues), but unless they're closely tracking and inputting all of their expenses, the bottom line can often come as a complete surprise. That's why it's critical to closely monitor these numbers on a monthly basis. They are the tools you need to make ongoing business decisions.

For example, a client of ours recently started a landscaping service. Although his sales were rapidly increasing, he was frustrated by the fact that it didn't seem to have much of a positive impact on his bottom line. By inputting all of his costs into the proper format, it became immediately apparent he wasn't charging enough for his services.

He thought that by charging his clients $20/hr and paying his workers $10/hr, the extra $10 would be his to keep. However, he forgot about all of the costs involved in actually carrying out the job starting with payroll taxes on the $10/hr, transportation costs, office overhead, and advertising. At his current rates, no matter how much business increased, he would never make any money.

The answer was to raise prices or get out of the business! Fortunately, he was able to raise prices without upsetting clients. Now, he can comfortably carry on his business and keep adding to his bottom line.

Fern Gordon
Partner, The Profit Line, Inc.
http://www.theprofitline.com

For more information on whether your business is making money, visit http://www.theprofitline.com or call 416.861.8177.

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New Zealand's prime minister Jacinda Ardern joined thousands in a two-minute vigil, a week after the attacks on two mosques in Christchurch.

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Thu, 21 Mar 2019 05:07:00 +0000
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Thu, 21 Mar 2019 20:49:00 +0000
A large crowd turned as one as we arrived at the Mango Mascarenha primary school. Then, they began to cheer. I think they thought we were bringing them aid and assistance.

Cyclone Idai: 12,000 homes and schools are destroyed
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I last heard from my small team in Beira at 4.30pm today.

US 'pipe bombs': Cesar Sayoc pleads guilty
Thu, 21 Mar 2019 22:38:00 +0000
Cesar Sayoc has pleaded guilty to posting "pipe bombs" to Democrats and critics of US President Donald Trump



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