How Tradies can learn from their competition

Learning from your competition

As your business grows, one asset that can add value to how you operate and achieve your goals is continuous learning. Change is inevitable and continuous learning, for a business owner, is a strategic approach that can ensure your business survives in turbulent times and thrives in stable times.

In growing your business, Profit, small business, success, business advice, strategy, consulting

Job Costing: How to maximise your profit

Job costing is the best way for you to increase your profit and cash flow. This means you need to track the profit of individual jobs. For example, any single job may involve differing costs of labour and materials. You need to work these out and allocate the materials and labour to each job. Once you have completed this task you need to make sure you can easily see the breakdown of invoices and expenses on the job. That way you can work out your gross profit margin.

In Job Costing, Profit

Boosting Profit For Trade Businesses

Boosting Profit For Trade Businesses

Boosting profit should be the main aim of a business owner. Whether you have a trade business or you operate in another industry, you should have the goal of boosting the profit of your business. In too many businesses, especially with turnover between 1 and 5 million, the net profit margin is far too low or even non-existent. The main trap the owner or the entrepreneur falls into, is to think that growing revenue and boosting sales will help them get to this magic profit target. In actual fact, usually this method of approach does not work and only compounds to the problems of an unprofitable business.

In Accounting, Profit