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Coach Tony Brace Presents: "Business Bankrolls" a 10 minute lesson condensed into 60 seconds... No matter if you are running a one-person operation or a multibillion company, you must generate decent gross profits to survive in business.
A profit margin is a ratio calculation which shows what proportion of money we have kept after our cost of sales or services outgoings have been deducted.
Remember, “cost of sales (also known as cost of goods sold or COGS) includes variable costs and fixed costs directly linked to the sale, such as material costs, labor, sales commission, etc.
Knowing the gross margin on all the products or services one sells will enable you to better price what the market will bear in your selling area. Many businesses fail because their costs are too high and pricing is too low.
Coach Tony 🤑