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Category: Finance

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Increase Profits by Focusing on Profit Margin

I’m not sure how to increase profits, and effectively manage profit margin. I don’t want low-margin sales and don’t want to sell low-margin products. But it’s hard to turn down opportunities from clients that have work for us. Thoughts of the Day: Take a look at your mix of business overall. Having a mix of…
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What to look for in a new accountant

As a small business owner, my gut says it’s time to look for a new accountant. But I don’t know where to start. Our accountant has been totally focused on taxes. Think we should be working on more than that. Any advice? Thoughts of the Day: Finance is the keeper of the numbers of the…
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Determining the Right Amount for a Bonus

We’re having that conversation about what to give for bonuses. No bonuses are bad for morale. I’m worried that if people get too much, they could sit back and take things easy for a while and that would be bad for productivity and profits. How do we get it “just right”?   THOUGHTS OF THE…
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Getting a Handle on Finance

Why is keeping up with finances so complicated – I really don’t get it. It should be more straightforward. Maybe we don’t have the right people; maybe things aren’t organized enough? I constantly struggle to know what’s coming in, what bills to pay, where we stand with the bank. I need to catch up with…
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Getting Estimating Under Control

My partner is bogged down with estimates. Sometimes we spend too much time estimating and the payoff is low; but without a detailed estimate, we don’t really know the job cost and what to quote to a customer so we can make a profit. We need to focus on getting more sales, and my partner…
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