Bert Shlensky’s Post

As a business when did you last review your costs? In business most people see making more sales as a way to "make" money, but actually if you can cut you're costs that also helps to make more profit and sometimes it's actually a way that let's you create more capacity to scale. I review our process for building websites and doing SEO all the time as it shifts a lot but a lot of industries don't really have that to push them. I just saved myself a lot of money a month by removing things that don't really provide any short or long term value to my business anymore. Only 1 thing was really hard to get rid of and that's because I was grandfathered into the original price that I paid 7 years ago and the price is much much more now, but I used the software much less recently since building our own software, still was a hard decision to get rid of it. I've had a few conversations recently where I've mentioned this to others and the answer makes sense, I'm too busy to assess all of that. The secret for me was every month look at my bank statement and pick something to review - keep or stop - oh and being really honest with myself about it. It meant only having to fit time in for 1 thing which was easy enough, but of course once you do it and realise the savings you suddenly prioritise some time to do it a little more. So 6 months later I'm richer and less wasteful and there's still a few hard decisions to make. Another side effect is now I'm harsher on buying new things, I really consider if I'm going to actually use it and the benefits have to be multiple for the ROI to work. Helps to stop the buying the shiney new object. So start today and save money and cut down on waste digitally or physically. #savingmoney #cuttingbills #worksmarter

No matter what size your business is currently, you need to have a strong handle on your revenue. You should know how much you're making, spending, biggest expenses, and how to keep track of it all even as you scale. To get you started, we've got a free profit margin calculator on our blog. https://buff.ly/3rkTBFY

Money does not grow on trees. It grows in the margins. Do you know your Net Profit Margins? Net profit margin shows the percentage of revenue that remains as profit after all expenses are deducted. Three areas measured are: 1. Expense Management: How efficiently your organization is managing its overall expenses. 2. Profitability: What is the actual profit of your business after all costs: expenses, taxes, and interest. 3. Pricing Strategy: Is your pricing strategy effective? Understanding your net profit margin helps you make informed decisions about pricing, cost management, and overall business strategy. #financialfitness #affable #strategy

Money does not grow on trees. It grows in the margins. Do you know your Net Profit Margins? Net profit margin shows the percentage of revenue that remains as profit after all expenses are deducted. Three areas measured are: 1. Expense Management: How efficiently your organization is managing its overall expenses. 2. Profitability: What is the actual profit of your business after all costs: expenses, taxes, and interest. 3. Pricing Strategy: Is your pricing strategy effective? Understanding your net profit margin helps you make informed decisions about pricing, cost management, and overall business strategy. #financialfitness #affable #strategy

What Is Flat Rate? Everything You Must Know About It. A flat rate is one of the simplest and potentially one of the most effective pricing structures. . . Read the full story . . https://lnkd.in/eararezd

What does it mean when someone says they have a 6 or 7 figure business? Well, it depends if their number is gross or net. ⁠💸 ⁠ ➡️ If your business GROSSes 100k that means you billed 100k before sales tax. This metric doesn’t account for your expenses, and other costs of doing business.⁠ 🙅♀️ ⁠ ➡️ If your business NETs 100k that typically means that after expenses your take-home earnings are 100k (sometimes pre-income-tax, sometimes post-income-tax)⁠ Join Angie Mercier and I this month inside The Art of Cash Flow where we'll be chatting all about the money flowing in 💰 and out 💸 of your bank account. So that you can manage your NET $$$ like a pro ;) Sign up here: https://lnkd.in/gcKHCgmF

Pricing is a powerful leveraging mechanism that will either allow you to hit your income goals quickly or slowly. The higher you price your programs, the less units you need to sell to reach your income goals. Example: If your monthly income goal is ₹1,00,000 and you have a ₹10,000 program, you only need to sell 10 per month to hit your goal. But if you only have a ₹100 program, you have to sell 1,000 per month to hit your goal. So, how will you price your products & services? Even before you know what you want to sell, it’s important to get clear on your pricing model. When starting out, I suggest having 3 pricing tiers: 1) Free 2) Low ticket 3) High ticket I always suggest starting out low, and then slowly increasing your prices over time. This allows you to enter the market at a competitive price, and removes any doubt you might have around the thought of “people can’t afford my products and services!” General suggestions: Freebie: ₹0 Low-ticket program: ₹249/month High-ticket program: ₹50,000 - ₹1,00,000 and above

Introduction The introduction section provides an overview of the blog post topic, which focuses on using an ROI calculator to identify and fix deficits which can be fixed in little time at little cost. It highlights the benefits of using the calculator to improve profitability.

How much should I charge my service or product? This is a frequent question for new business owners, yet even those who have been in the game for 5, 10, 15, or even 20 years must periodically reassess their pricing strategies. In my blog, How Much Should You Charge: Product and Service Pricing, I will delve into five critical aspects to consider to be able to determine your product and service pricing. You can press this link https://lnkd.in/g55YHBX8 To thrive in your business, and that means achieving a healthy profit margin. If you feel that you still need to learn more about this particular topic, do not hesitate to reach out to our team of experts. We’d be so happy to help you with more insights. #smallbusinessowners #businessadvice #smallbusinesstips #Money

#Different. #concepts. Revenue and profit are two of the most prominent, crucial metrics every business needs to track if it wants to understand its performance, forecast effectively, and spend wisely — among a host of other key functions and activities. #Revenue is the total income a business generates through its sales. Profit is the portion of that income that remains after subtracting that company's operating costs, debts, taxes, and any other expenses it incurs in the interest of generating revenue. You need to have a consistent picture of your business's revenue and profit if you want to reliably gauge its financial health and viability. Both metrics can be telling into the effectiveness of your sales and marketing efforts along with the efficiency of your spending. It takes some steps to pare down your revenue figure to your profit.