All businesses are the same- the average number of transactions multiplied by the average sale price equals turnover.
Turnover multiplied by margin equals profit.
To increase your profit all you have to do is increase one of these fundamental numbers;
Number of transactions per customer - this can be increased done by adding a new product line or service for customers to avail of.
Sale price - the easiest number to change as it just involves increasing your prices.
Margin - reduce your costs.
The key to positively changing any of these numbers starts with knowing your numbers, this can quickly lead you in the right direction.
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