We’re staring down the last quarter of the year. How have you done? What’s the minimum revenue your business must have each month to break even? To make a profit?
Amazingly, many business owners have no idea. They plod along, looking at the balance in the checkbook to make sure there’s still money left. You won’t get ahead in your business managing your finances on a wing and a prayer.
So where do you start?
Sit down and figure out your fixed expenses for each month. Things like phone service, electric, salaries and supplies. Add them all together (don’t forget taxes to the government) and that’s the minimum amount of revenue you must bring in each month. Take the guesswork out of it. Know where you’re at and where you want to be. Involve your staff (if you have some!) in helping you be successful.
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