Fully understanding my numbers was
the first big step towards profitability
Tracy Dueck CEO - Tracycakes Bakery Cafe
If you want to be successful, you must know where you’re money is going to and where it’s coming from. You have to know what it costs to build each product and to run your company. You must set reasonable goals to predict future sales, so you can plan for growth and profit. Charging your customers the right amount can be tricky. You have to charge enough to cover your production costs, pay yourself a meaningful wage, and plan for future growth, yet you don’t want to charge too much that you attract no customers.
“If you can’t pay yourself enough to live comfortably, there’s little point in working for yourself.”
Have systems in place to effectively track money coming in and out of your company and understand what the numbers really mean ensuring that you have created a viable financial model. Confidently forecast the financial future making decisions that lead to profitability, stability and growth. Build equity now so that you have something to sell in the future should you choose. Reward yourself for your efforts with what matters most to you.
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