According to figures from the Taxpayers Alliance, the average family will pay over £650,000 in tax over their lifetime. But, if you are in the 25% of highest incomes of £80,000 a year your tax is double at £1.3m
Exact software recently carried out a survey of small and medium sized businesses and estimate poor systems could be costing £3.7 billion.
When looking to increase prices, it is vital to understand that different customers are willing to pay different prices. Like first class, business and economy on a plane.
I have a copy of an amazing DVD interview between an accountant and a very successful business owner.
You may be able to increase your price without losing any customers. But, if you want to increase your price 10% or more then it is probably worth taking actions to reduce the defection to a minimum.
To answer the question, let’s look at an example of a business is making sales of £1,000,000 with net profit of £200,000.
For business analysis, ratios are far more useful than just looking at the absolute numbers.
There are basically three ways to scale your business and make more profit.
I’d like to share with you a concept called “Pay Yourself First”.
Make no mistake about it; you are much more important than anything in or around your business.