It can be challenging to build a sustainable creative business. Every year, I see more and more businesses in the Arts struggling to remain profitable. It’s a fine line between doing what you love creatively and balancing the books. It can be done – but you’ll need to...
Any business that strives towards success should be making money, or in business terminology, generating profit. One of the main reasons that businesses go under is because of the confusion between two seemingly similar, but in reality quite different aspects....
Wondering how to price your products or services so you can make a profit? It’s not as simple as it seems because it involves several things to consider. That’s why figuring out the right price is one of the biggest challenges business owners face. There are...
Feeling like you're not achieving success in your business? You're not alone. You’d be surprised to hear that many people feel this way at some point in their lives. But don't worry, I can help. Once you've learned what success actually is, you can start to...
Running a business means setting clear goals that you would like to achieve as a business owner. Whether that is to provide services or manufacture products, you must have a defined target and strive to reach it. Certainly, one of your goals should be making...
Do you want to reduce your costs by 25% to 30%? If so, then target costing is the right choice for you. Therefore pricing using target costing can help you cut costs without sacrificing quality. Traditional and target costing - differences The two methods share...
Making as many sales as possible is the goal of every business. Whichever service you offer to your customers, that is going to be what you’re aiming for. However, what really lies behind a successful business story is the profit generated from these sales. In...
Business is all about making a profit, isn’t it? But in accounting, there are several terms used to express different kinds of profit. Ultimately, what should interest you is your operating profit. There are multiple names for operating profit. You might hear...
Are you sure that you’ve priced your products well? Or maybe you’re at the beginning of your business journey and you’re wondering what the best way to do it is. This blog will teach you how to price your products based on different pricing strategies so that...
What is profit? We can define profit as “a financial gain, the difference between the amount earned and the amount spent”. Making a profit is essential for any business. There are several important elements that make up your business story - some more important than...
To understand break even, you first need to know the components involved with business activity. But how do you find out what your business requires to break even? What is break even in business? Your business breaks even when your sales cover all your costs -...
Creating and following a financial plan (your financial story) is an important step to taking control of your finances. If you're like most business owners, you know that it's important to have a financial plan in place. But do you know how to effectively use...
Are you looking to be successful in your business but don't know where to start? Most people think that in order to be successful in business, you need to be intelligent, have a lot of money, or know the right people. While these certainly don't hurt, there...
Profit should be one of your main business goals. Profit is used to build sustainability, monitor, manage, and measure your performance. But what is profit in business, and why is it so important? For most people, profit is the difference between money in and...
Break even in business is more than just a number. If you're like most business owners, you're always looking for ways to cut costs and increase profits. But before you can do either of those things, you need to know your break-even point. What is break even in...