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This week's survey
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(These survey questions are sent in by our readers. Please spend a minute to give your answer to this week's survey as one or possibly more of your industry peers thinks this question is important and wishes to see your point of view as well as others in the industry.)
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Last week's survey results...
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Do you know and track the minimum total sales you need in order to achieve a profit each month and do you know your minimum invoice value that will show a real profit?:
- The tricky part of that question is to define "real" profit. Simply adding a standard margin to supposed "real" costs for a small job does not guarantee a real profit. For many manufacturing businesses the bottom (smallest) 20% of clients contribute less than 5% of total revenue. Doesn't take Einstein to figure they cant be showing a real profit. (Michael, AS Fisher & Co)
- Not really. I don't have the staff or the time to spend time micro managing my sales. I know what my margins are and what I need to sell in a month to keep the doors open. Minimum invoice values don't really work as each job has it's own costs so it can realistically be a big invoice with small margins, or it can be a small invoice with big margins. I'm not really sure how a minimum invoice value would work in terms of showing a real profit. Seems a strange question to ask to be honest.
- Yes and Yes. The reason: why go to work and lose money (by not knowing your figures), when you can stay at home and earn no money. The whole idea of going to work is income, that's why we do it and that's why we should know our figures. Fun and fulfilment can be got in other ways, but you need to profit from work.
- Yes, of course. You don't have to be an accountant to keep track of your business numbers. A good spreadsheet is all you need.
(As a publishing practice to protect ourselves from any potential liability, company and individual names that are referred to negatively in any of these comments are removed.
In addition we reserve the right to remove comments that are blatant advertising for one product or company)
Please spend a minute to give your answer to this week's survey as one or possibly more of your industry peers thinks this question is important and wishes to see your point of view as well as others in the industry.
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Give yourself some mental exercise and keep your brain fit
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| 2nd Hand Machinery/Auctions. -----------------------------
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(Posted 10th January 2017)
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Smile: It's only Monday!
Here is old age at its best...
Ted and Tony, two friends, met in the park every day to feed the pigeons, watch the sheilas and discuss world problems.
One day Ted didn't show up and Tony didn't think much about it and figured maybe he had a cold or something. But after Ted hadn't shown up for a week or so, Tony really got worried. However, since the only time they ever got together was at the park,
Tony didn't know where Ted lived, so he was unable to find out what had happened to him. A month had passed, and Tony figured he had seen the last of Ted, but one day, Tony approached the park and lo and behold, there sat Ted! Tony was very excited and happy to see him and told him so.
Then he said, 'For crying out loud Ted, what in the world happened to you?'
Ted replied, 'I have been in jail.'
'Jail!' cried Tony. What in the world for?'
'Well,' Ted said, 'you know Sue, that cute little blonde waitress at the coffee shop where I sometimes go?'
'Yeah,' said Tony, 'I remember her. What about her?
'Well, the little gold-digging witch figured I was rich and she filed rape charges against me; and, at 75 years old, I was so proud that when I got into court, I pleaded 'guilty'.
'The judge gave me 30 days for perjury.'
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