Podcasts Business Take & Talk Pics 154 - Profit Margin

154 - Profit Margin

Published: March 21, 2016, 7:30 a.m.

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Profit Margin

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There are countless resources out there on the topic of profit margin. Just search Google and be instantly overwhelmed with 1 million great ideas to increase your profit margin. If I had to break it down into three parts I could easily do so. I am the kind of person that often only uses logic in many aspects of my life and when it comes to your profit margin I don\\u2019t change one bit. There are a lot of thing to think about within each of my three main points but definitely worth a quick read. At the very least worth a listen, maybe even twice.Profit Margin

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  1. Look at your current profit margins\\n
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    1. What do you make from each job
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    2. What do you pay out for each job
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    3. What is it to pay yourself for each portion of every job
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    4. Things you must have to do the job well
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    5. Things you may be spending more than you need on
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    6. Account for waste
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    7. See the gross profit margin
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    8. And prepare for change
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  2. Cut costs\\n
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    1. Anywhere and everywhere you can cut cost, Do It!
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    2. Save $5 a month on your internet service provider
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    3. Eliminate your land line and go completely mobile
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    4. Split a product with a fellow photographer
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    5. Drink more water and less soda and beer \\u2013 ANYTHING!!!
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  3. Raise prices\\n
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    1. Be firm on your price
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    2. If you take a cash discount that can help the sale
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    3. Eliminate any specials/coupons
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    4. Do not fold back to your old pricing to book a gig
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Conserve your marketing budget!

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\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 Only use what you know works for you

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Increase productivity!

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\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0 You or an employee \\u2013 make more of an effort to produce more from your time

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Reevaluate often!

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Happy Shooting!

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