Business owners, Understanding gross profit should be on your list of need to know . Gross profit is one of the most important financial measures, this video will
- Firstly, explain what it is
- Secondly, tell you how to calculate it
- Thirdly, contrast mark up and margin
- Lastly, look at why gross profit is your numbers friend
Watch to find out more
Mark up and Margin
When it comes to pricing your products or services, it’s important to understand the difference between mark up and margin. Mark up is the percentage you add to the cost of an item to arrive at a sale price, while margin is the percentage of profit you earn after expenses have been deducted.
Knowing how these terms relate to one another can help you set more accurate prices and assess your business’ profitability.
In this video I’ll also break down mark up and margin and explain how they impact your bottom line. I’ll also provide some examples to make things a little easier to understand.
Profit margin and pricing calculator
This FREE online calculator will help you calculate your gross profit, figure out pricing, deal with VAT, mark up and margin. With this information, you can work on increasing your profits and becoming even more successful. Use this calculator to get started today!
And if you’re still feeling lost about Understanding gross profit and don’t know where to start, our team at I Hate Numbers and out sister company Numbers Know How are here to help.
Are you ready to have an easier and more rewarding relationship with your numbers? My book, I Hate Numbers helps you get there.
This book is based on my 27 + years in business, helping thousands of businesses survive and prosper. It is an easy, humorous but serious read about running a business, having a financially rewarding relationship with your numbers, Furthermore, my book will help with that battle between the ears, that all business owners experience.
Get in touch with us to help make your life easier and stress free. Contact us