Many small businesses keep their prices low for fear of losing customers, but end up losing money as a result. Laurence Harrould discusses how to move your business from a non-profit organisation to a cash cow. Increasing profitability can only be done in two ways: increasing revenue or reducing costs. We will look at both these options and explore which works best. We’ll start with a business, such as a coffee shop, which sells items (see Table 1). Customers 3000 Number of purchases 24 Average sale price $15 Sales 1,080,000 … more »
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