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| Name | Business 101: You Need To Make A Profit At The End Of The Day |
| Video Uploader | Video From Northern New York Parts - Small Engine Repairs |
| Upload Date | This Video Uploaded At 24-06-2024 11:16:03 |
| Video Discription | In business, the ultimate goal is to make a profit, and this involves several key practices. One crucial aspect is choosing the right customers. It's essential to target customers who not only need your services but also value quality and reliability. These customers are more likely to be willing to pay for premium service and become repeat clients, contributing to a stable revenue stream. Vetting customers carefully can help avoid those who are price-sensitive and may dispute charges or fail to pay on time. Establishing clear terms and conditions upfront also helps in setting the right expectations and fostering long-term relationships. Another important practice is not allowing customers to supply their own parts. This can lead to several issues, including the use of subpar components that could compromise the quality of your service and lead to future problems for which you might be unfairly blamed. By supplying the parts yourself, you can ensure their quality and compatibility, thereby standing by your work with confidence. Additionally, this practice adds a mark-up opportunity, increasing your profit margin. Maximizing billable hours is also vital for profitability. Efficient scheduling, minimizing downtime, and ensuring that your team is working on chargeable tasks as much as possible can greatly enhance your bottom line. Accurate time tracking and invoicing ensure that you get paid for every hour worked. Streamlining administrative tasks and using time management tools can help keep everyone focused on productive activities. By combining these practices, you create a robust strategy that supports profitability and long-term business success. |
| Category | Howto & Style |
| Tags | business profitability | choosing the right customers | premium service | repeat clients | customer vetting | clear terms and conditions | supplying parts | quality components | compatibility assurance | profit margin | maximizing billable hours | efficient scheduling | minimizing downtime | chargeable tasks | accurate time tracking | invoicing | time management tools | administrative efficiency | productive activities | long-term business success | small business ideas | small business tips |
