Business Support – Profitability (IAP 6/7)
This webinar is the sixth of seven of our free Business Support series in partnership with Nordens Chartered Accountants. Over the series, Joe Sword, Head of Strategic Planning at Nordens, guides you through ‘7 Key Successes’ which are: 1. Vision and Goals, 2. Sales and Marketing, 3. Mindset, 4. Cashflow, 5. Systems and Processes, 6. Profitability, and 7. Team and Culture.
You need a clear and thorough understanding of your business’ performance in order to start making profit. Profitability is the cornerstone and benchmark of any business and essentially determines how successful you are. Understanding the financial aspects of your business in detail is crucial, and with this knowledge pivotal decisions that impact your profitability are executed with accuracy and composure. Working out your break-even point is the first thing a business owner can do to set the wheels in motion and prosper in the designated sector or industry. This can then be used to determine how to increase your turnover and reduce your costs, which are the two ways to maximise profitability in any business.