The examples and perspective in this section may not represent a worldwide view of the subject. You may improve this articlediscuss the issue on the talk pageor create a new articleas appropriate.
Always Make A Profit!
As much as I can get! Most companies shoot for moving targets by attempting to make 'as much money as possible' or 'more' than they are currently making. These are not clear targets or goals. As your sales and job costs vary each month, your total markup earned changes, while your fixed cost of doing business remains the same.
This causes your net profit to move up and down like a roller coaster. He told me his five year goal was to work too hard, make every decision himself, put out fires, keep his crews busy, be totally stressed out, not make enough money to hire the best people, get hopelessly in debt, and make no money.
And, the bad news was he had achieved his goal! I am not impressed with people who are busy, overworked, underpaid, or boast about their latest sales conquests.
I admire organized companies that hit their specific bottom-line profit goals and make the expected return for the risk they take.
Not as much as possible! Always make a profit! The goal in business is not to stay in business or keep your crews busy. The goal of business is to always make a profit. It's not how much you make that matters, it's how much you keep after overhead, job costs, staff, and a fair salary for the owner.
Run your company like a business When I present my program "How to Build a Construction Company That Always Makes a Profit" at construction conventions, I repeatedly learn most small and medium size general contractors and subcontractors do not run their companies like a business.
A "business" has a business plan, sales goals, job cost goals, an overhead budget, and profit goals. A "business" prepares monthly financial statements, profit and loss statements, income statements and balance sheets. Most importantly, a "business" makes a profit!
A "business" without ALL of the above is not a "business. Get a return on your investment! Your fixed cost of doing business overhead is an investment in your future ability to make a profit as well.
Every year you decide what overhead costs you will need to run your business. You staff accordingly, rent an office, seek jobs to bid, and hope enough business comes in to make a profit. This is the minimum target to shoot for. Remember this is the minimum! The minimum to me is way too low to shoot for.
Now you have a minimum target and a higher target to shoot for. These are specific goals you can aim at and then track your progress.ADVERTISEMENTS: In this article we will discuss about the top fifteen accounting problems on Trading and Profit and Loss Account with relevant solutions.
Trading and Profit and Loss Account: Problem with Solution # 1. Mr. Z owns a general store in Delhi and does not maintain his accounts on double entry system.
His assets and [ ]. How to solve Aptitude Profit and Loss problems? You can easily solve all kind of Aptitude questions based on Profit and Loss by practicing the objective type exercises given below, also get shortcut methods to solve Aptitude Profit and Loss problems.
Profit and loss formulas for quantitative aptitude | profit and loss shortcut tricks for bank exams, ssc cgl | profit and loss problems with solutions for all types of competitive exams | Mark Up, Marked price, Discounts, Successive discounts, Break even point, Faulty balances, faulty measure, Chain rules.
Problems on Profit and Loss: Question Cost price of 12 mangoes is equal to the selling price of 9 mangoes and the discount on 10 mangoes is equal to the profit on 5 mangoes.
What is the percentage point difference between the profit percentage and discount percentage? Advance loss of profit (ALOP) insurance provides coverage for financial losses due to delays in construction and infrastructure projects.
Profit and Loss problems are directly relevant for not only entrance exams (like GMAT, GRE, CAT), but also for the MBA syllabus like Accounting, Financial Statements and more.
In this article we cover the basic definitions, formulas, solved examples and wrap it up with some practice questions. Cost.