Measure your business to maximize profit: Lessons from the Trenches with Jim Sobeck – UPSTATE BUSINESS JOURNAL ...Middle East

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Measure your business to maximize profit: Lessons from the Trenches with Jim Sobeck – UPSTATE BUSINESS JOURNAL
Do you have a way to determine how successful your business is, or are you just happy if you turn a profit? Don’t get me wrong, turning a profit is crucial, but most business owners work too hard to settle for just a meager profit. Early in my career, I was fortunate to have mentors who taught me that a small percentage of businesses have double-digit profits while most have profits in the low single-digit range, and there were things you could do to get above-average profits. The business I sold in February of this year went for a premium price because the profits were significantly greater than our peer group. How was that achieved? It wasn’t dumb luck. One of the biggest reasons wa

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