Washington, DC, October 29, 2013 --(PR.com
)-- Small business owners and entrepreneurs attending the Peak Profit Potential mastermind guided by Donna Marie Thompson were challenged to identify specifically where they earn their profits down to the core business process level. The key question: Each step in the process adds costs, does it also add profits?
According to Dr. Thompson: "Small business owners and entrepreneurs deliver profits to the bottom line in direct proportion to the recognized customer value they deliver. Small business profit margins vary widely from as low as 10% to as high as 50% or more from commodity service firms to high-end software development companies. Of course, each business even with these sub-segments is different. Yet the numbers are illustrative of what is possible and what is currently being achieved by competitive small business owners and entrepreneurs today.”
“Keeping a close eye on your profit targets and actual profit margins is a key business objective for strategic business owners,” continued Dr. Thompson. This Peak Profit Potential Mastermind session on Profits addressed what profit targets are being met, what targets are not, and why. "Every small business owner will have different answers yet the need for clarity is universal as it relates to pricing, profit, and cost cutting in business management and decision making. As you grow your business, make sure you are preserving and expanding your profit margins," commented Dr. Thompson.
The business owners relayed their experiences with managing variables and achieving or not achieving the higher profits they expected. Dr. Thompson remarked: "Measure your margins at every step along the way to avoid unexpected negative impacts on your income statement."
Donna Marie Thompson, PhD, MBA, CPA is an acclaimed platform and cruise ship speaker, a two-time best-selling author, and former Director at PricewaterhouseCoopers Consulting. She is a small business profitability specialist who created The Profit PyramidTM and runs powerful Peak Profit Potential webinars, masterminds, and profit kick start training programs.
Sign up now if you have profits and want to boost them by at least 30% in 2014 at http://www.ExpertProfitSolutions.com
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