The Savvy Guide to Kick-Starting your Small Business by Ian Marshall

Author:Ian Marshall
Language: eng
Format: epub
ISBN: 9781784522100
Publisher: Panoma Press

Just keep in mind, the key aim here is to give you a rough idea of how your business is performing: precision is not necessary so don’t waste time trying to achieve it.

The following approach is based upon the format referred to in the section earlier in this chapter: Making the smart moves.

Step 1: gross profit

As you go along you should be able to determine your gross profit with reasonable accuracy. Specifically, you should be clear on the gross profit you’re making on each and every sale you make – if you’re not doing this, how do you know you’re making a profit at all?

I’d suggest that you maintain a running record (updated daily or at least weekly) for all your sales showing how much profit you’re making and extract quarterly totals from this for determining your total sales, direct costs and (therefore) gross profit – for your profit statement.

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