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Everyone wants more profit right? And you have heard the saying "Sales are Vanity Profit is Sanity' but why still is all I see business owners focus on is their top line sales and not their bottom line?

Clearly they impact each other but you can get a better bottom line in more ways than just focussing on the top.

We dive into what things to focus on in your profit and loss and why setting a time for a monthly meeting with yourself and tracking KPI's is the next step to more income.

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In this episode of thelotco Business Podcast, business coach Melissa Robbins discusses how to increase profit in your business. She emphasizes the importance of understanding profit and loss statements, and offers practical advice on how to improve profit margins without necessarily increasing sales. Melissa suggests focusing on foundational aspects of your business, such as pricing and product mix, and nurturing existing customers to increase their lifetime value. She also recommends grouping tasks together, outsourcing, and regularly reviewing expenses to save time and money. Overall, Melissa's advice is geared towards helping listeners have a long-term, scalable, and profitable business.

- How to Increase Your Business's Profit: Tips and Strategies from a Business Coach

- Profit and Loss Statements: The Key to Long-Term Business Success

Timestamp

Understanding Profit and Loss [00:00:38]
Melissa explains the importance of regularly looking at your profit and loss statement to make better decisions about your business moving forward.

Focusing on Profit [00:03:45]
Melissa emphasizes the importance of focusing on profit as a key metric as opposed to just sales.

Cost of Goods [00:04:34]
Melissa explains the importance of understanding how much your goods actually cost you to generate sales and how to calculate your gross profit.

Understanding Profit and Loss [00:08:22]
Melissa explains the different aspects of profit and loss statements, such as top-line sales, cost of goods, and expenses, and emphasizes the importance of regularly looking at them.

Improving Gross Profit [00:10:38]
Melissa offers practical advice on how to improve gross profit, such as negotiating better deals with manufacturers, changing product packaging, and working with suppliers.

Customer Retention [00:15:32]
Melissa suggests focusing on nurturing current customers to increase their lifetime value instead of always trying to acqui

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I'm Mel Robbins! from @thelotco

Want a Roadmap to Building a Profitable Product Business head here for directions!

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Find more details at https://www.thelotco.com.au/

Business Coach for product-based businesses. Teaching creative business women how to build a scalable and profitable million-dollar product business whether a physical Retail store or Brand.

Over 25 years as a Retail and Wholesale Strategist (Sales and Marketing for Brands).

Grab my 8 step checklist on building a profitable product business.