Maximizing your profits: Why gross margin analysis is a must-know for small business owners
Troy Holt, CFEI?
Do You Want to Eliminate Debt and Grow Wealth? Discover How Small Business Owners, Veterans, and Healthcare Pros Can Turn Financial Issues into Wealth Opportunities!
Are you a small business owner who feels overwhelmed by finances? Join me as I speak to Terrell Turner, a certified public accountant who founded TL Turner Group. In this insightful LinkedIn article, Terrell will show you the importance of gross margin analysis for small businesses. He knows that many business owners struggle to analyze and track finances properly. But it doesn't have to be that way. Terrell will use his experience to provide practical insights on understanding operational and financial costs. Learn how to track expenses, spend in areas that support your ideal customers, and prioritize your business expenses. In this way, you can make your business more profitable and gain a competitive advantage. Don't let finances control your business—take control today.
My special guest is Terrell Turner, CPA
Terrell Turner, a talented CPA with a passion for helping small businesses succeed, is the guy to turn to when you need financial advice. As a husband, business owner, and podcast host, Terrell knows what it takes to run a successful venture. With his podcast, Accounting and Finance Meet Business Strategy, he shares valuable insights and information, helping countless entrepreneurs make sense of their financials. Based in Charlotte, North Carolina, Terrell is also the profitability coach at TLT Turner Group, where he works with small to medium sized businesses to maximize their profits.
Intuition vs. Numbers
Sales and growth often depend on the intuition and instincts of salespeople. Many seasoned professionals rely on their gut feelings to guide decisions. However, grounding these intuitions inaccurate financial data is essential to guarantee sound decision-making. In his conversation with Troy Holt, Terrell Turner shares examples in which salespeople were convinced they were making the right call based on their intuition, only to discover better opportunities when they examined the numbers. Terrell's insights underscore the importance of always having a solid financial foundation in any business's decision-making process. Recognizing this importance can lead to more successful outcomes.
Understanding Finance in Business
Supporting small business owners and entrepreneurs in grasping the importance of finance is a fundamental aspect of achieving success. By understanding the financial side of running a business, one can make more informed decisions, leading to better overall growth and profitability. Developing financial acumen facilitates the process of identifying areas that need improvement and allocating resources effectively. This understanding is essential, as it impacts every aspect of a business's operations. Terrell Turner emphasizes the critical role of comprehending financial aspects in every business decision. He encourages small business owners not to feel discouraged by their lack of financial knowledge but instead to seek support from experts who can provide them with valuable insights. Terrell reminds the listeners about his long journey of learning, through years of education and experience in the field that led him to success. His advice demonstrates that seeking guidance from professionals can lead to more profitable decisions, even for those with no finance background.
领英推荐
Intuition vs. Numbers
Sales and growth often depend on the intuition and instincts of salespeople. Many seasoned professionals rely on their gut feelings to guide decisions. However, grounding these intuitions inaccurate financial data is essential to guarantee sound decision-making. In his conversation with Troy Holt, Terrell Turner shares examples in which salespeople were convinced they were making the right call based on their intuition, only to discover better opportunities when they examined the numbers. Terrell's insights underscore the importance of always having a solid financial foundation in any business's decision-making process. Recognizing this importance can lead to more successful outcomes.
In conclusion, I hope this article has shown you the importance of gross margin analysis for small businesses. By taking the time to analyze your margins and implementing the steps outlined, you can make informed decisions that will help you increase your profitability and achieve your business goals.
Want to have a deeper conversation about how to implement these steps? Send me a message, I’d love to hear from you!
Listen to the podcast episode here: Episode #60
?Did you like this newsletter? Here are a few things you can do for me.
Driving business growth through sales coaching and virtual assistant services for entrepreneurs and small businesses.
1 年Looks like a valuable listen Troy Holt CFEI, RFC!
40 Under 40 CPA Practice Advisor | Top 50 Women in Accounting | Helping B2A (Business to Accountant) companies and accounting firms increase their impact, influence, and income through leadership marketing. ??
1 年I love this collaboration, Troy Holt CFEI, RFC and Terrell A Turner, CPA!