WEEK 7 – Which of my products or services are most profitable?
Consider the 80/20 rule… typically 20% of your products or services will be generating 80% of your profit, it might be time to review your product range.
Look at the profit margin for each product or service you provide. Focus on those with the highest return and lowest effort and minimise those with the lowest profit margin and highest effort.
If you have questions please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 for an initial consultation.