From the course: QuickBooks Online: Best Practices to Unlock Business Growth

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Predict your profit

Predict your profit - QuickBooks Online Tutorial

From the course: QuickBooks Online: Best Practices to Unlock Business Growth

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Predict your profit

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Want your business to be sustainable? Then you need to make a profit. A question I often get is What should my profit be? I want to share with you some simple proven practices to help you earn the profit you desire in order to make your business sustainable. Plus, you deserve to earn a profit as a result of all your hard work. After this lesson, you'll be able to calculate the profit you should expect from your business and be able to start a plan to realize that profit. To get to where you're going sometimes starting at the end and then plotting how to get there is a great strategy. Today the destination is the profit you want to earn. Start by determining your desired profit in dollars and as a percentage of sales, that's your profit margin. Profit margins can vary by industry. A consultant's profit margin is higher than a grocery stores. A good rule of thumb for a service business is a 30% return on your sales. That means if you're earning $900,000, then aim for a $270,000 profit…

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