Understand YOUR NUMBERS!!! Markup vs. Margin - Making Awesome 160
Episode description
This week we dive back into the $$$ of running a business, with the difference between Markup and Margin. Knowing these terms is essential for any small business wanting to keep an eye on their finances, but not knowing what separates them, and why that matters can make you grossly overestimate your profit. We will give some examples, go through why the numbers may SOUND good, but why in reality, you probably did not charge enough.
Topics to cover:
Which is better, Markup or Margin?
How markup is related to profit?
Where profit fits into all this?
COGS - Cost of Goods Sold
Variable vs. fixed costs
AND MORE!!!
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