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  • Writer's pictureJim Payne

What is the single biggest thing you can do to increase your profitability?

Here is an interesting thought exercise – multiply your annual sales by 1%. Now, add that result to your net income and calculate the percentage of change.

For example: $1 million in sales that is currently producing a net profit of $20,000 or 2% of sales. 1% is an additional $10,000 in profit. That represents a 50% change in net profits.

Pretty significant in anybody's book. Paying attention to your pricing process is very likely to produce a better outcome than guarding against the overuse of office supplies.

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