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The Importance of Margins and Price Increases

Every business owner needs to understand the concept of margins and increasing prices is a great way to achieve higher margins.

Understand Your Margins:

Margins are what you make after ALL costs have been deducted. Therefore, any increase you make to margins will be clean profit – and that’s got to be a good thing. In fact, profit is my favorite six-letter word. Yet despite the black and white advantages of increased margins, far too little time is spent analyzing ways of improving them.

The really exciting part is that the tiniest of improvements can equate to massive differences in your bank balance. By increasing margins by just five percent, some businesses will…