- Stick to 5 core categories: Advertising, Cost of Labor, Operating Expenses, Facilities, and Travel. Simple is best!
- You’re aiming for 15%+. Pro tip: Refer to the Profit and Loss % of Total Income Report.
- Keep your direct costs separate from fixed overhead to see a clear Gross Profit Margin.
- Shoot for 2 months of operating expenses for cash.
- Make sure your services/products/people are pulling their weight with at least a 30%+ profit margin.
- Segment your revenue streams and find out which ones are really working for you.
- Forecast next year, plug it into your QuickBooks Budget, and regularly check that Budget vs. Actuals Report to stay on track.
