Set profit targets and track progress from "summary" of Profit First by Mike Michalowicz
To ensure the profitability of your business, you must establish clear profit targets and diligently monitor your progress towards achieving them. This involves setting specific financial goals for your business, outlining the amount of profit you aim to generate over a certain period of time. By establishing these targets, you create a roadmap for your business that guides your financial decision-making and motivates you to stay on track towards profitability.
Tracking your progress towards your profit targets is essential to ensure that you are making meaningful strides towards your financial goals. By regularly reviewing your financial performance and comparing it against your profit targets, you can identify areas where you may need to adjust your strategy or increase your efforts. This ongoing monitoring allows you to course correct as needed and stay focused on your ultimate objective of building a profitable business.
One effective way to track your progress towards your p...
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