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4. Is Your Business Losing Money?
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In this episode of the KBB Unstoppable Business Owner Podcast, Kevin D Bannister addresses common ways businesses lose money and emphasizes the importance of not just focusing on sales and direct costs. He highlights the critical nature of regularly reviewing a business's financial performance to ensure profitability, citing a QuickBooks study that businesses doing so were 46% more likely to be profitable.
Kevin outlines a three-step approach for businesses to stop losing money, which includes evaluating revenue streams, analysing expenses, and implementing efficiency measures.
He provides practical advice on topics such as managing subscriptions, negotiating with suppliers, pricing strategies, handling high employee turnover rates, and the necessity of investing in the business for long-term success. Kevin concludes by urging business owners to review their subscriptions as an easy first step to save money.
The KBB Unstoppable Business Owner podcast is sponsored by KBN - Kitchens & Bathrooms News THE business magazine for kitchen and bathroom professionals.
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When you are ready here are 3 ways you can get more help/support:
- Join our workshop on How To Become An Unstoppable Business Owner.
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