I can’t work out what I am doing wrong
Monday, August 3, 2009/
Don’t despair Lee. As a small business advisor/accountant I come across a number of small business that are not profitable from day one, and in some cases businesses do take longer to show returns owners are happy with.
What I have found with some clients that we have worked for is they believe the product or range is not profitable, but in fact is. It is common for a lot of small business to distort profit due to the way they run there accounts and or that they have more resources in operation then they require.
I work with a few clients that are fair trade so I know all about low margins and being passionate about a product. My advice: don’t give up, seek help and determine if the product you are selling is profitable on its own and then look at why your staff and you are passionate about it, and channel your PR/marketing to your market.
Hope this helps.
PS. what’s the product?!