We all want to run a profitable business. Yet most of us simply don’t. But before we go any further, let me explain what I mean by “profit”. In accounting, profit is the result of what’s left over after subtracting our expenses from our sales. If we have $500,000 in sales and $400,000 in expenses, our profit would be $100,000, or a profit “margin” (profit divided by sales) of 20%.
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