The Futur with Chris Do 257 - Expert Advice — with Keir McLaren
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Sep 6, 2023 In this discussion, Keir McLaren, a former business coach and mentor, provides invaluable insights into the challenges faced by entrepreneurs. He emphasizes the importance of financial health, effective pricing, and specialization in a competitive market. The conversation also touches on balancing creativity with business demands, setting boundaries in professional relationships, and the common pitfalls of undervaluing creative services. Through personal anecdotes, McLaren highlights the transformative power of mentorship and the need for adaptability in achieving business success.
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Profitability Focus
- Focus on profitability, even with increasing income.
- Ensure you're charging enough for services to cover costs and generate profit.
Gross Profit Calculation
- Calculate gross profit by subtracting the cost of goods sold from the sale price.
- Aim for at least a 50% gross profit margin to cover overhead and ensure profitability.
Project Cost Tracking
- Track project costs accurately, especially when employees work on multiple projects.
- This helps determine profitability and ensures accurate pricing.