Are You Discounting Your Future Away?
Electrical Industry Podcast Featuring Electrical Business Plan
All electrical contractors get excited at the prospect of a big electrical business deal! And to land it, you might often end up giving discounts. But in reality it means that you are giving a chunk of your profit. Not only that, sometimes, it also means that you are paying for a job from your pocket and losing money on it! The way to avoid this is to avoid discounts -- say NO to discount and follow your own electrical contractor business plan. Listen to the podcast for more such Electrical Business Planning financial tips and tricks!
Key takeaways from Electrical Business Plan For More Profit, No Discounts
- Your net profit is on the top. When you discount, everything you discount is from your profit, because your cost doesn’t change.
- Whereas the big stores built-in their discount and still make profit.
- Retail can be discounted because the prices are inflated.
- Trade and small businesses can’t afford discount because you pay electrical contractor per hour.
- When you do a good job and hit it out of the park -- you should ideally end up make extra profit.
- When you work at a 100% efficiency, and give a 10% discount, you lose 10%. It can COST you money. So you need to understand discount or else you can lose money.
Follow the above Electrical Business Plan to generate more profit!