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June 16, 2020
In some lines of business, margins are traditionally very tight (such as the grocery industry), while in others, they may be much more significant (such as electronics). To ensure that your business maintains long-term profitability, you must set the right margins for every product or service you sell. Consider the following tips on how you can establish the right margins to ensure that you’ll make a profit.
The margin is the difference between what the product costs to produce (including labor and overhead), and the selling price. Establishing the right margins is the first step to determining how profitable your company can be — the higher the margin, the higher the profits for the business. But you don’t want the margin to be so high that customers are scared away by your high prices. Business owners can calculate how much margin they can develop per unit or customer above their product or service cost, based on the following factors.
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