After making the previous changes to the finances of my business over the past 2 years, I've been able to see a decrease in my expenses of about 30%, and an increase in my profit margin by about 12%. It wasn't nothing and I'm sure glad that I was able to implement those changes when I did. The next phase of financial reform in my business is something I just implemented... After making the previous changes to the finances of my business over the past 2 years, I've been able to see a decrease in my expenses of about 30%, and an increase in my profit margin by about 12%. It wasn't nothing and I'm sure glad that I was able to implement those changes when I did. The next phase of financial reform in my business is something I just implemented... I had a light bulb moment after looking at my plumber's invoice. $129/hr. The same rate I paid my auto mechanic last month for labour. I thought I was high charging $50/hour as a painter. But the reality is that just isn't enough. So for 2020 I'm raising my hourly rate to $80/hour and adjusting my piece work rates accordingly. Another factor that has led me to try this is a reduction in availability. With reduced capacity I have to be more selective, prioritizing higher profit projects. It will be interesting to see what further impacts this has on the bottom line at the end of the year. What changes have you made that have significantly improved the finances of your business?
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