Did you know that 1 in 5 Australian businesses DON'T MAKE A PROFIT! Find out why.
Business people know, from personal experience, that booming sales doesn't automatically convert into a healthy profit. Back in 2010, I opened my first restaurant. We have a massive first month of sales, well above my expectations, and I vividly recall driving to see my accountant at the end of the month to do our first P+L review. I was feeling pumped as I speculated on just how big the profit number would be. However, upon walking into my accountant's office and seeing his face I knew something was seriously wrong. He made me a coffee and calmly sat me down to break the news….we made a 5% profit. FIVE PERCENT?! Seriously…but sales were huge and we all worked so hard! How could only 5% be leftover??