4 Profit Leaks That Will Kill Your Business (and How to Stop It)

Every week here at Ramsey, we get our whole team of over a thousand people in the same room to share updates and celebrate wins. And once a month, our CFO gives a report. And every time he reminds our team of a simple yet profound truth. Profit is created when revenues go. Up and expenses go down.

And that's exactly why so many businesses see a lot of money come in, but don't wind up keeping very much of it. Today John Falkins from Entree Leadership is going to walk you through exactly what each of these profit leaks are and most importantly, how to stop the bleeding. Alright, let's dive right in and start with profit leak number one, pricing and discounting. Discounting can feel like an easy win. You knock a few bucks off the price and suddenly people are lining up to buy.

But here's the reality. Discounting might increase your sales, but it's actually the laziest way to do it. If your entire strategy for selling something is slapping a 20% discount on it, then all you've really done is train your customers to never pay full price. Because your customers will notice if your whole MO is to mark down prices anytime your numbers need a boost. And if that's the case, then why would they ever buy something when you're at full price?

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