Markups and Margins - Michael McClanahan - Virtual Estimates Now

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In this episode, we will be joined by Michael K Mcclanahan, the Vice President of Flooring Install America and Virtual Estimates Now. Michael is an experienced business owner who understands the importance of markups and margins in running a profitable business.

Michael will discuss the key differences between markups and margins and why it is crucial for business owners to understand these concepts. He will explain how markups and margins are calculated and how they affect the pricing of products or services that are passed on to clients.

Michael will share insights on what a healthy percentage for markups and margins might be in the flooring industry, and how business owners can determine the appropriate level for their specific business. He will discuss the factors that should be taken into consideration when setting markups and margins, including costs of goods, labor, overhead, and desired profit margins.

Michael will also provide practical tips on how business owners can ensure that their markups and margins are effective in generating the necessary cash influx for their business operations. He will discuss the importance of accurately tracking costs, understanding pricing strategies, and regularly reviewing and adjusting markups and margins to maintain profitability.

Join us as we learn from Michael Mcclanahan about the critical concepts of markups and margins, how they impact pricing, and how to ensure that your business is operating on healthy and profitable levels. Gain valuable insights on how to calculate markups and margins, set appropriate pricing, and effectively manage your business finances for long-term success.

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