Episode 46: Understanding Your Profit with Margins, Mock-Ups, and Discounts, with Colin Sprake

Colin Sprake is a four-time best-selling author and mentor to over 47,000 entrepreneurs!

Colin has built several different million dollar businesses within 6 months. He has over 30 years of business experience having come from the mining industry to building his own multi-million dollar businesses from the ground up.

A dedicated teacher, Colin is the Master Trainer at Make Your Mark Training and Consulting and is devoted to people achieving huge success in their businesses. His purpose is to assist business owners to dramatically improve the number of businesses that succeed. After all, failing businesses affect us all in negative ways.

Using decades of business experience, Colin speaks and trains on a wide variety of topics for corporations, organizations & associations. Colin Sprake is all about delivering what is required to achieve the desired result and holding you accountable for your own success.

What you’ll learn about in this episode:

  • Why numbers are the most important part of your business
  • Margins, mock-ups, and discounts and why you need to understand them for your business
  • Keeping your cash flow running in your business
  • Three things you can do to maximize cash flow in your business
  • The mistake some people make that leads them to wonder why they’re not making money
  • Formulas that make up your gross profit and net profit as well as an example to illustrate these formulas
  • Why it’s extremely important to know what your gross profit is
  • The difference between gross margin and gross profit
  • How to determine your break even point
  • The reason you need to understand your break even point and an example that helps to illustrate this
  • One of the biggest myths in all business
  • Markup vs margin and how understanding this can make you more money
  • Why discounts often hurt companies and an example showing how you’re often giving away more than you realize when you create discounts
  • An example that explains why your gross profit is not the same as your revenue
  • The importance of developing a really powerful cash flow projector for your business

Ways to contact Colin: