Your Cost of Goods Sold and MarginNov 11, 2022
Here's a quick guide to understanding how your cost of goods sold is related to your margin.
When you make sales, list them at the top.
If you've been entering your cost of goods sold (COGS), or the cost of your inventory, every time you receive it, you'll be able to pull the cost of those sales. This number goes on the next line.
The difference between your total sales and your COGS is your gross margin.
As an inventory-based business owner, your goal is to increase your margin.
The more you sell, the less the sales cost, and the more margin you'll have in your pocket.
If you're ready to fully understand your inventory, join me in the upcoming Inventory Genius Masterclass. I'll be working through all the pieces of inventory, LIVE, and there's even an optional group coaching call after the masterclass. I hope to see you soon!
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