CrewXP

012 - Margin Creep: Is Your Business Bleeding Profits? with Rich Heagy

Have you paid enough attention to your gross profit? If you haven’t, this might be the right time to do so. Your business might be bleeding profits without you even realizing it. In this episode, we’ll talk about margin creep and why it’s critical to address it!

Time Stamps

00:58 - Episode Intro
03:41 - Intro to Rich Heagy
07:46 - What is Gross Margin?
14:13 - Focusing on Gross Profit
21:51 - What is Margin Creep?
27:14 - How to Avoid Margin Creep
38:56 - The Impact of Protecting Your Gross Profit
40:39 - Episode Recap

Power Quotes From The Show

Having a process is step one; following is another. Managing people and guiding them through that process is key. - Rich Heagy
An agreed-upon method of how you're gonna do things makes a lot of these costs predictable. - Chris Griffin
I think it's human nature to wanna be told how to do things, or just have some guidelines to work with. - Rich Heagy
Process is habit forming. Yeah. When you don't stick to it, it doesn't work. You forget the process. So your habit now becomes breaking the process. - Rich Heagy
You need to understand what your margins need to be to pay your bills in 2023, not what they were in 2018. This is how you protect your employees and also your customers. They want you to be here next year, and the year after. - Chris Griffin