How profit mapping can improve your firm's decision making

11/13/2011 | Business Finance

It's not uncommon for a firm to take a loss on certain products or services in order to drive business in other areas, Jonathan Byrnes writes. However, there's a wrong way and a right way to choose which losses to accept. The key is to map out which customers and products are driving your profits. Then, you can think strategically about how to put losses to work for your business. "The power of profit mapping is that it allows you to draw a line in the sand, and make this precise distinction," Byrnes writes.

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