Title: Set a profit goal.
Course: Make It Your Business (12151-18) > Section: Developing a Financial Plan

Setting a profit goal should include the following considerations:

- The difference between making a profit and losing money is determined by comparing sales revenue to costs and expenses.
- Profits may be increased by raising prices to boost income, or by lowering prices to boost sales volume.
- Profit margins can be adjusted.

Process/Skill Questions

- What factors help a business set a profit goal?
- What role does the profit goal play in making business decisions?
- What are possible consequences of overestimating profit?
- How can profits be used to benefit the business?