Is Your Gross Margin Sufficient in 2024?
The gross margin is a key indicator for any business, whether you're in the startup phase or managing an established enterprise. In 2024, with rapidly evolving markets and associated costs, it's crucial to understand where you stand in comparison to your industry's standard. But what exactly is the gross margin, and how can you determine if yours is adequate? What is Gross Margin? Gross margin represents the difference between the revenue generated from sales and the cost of goods sold (or production cost). It's typically expressed as a percentage and provides insight into the basic profitability of your products or…