What Is Net Profit and How Do I Make It? Track: Business Management Speaker: Roseann Freitas Understand how to make your passion into profit. Every business needs to make a profit to be successful and the construction industry is no different. In this session, you will identify revenue sources to include design fee and product mark-up percentages. Learn how to categorize expenses and how to track them for proper accounting and tax records. Learn the formulas to for mark-up and margin and identify the difference between the two. An emphasis will be placed on how mistakes affect the bottom line and how to avoid them. The attendee will leave with an understanding of the “business” side of the design team. Learning Objectives: • Define the basic accounting formula • Define the area of revenue and expenses • Identify revenue sources to include design time and product sales • Describe the difference between Cost of Goods Sold and Administrative expenses • Define the difference between mark-up and margin • Learn how mistakes affect the bottom line.