I'm the Founder and CEO of The Lip Bar, a beauty brand started in my kitchen while working on Wall Street. Since my early days juggling a nine-to-five and small business ownership, The Lip Bar has become a pioneer in beauty and inclusion, and the brand is now sold in Target and Walmart stores across the country.
In the last year, I increased my company’s profitability by 400 percent. Yep! It’s true. Unheard of, I know! So how did I go from no profits, to 18 percent profitability in 12 months? By understanding the cash inflows and outflows of my business, I was able to retain earnings and reinvest in my company.
And I’m excited to be able to share six of the tactics I found to be most helpful in building a profitable business.