BitLife released a new update this week that involves some new business features, including annual reports. The update gives you the option to buy and sell your own businesses. You even get to handle all the usual aspects of business ownership and run your own business. However, there are new things that come along with that as well. You will be in charge of pricing your items, controlling sales, and even analyzing Annual Reports for your business. Keep reading below to learn how annual reports work in BitLife.
What are Annual Reports?
Annual Reports are reports that you get for your business in BitLife once every year. These reports hold a lot of information about the success of your company. These reports tell you how much you made throughout the year, as well as the success of each of your products that were sold. It takes your revenue, net income, and profit margin and compares them to the previous year to show how much improvement you have or haven’t made. This information can help you make the most out of your business and improve them if possible.
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Revenue in Annual Report in BitLife
Revenue is the money that you make from your typical business work. What the number shows in your annual report is your average sales price multiplied by the number of items sold. This can tell you if the items you are selling are valuable to your customers or not and how well they are selling. This is super important, but your net income is a more important number in finding your product’s value.
Net Income in Annual Report in BitLife
Your net income is your total profit for the year after you’ve calculated in all of your expenses and costs. This will tell you how much money you are actually making after all of your costs are accounted. In other words, this tells you your total profit! You’ll want to make sure your net income stays high.
Profit Margin in Annual Report in BitLife
To find your net income, you actually have to figure out your profit margin. Your profit margin is the total cost that you put out to run your business, as well as your total revenue for the previous year. However, increasing your profit margin will also increase your net income, which is what we want to run a successful business.
In addition to receiving all of these numbers in your annual report, you will also get a product review for each product you sold over the year. This will tell you how well each specific product sold. In turn, this lets you know which products to keep selling, which to stop, and even whether to raise or lower your prices.
In conclusion, your annual report for your BitLife business is insanely important, and you gain loads of important information. With this information, you should be able to run a successful business! Good luck, CEO!
