PS: As my father-in-law taught me in 1988. The easiest way to tell if someone understands their business is to ask them what their break even point is and at what average gross profit margin, with the bonus question being, what day of the year will you break even. If they cannot answer at least the first two questions they are simply running their business by the seat of their pants.
And our long time mentor provided me with the best analysis. We all know 80% of your profit comes from 20% of your customers and the other 80% of your customers are sucking up your profit, so why not simply develop the 20%. And if you can identify your client to the point of being a zebra your life becomes very easy. If you were to take all of the land based animals and put them on an island you can always, always pick out the zebra. But if you have only defined your client as detailed as say a wolf and you look down in the mass of animals (clients) you might mistake a dog, or a jackal, a fox or a hyena as your wolf (client).
We can tell you our clients avg. per cap household income, age range and value of their primary home. Yes, there is always the one off client, but 99.9% of our clients fit our Zebra profile and we can pick them out of a crowd and cut down on a lot of wasted energy and profit.