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A basic rule of thumb is that the business owners should be able to differentiate their products, when costs are low.
What the basic rule of thumb implies
Many financial rules of thumb that are used by business owners to study, recall, and apply financial principles may be known to them. These general guidelines cover techniques and procedures for putting money aside, making investments, buying a house, and making retirement plans. The basic rule of thumb might be appropriate for a large group of people, but it might not be applicable to every single person and every particular set of circumstances.
The Rule of thumb is helpful for quick mental calculations to quickly gauge an approximation of a value, even if calculators and spreadsheets have built-in capabilities to accurately calculate the precise time required to double the invested money.
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