It’s a common question we hear from retailers, “how can I get a larger piece of the pie from my trade area?” Many search for answers in new vendors or merchandise offers, a different ad agency or the next cool promotional idea. While these changes can and often do deliver sales increases, they come at a price.
Every now and again, something new comes along that fundamentally changes the way we work...we have developed one of those fundamental work-flow changes and...it will have a significant impact on the way you work.
I mentioned to him offhandedly...that we work with jewelers who have very impressive top line sales...with very low net profit as well as challenging cash flow, to which he simply said: “Vanity, Sanity & Reality”.
When you think about the budgeting process (work with me here) you have to look back at your history, sales and margin trends and changes in expenses, inventory levels and profit. Zzzzzzzzzz… So, don’t look back, look forward.
