Every business owner understands that controlling costs is key to a profitable business. But few really understand the effect cost cutting will have on their bottom line. In this video I cover why cutting overhead is so important and how best to do so without...
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Improving the Profit Formula Part 5 Increasing Gross Margins
Improving Efficiencies In my 30+ years as a CPA, I have reviewed thousands of income statements for companies in hundreds of different industries. Without fail, 70 percent or more of the total costs is in product purchase and/or manufacturing and employee...
Improving the Profit Formula Part 4 A 10% Increase in Customer Retention
Welcome to 2020! Got a late start since I started the year with a good flu bug. Now that I'm feeling better let's continue my series on Improving the Profit Formula by discussing how to increase customer retention. The sales portion of the profit...
Improving the Profit Formula: Part 3- A 10% Increase Sales per Customer
In the continuation of our improving the profit formula series I discuss ways to increase your annual sales for each customer by 10% per year. Use the 80/20 rule to identify your best customers. Set up procedures that emphasize selling more to your best...
Improving the Profit Formula Part 2 – a 10% Increase in Converting Leads Into Customers
Make a list of what your ideal customers really want when they buy from you. What hassles are they trying to avoid or alleviate? What satisfaction are they trying to acquire? Make sure your sales staff knows how to approach your customers....
Improving the Profit Formula Part 1- A 10% Increase in Qualified Leads
The sales portion of the profit formula demands the largest portion of the owner's time. This ties in with the idea that every business is, at its heart, a marketing business. You are not in the business of what you do or produce. You...
8 Secrets to Increasing Profits Fast- Part 2
This video includes part 2 of the 8 Secrets to Increasing profits fast. These two videos includes profit maximizing tips that any business in just about any industry to quickly increase their bottom line, sales & cash balances. . This video includes part 2...
8 Secrets to Increasing Profits Fast- Part 2
This video includes part 2 of the 8 Secrets to Increasing profits fast. These two videos includes profit maximizing tips that any business in just about any industry to quickly increase their bottom line, sales & cash balances. . This video includes part 2...
8 Secrets to Increasing Profits Fast- Part 1
One of the most common complaints I hear from business owners is that they are working harder and making less. When I question them, they often tell me that they've increased their sales but are still making less money. Without even looking at their books...
How to Determine Proper Inventory Levels
Click to watch video for this article - http://bit.ly/2YjACcp The best way to determine what inventory to carry is to adjust the inventory after the store has opened. Here is the best way to accomplish this: 1. Ask your customers as they check out: ...