Every business has a product or service that brings in the customers. You and your staff are probably experts about it and know everything you need to know about that particular product or service. This product or service may or may not be a very profitable but is vital to your business.
Have you put in any thought in products or services that aren’t essential to your business and don’t do anything to generate sales.
I have seen many business owners take up inventory space and waste tons of time on products and/or services that they make very little or lose money on. When asked why they continue to offer it say, “I don’t know. I just always reordered it or provided it.” Or I get, “Then the customer will go somewhere else.”
If this not a product or service that brings in customers or makes you money, let them go somewhere else. Let your competitor lose time and money on a product that you don’t need to waste your resources on.
Don’t get me wrong, I’m not saying to give a customer to your competitor. If this item is outdated, show your customer products that have taken its place or ask them if they would like to special order it and explain to them that there will be a fee and it may take time for the product to come in.
If you are in the service industry, services that take up time and you can’t really charge customers for you may want to include this service in a complimentary product that is profitable and increase the price to adjust for the extra time and supplies. You also have the choice not provide that service.
The goal of a business is to make money! Stop wasting time on something that doesn’t work in your business.
If you would like us to help determine which products are your most profitable and which products hold you back, call 915-857-8158 to schedule an appointment.