How to Use Your Retail Profit Margin to Grow Your Business
Retail business owners are conditioned from day one to "have a profit" and "improve the bottom line".
Yet, sadly, most owners aren’t sure exactly why.
- What IS profit?
- Where does it go?
- Why is it important?
How to Read and Use Your Financial Statement
Put the cause-effect, cause-effect power to work in your retail business.
Get a greater sense of control – and the peace of mind that comes with it!
Be More Profitable by Combining Retail Marketing and Finance
In The ROI's view, the key to survival in retail is not profitable lines of merchandise, nor even profitable stores.
Instead, those retailers who will survive and thrive will be those who have the most profitable customers!
The Four (Only!) Ways Retail Businesses Grow
Before you get too far down the road in planning another store, adding new merchandise lines, or some other expansion, you first must decide on your fundamental growth strategy.
Why? Because your growth strategy and your tactics must align.
Are Your Profits Hiding in Plain Sight?
The typical accounting package lists expenses in alphabetical order. From Advertising, to Auto Expenses, then Bank Charges, and so on. Lines and lines of separate expense items, all detailed to the penny. How useful is that?!
Is this designed to inform? Or, to confuse and confound? No wonder few retailers will spend much "quality time" with their financial statements.