Making more money in a down economy.
Happy Sunday! welcome back to SUNDAYS & BUSINESS, This week featuring Gershon Morgulis, MBA from Imperial Advisory CFOs with 3 easy to implement tips on Making more money in a down economy.
Understand your KPI's
When you look at numbers at the end of the season you are getting information after it is already stale. It is too late to ramp up January sales 5 days into February. Make sure you keep an eye on your Key Performance Indicators, the handful of factors that truly drive your business so you can react swiftly and decisively..
Look at your scraps.
We met a business that was able to produce certain products with roughly $0 of investment in materials! They were making a fortune by producing products using scrap material remaining from prior product runs. Even in a service business, you'll often have pockets of time/availability; too little to sell at a regular price but not too little to use for something creative.
Don't forget your competitors.
People who do the "same thing" as you could actually be your best source of leads. You each understand where you shine and have the ability to make the most targeted referrals. We are not right for every client, but I know others that can fill the needs of clients who are not for us.