Last updateSun, 26 Mar 2017 4pm


How are your reorders?

Those who know me well will have heard me thumping this old chestnut a lot in the past. I’d have to say though, where this column is concerned, I’ve left the topic of reordering your fast sellers alone for quite some time. However nothing can last forever!

Setting your Selling Price for Maximum Profit

One of the most interesting reports I like to read from store data we collect is one known as “Price Points Potential Net Profit.” This shows the potential additional profit a store may make by rounding its prices off to the appropriate price point. Often for a business this missed profit can be in the thousands when all inventory is taken into consideration.

The importance of maximizing your average sale

I often get asked by clients, “Why the pre-occupation with average sale?” As they rightly point out, increasing the average sale with the same number of customer transactions is the same as increasing the number of customer transactions with the same average sale.

I’m all for increasing both, but as most people know concentrating on one thing at a time is a more successful recipe for change than trying to do too much at once.

Make the most of those busier shopping days

Now that the holiday season is behind you it’s time to look at the road ahead and try to maximize those key customer buying occasions during 2013.

Of course, the year gets underway quite quickly for the romantics with Valentine’s Day first on the horizon. It may seem a little exhausting to have to think about this when you’ve barely got past the holiday season, but an opportunity missed is one gone forever.

Has your business had its annual servicing?

No, you haven’t got your jewelry publications mixed up with your favorite car magazine! There are a lot of similarities between your vehicle and your business... both have a responsibility to get you from point A to point B, and both are only effective if you show them proper care and attention.

You need a skilled fisherman to sink the biggest fish

There’s an old saying you may be familiar with regarding staff training: “You may not want to train your staff in case they leave... but what if you don’t train them and they stay?”

Like all good sayings there is more than a hint of truth to it. We all know the frustration of training a staff member, spending money and time on their education, only to have them up and leave... and sometimes to use those skills in a competing environment.