What Gets Measured, Gets Done. 15% Sales Increase Anyone?
||Pinch A Penny Pool Patio and Spa
||Jan 9, 2017
Presentation for Pinch A Penny Pool Patio And Spa Owners in Orlando, FL.
When you recommend water testing to your customers for their pool, you do it because it is critical that they measure their pool water chemistry to ensure the water is safe and performs in the best possible way. Running a business follows the same rule: measure your sales, staff and inventory performance to ensure you are on the right track and if not to correct a downward trend. Ultimately, only what gets measured, gets done and if you cannot measure it, you cannot change it. For instance, how can you increase your most profitable customers' repeat business, if you don’t know who they are and don’t keep track of their sales? Or, how can you increase your sales of your most profitable items, if you don’t keep track of what they are and if they are truly profitable? Or, how can you reward your best store associates for their sales efforts if you don’t know how much they sell and how profitable their sales are? And finally, how can you increase your sales by, let’s say, 15% if you don’t know whether you need to get more customers in to do so, or simply convert more of them into buyers, or sell more products to your customers (increase your items per transaction) or sell higher ticket items to increase your average transaction or a combination of all of these and what is the optimal combination?
All of these questions will be addressed in this session where you will learn about the most important Key Productivity Indicators (KPIs). We’ll start with Gross Margin Return On Inventory Investment (GMROII), looking at how to use it to improve your sales, customer service and space allocation in your store. Find out how to calculate Inventory Turnover using the retail method, as well as Stock-to-Sales Ratios, Maintained Margin, Average Transaction, Units Per Transaction, Conversion Rate, Sales Per Square Foot, Selling Cost Percentage, Sales and GP Per Employee and Staff-To-Customer Ratios. Take home formulas for each KPI, as well as benchmarks on what makes for good and superior performance and be on your way to a 15% sales increase or even more.
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