Coming soon is my free Marketing webinar where I explain that: Everything You Ever Knew About Marketing is Wrong and How to Market Now!"
Cost control in business is one of the more unpleasant topics and issues to address. Why? Because it isn't as sexy as a new sales campaign or a new marketing effort. Just like the federal government's budget debates, there are two ways to control money in a business. That is through revenue generation or controlling the costs (how much you spend).
Generating more money may be difficult if you don't have the proper funding or facilities to deliver on the new demand for your products because of a sales or marketing push. Therefore, we must control our costs. Six-Sigma or Lean Manufacturing are strategies that can minimize waste and maximize productivity in business resulting in increased profitability.
For retail, we look at store layouts, and product placement, environment such as music and color, etc to make the shopping experience more enjoyable. On the Internet we look at SEO and Keywords vs. bandwidth and hosting expenses and product development, affiliate fees, etc.
This week we will delve deep into what the Profit & Loss Statements, Balance Sheet and Statement of Cash Flows tells an owner. What items should be watched on a P&L sheet, Balance sheet and what does the Cash Flow mean to the bottom line of the business. Further we will identify how to calculate your Break Even point in a business and at what interval we should be watching our B/E.
Our special guest this week is Dorie Shaner who operates her retail store only 2 days a week and has become profitable within 2 years of opening her business: www.realdeals.net
Dori is the owner of this Boise Branch fast growing franchise store that specializes in Home Decor. Check them out at their website.
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