Chapter 2 – Financial Control – Rule your money
This is part of the ‘How to’ coaching series. An ongoing series of activities to make your business successful. Follow it step by step and see positive results as you develop a robust business model, set on a solid foundation.
Activity 37 – I regularly review my average sales figures – daily/weekly/monthly
In the previous blog (#36) we looked at how you determine average sales value/price.
This is something that needs to be done regularly. The schedule of measurement depends on how many products (or services) you sell in a given timeframe.
For instance, if your sales are high in number per day, you may choose to measure the sales figures daily. Or, as some supermarkets do, hourly.
A big retailer will monitor sales of specific items to understand buying patterns and the impacts of marketing initiatives and other factors. A large construction firm might monitor sales by month/year, to understand the income against a lower number of large builds.
Whatever your reason, if you don’t regularly measure the value you receive, you will soon lose sight of whether your business is charging correctly to make a profit.
The ‘How to’ bit:
Create a schedule of when and what to measure. Give the responsibility to someone to ensure it gets done. Produce the required reports and make sure the results are monitored, managed, understood and acted upon by the decision makers in the business.
If you would like help to set up the schedule and introduce your process, Contact Us…