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Secrets to Making Profitable Decisions

5/3/2018

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Secrets to Making Profitable Decisions from Merchant Method  |  Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.
Have you ever wanted to make more money while working less? The concept may seem lazy, but it’s actually a common goal.

I’m continually asked by merchants as well as the retail media about how to achieve this goal. Everyone in our industry wants to know how to growth-hack and here’s the answer:

Stop worrying about revenue.
If you want to make more money sustainably, invest in your business, and write larger paychecks for your team or yourself, then you need to be obsessive about your cash flow.

And to do that, you need to go all the way down to the basics of effective pricing.

Well-developed businesses use key performance indicators to plan inventory investments, like a retailer’s assortment plan or a manufacturer’s production plan, that support planned revenue.
These plans in turn are based on the nitty-gritty skills of inventory management and stock control.

However, before inventory management, investment plans, or KPIs, we must start with truly understanding pricing and profit to ensure our business is scaling successfully rather than problematically.

THIS is where the obsession with cash flow begins — with pricing and profit.

As you listen to this 16-minute tutorial, listen for these important practices plus one hot tip about how to unlock these decision making tools:
  • Examples of quantitative data that small businesses use in day-to-day business
  • Storytelling nature of qualitative data
  • Well described trends vs. statistically significant trends
  • Why the human element in buying and selling requires both art and science
  • The key to data-driven growth and comparing apples to apples
  • Challenges that arise in the absence of metrics, specifically key performance indicators
  • Common misunderstanding of the relationship between sales and inventory
  • Review of the three stages of growth from profitability through forecasting
  • Tutoring and professional development support at MerchantMath.com
How will you leverage your data differently to lead your business?

Take some time to reflect right now then comment below!

You’ll also like these resources:

Free Blog Bonus 4-5-4 Merchandising Calendar
​

Four Pillars of an Inventory-Based Business

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Secrets to Making Profitable Decisions from Merchant Method  |  Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.
Secrets to Making Profitable Decisions from Merchant Method  |  Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.
Secrets to Making Profitable Decisions from Merchant Method  |  Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

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Secrets to Making Profitable Decisions from Merchant Method  |  Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.
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HI, I'M CHRIS GUILLOT!
I made my first sale when I was eight years old and started teaching retail business classes at 20. Now, 23 years after guiding my first clients, I'm here to help you build more profit.
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