Here is a suggestion that is consistent with the "Keep It Simple" approach in doing Business.
Let's call it the "Way to Wealth Formula!"
The way to wealth formula is about where the owner is able to increase their leads, sales, revenue, and profits…..and all without spending additional money on marketing or advertising.
This approach shows a systematic and smart way of breaking down your business into small, manageable and measurable segments. When we take a closer approach and make incremental improvements over a short period of time, it becomes more realistic.
There are only 6 ways to improve the business.
There are 6 variables to impact your business that break down into 3 sections .
NOW we don’t have to change each one that much as all 6 of these variables have a cumulative effect on each other.
The CUSTOMER FORMULA - section 1 - has 2 variables
#1 Leads - dive customers into the store - existing cross promotion & marketing
#2 The Conversion rate - by education and communication, move people to buy
The REVENUE FORMULA - section 2 - has the 3rd and 4th variables
#3 Average sale increase - adjust prices by 5% ( this is less than the rate of inflation )
#4 Influence Reoccurring visits - done through the dispensary experience, & customer service
The PROFIT FORMULA - section 3 - the 5th and 6th variables
#5 New Revenue.. cost of good's sold, subtracted from the gross sales
#6 Operations costs - negotiated expense sheet line items ..subtracted from the gross profit
That leaves us the net Profits $.
Each one of these 6 ways to improve the business will influence the other to affect the bottom line. We have the ability to "influence" all of these variables ….. It's not rocket science.