What a week we just had.
The weather was wet again and with major storms in the Cities. Our hearts go out to all those who lost their homes or businesses in Minneapolis and also in Missouri.
This past week many of our members were up at Arrowwood for our annual MMBA Spring Conference. It is always good to see friends we have made over the years at this event. It was also nice to see new faces this year.
Thanks to all that attended this year. We had another great 3 days of learning and networking. To those unable to attend, we look forward to seeing you in 2012. Also, thank you to all of our commercial members who were able to attend and be a part of our conference. We truly appreciate your support.
A common theme at the conference was that the weather and economy has really hurt sales and there's more pressure from our councils and administrations to generate more profit because our cities are also feeling the pinch.
At the conference we were able to network with other conference attendees and get ideas on what has worked and what has not worked.
If you're looking for new ways to increase your profit there are a few things that take very little time but will have great impact:
1. All your prices should end in .49 or .99
2. Raise your ice prices to a minimum of $1.50 on small bags.
3. Do not include tax in your price.
4. Do not make the final retail price come out to an even number. You need to mark up items by a percentage -- not by what the final price will be with tax.
5. Don't be afraid to get rid of old product. It does you no good waiting to see "if" it will sell. If it hasn't sold in the first year (and that might be too long) it will not sell in the next 10 years.
6. Remember, anyone can sell something at a low price. It takes knowledge and common sense to sell something at a higher price and still make the gross profit that item needs to make.
7. Keep up on your cycle counts. Accurate inventory will lead to a higher gross profit.
8. Let the POS system work with you. It can tell you if you need order an item based on inventory and sales. It will take some work on your part to set it up, but it is so worth it in the long run.
9. Train your staff (MMBA online "Wine 101 training is a good place to start) on a regular basis.
10. Last, be proactive not reactive. The longer you sit on your hands and do nothing, the sooner you'll be looking for another job.
I know you have all heard this over and over. But you'll keep hearing this over and over as long there are members out there talking to us about losses in revenue, needing a higher gross profit, inventory is too high or the worst one " the council is thinking of getting out of the business"
Don't let it be you that hears those words. Do something now or you could regret it later.
