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PROFITinnovation Webinar8 05 2009
 

PROFITinnovation Webinar8 05 2009

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Here is a Webinar that I delivered to show what innovative businesses are doing to innovate and beat their competition.

Here is a Webinar that I delivered to show what innovative businesses are doing to innovate and beat their competition.

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    PROFITinnovation Webinar8 05 2009 PROFITinnovation Webinar8 05 2009 Presentation Transcript

    • PROFITinnovation 21 Practices That Innovative Businesses Are Using to Maximize Their Cash Flow and Beat Their Competition
    • Strong Chain of Operations y d re p g er an g P sin liv g in g di y er g e tin s in n iv D r e or sis c ha ei v c ha el utin fte rvic ep aly e ur er R n al P ec D o R A e A S R M S g U p g p d p, , n tin w iv in U g k lin an on U w Up p i tio ds ke llo ce c Pi du g in rati lo gn ar ar Fo e ol llow w U o M R / e ry ch k ic pa F o o ec Rew PO e P re F oll R d eliv S P F an D
    • Use a Selling System
    • Integrate Email for Targeted Contact of Value 1. 2. 3.
    • Constantly Track and Improve GMROI (Gross Margin/Inventory)
    • Buy Correct Items and Quantities, Just in Time • Increased best seller in stock days = increases revenue. • Puts money into proven items at the right time to maintain the best inventory mix. • Better use of buyer’s time - Min / max purchasing requires an impossible amount of labor to be efficient.
    • Use EDI Purchase Order Confirmation and Invoice Network via Internet Retailer Manufacturer • Decreases the time and costs of entering order confirmation and vendor invoices • Reduces possibility of mistakes • Order status more reliable for salesperson for the customer
    • Use Systems to Merchandise Faster
    • Use Systems to Deliver Faster
    • Integrate Delivery Routing, Mapping and Tracking
    • Use Bar Coding for Inventory and Sales • Is the only way to have 100% control of quantities and locations. • Makes physical inventories fast and routine. • Decreases manpower needed for picking, prep, and transfers. • Increases sales because the salesperson can accurately communicate availability to customers. • Wireless scanning on the sales floor lets the salesperson stay with the guest. • Inventory can be checked without going to a work station or asking someone else. • Items can be scanned directly to sales and quotes. • Much more professional.
    • Interface Offline Inventory With Website – e-Showroom
    • Have A Website That Produces Results
    • Have an Integrated Room Planner • Sells furniture! Enables customers, designers, and sales team members to create custom room plans with YOUR furniture. • Reduces returns since customers are buying furniture that is sure to fit in their home. • Speeds up the buying process because customers 'virtually own' the furniture upon seeing the item within their room plan. • A fun tool that creates consumer excitement which translates into sales. Upon completing one room plan, customers will utilize the tool for additional areas of their home. • Customers design and BUY rooms of furniture rather than individual pieces.
    • Use Web Pay-Per-Click (PPC) Properly
    • Use Social Networking
    • Belong to Performance Groups • A new and caring Board of Directors. • Encourages goal setting and holds each member accountable for implementing techniques and advice gathered from meetings. • Choose the group discussions and topics. • Share best practices with other members. • Ask other experts about their experiences. • Financial benchmarking and confidentiality.
    • Share Ideas and Practices
    • Have Forward-Looking and Value Added Alliances • Media / Marketing • Freight • Product • Software • Systems • Business Services Consulting
    • Use a Profit Maximization Analysis (PMA) PMA Prepared by PROFITconsulting - Page 4 of 23 – Copyright PROFITsystems, Inc.
    • Professionally Forecast
    • Know How to Maximize Profits 10 Steps to Increase Your Profitability 1. Focus on marketing and new media 2. Be hands on when asking for a sale with a selling system 3. Ask for our help 4. Keep up with old friends with networking 5. Know where to cut costs 6. REALLY - Know your numbers 7. Don’t waste your time – stop putting out fires! 8. Maximize your selling prices and GMROI 9. Embrace new technology – innovate 10. Trash outdated practices
    • Take the Next Step to Innovate Your Business • Contact us for a one-on-one demonstration of any of the innovations you just heard about or to get more ideas on how to improve your business. We are here for you! innovation@profitsystems.com • Take the survey so that we can improve and give you more of what you want. • Questions, please?