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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.

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PROFITinnovation Webinar8 05 2009

  1. 1. PROFITinnovation 21 Practices That Innovative Businesses Are Using to Maximize Their Cash Flow and Beat Their Competition
  2. 2. 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
  3. 3. Use a Selling System
  4. 4. Integrate Email for Targeted Contact of Value 1. 2. 3.
  5. 5. Constantly Track and Improve GMROI (Gross Margin/Inventory)
  6. 6. 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.
  7. 7. 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
  8. 8. Use Systems to Merchandise Faster
  9. 9. Use Systems to Deliver Faster
  10. 10. Integrate Delivery Routing, Mapping and Tracking
  11. 11. 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.
  12. 12. Interface Offline Inventory With Website – e-Showroom
  13. 13. Have A Website That Produces Results
  14. 14. 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.
  15. 15. Use Web Pay-Per-Click (PPC) Properly
  16. 16. Use Social Networking
  17. 17. 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.
  18. 18. Share Ideas and Practices
  19. 19. Have Forward-Looking and Value Added Alliances • Media / Marketing • Freight • Product • Software • Systems • Business Services Consulting
  20. 20. Use a Profit Maximization Analysis (PMA) PMA Prepared by PROFITconsulting - Page 4 of 23 – Copyright PROFITsystems, Inc.
  21. 21. Professionally Forecast
  22. 22. 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
  23. 23. 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! • Take the survey so that we can improve and give you more of what you want. • Questions, please?