Ken Baur explains how the performance of your shop is dependent on a few basic numbers. Ken breaks down what those key numbers are on your Profit and Loss Statement, other important industry-specific numbers, and how to monitor them.
The worst thing a shop can do right now is to hold back or make decisions that could have a negative impact on sales. Here are some areas that all shops should be concentrating on to ensure positive results.
Going back to work means that we can once again serve customers, but will also bring many new challenges. By paying attention to operating costs like the ones regarding shipping and delivery, we can rebuild lost revenue.
Most customers are willing to pay a fair price for products and services. Businesses that plan ahead to be sure the complete service is part of the original price, provide a more positive customer experience.
Many frame shops could make significant profit improvements by taking a look at the way their pricing tables for moulding and matting are set up. Pricing is critical to the success of your business, so spending some time on these tables can help your profits.
Industries adapt and develop new ways to compete. The current choices in how moulding can be purchased offer our industry an opportunity to explore new options. Switching from length purchase to chop or chop/join saves a shop significant labor hours. Use our free worksheet to see if you could benefit from changing your purchasing model.
In custom framing, there is no faster way of improving your profits than by increasing your average ticket. Make Average Ticket growth a goal for your company. Download our free tool to record your daily progress, improve your ability to reach goals and measure improvement.
One of the biggest challenges facing custom frame shop owners is determining their pricing strategy. You want to strike the right balance with pricing so that you don’t discourage customers, but are also able to cover your operational expenses, material costs, and allow for remaining profit. Read this article to learn how to take your pricing to the next level.
During his operational and financial consultation with Tru Vue® Retail Boot Camp winners' Rene and Larry Bauer, Ken talked with them about a major factor in success for small businesses — controlling discounting. Maintain profitability of custom designs by limiting discounting and having confidence in your pricing.