“You can’t improve what you don’t measure”
Well that’s not strictly true, is it? There are some businesses which have an incomparable product, no credible competitors or – if they’re really lucky – both of the above. However, if you don’t happen to be in this enviable position (a.k.a. “the Walter White Scenario”), it does help to measure a few simple numbers related to your business, to keep in control and make sure you’re staying on the right track.
This series of posts aims to help you – as smart hospitality or retail operators – to use five simple steps to set your business up for success by keeping you on top of – not just your sales and costs, but – your profitability: weekly, daily and even hourly. You don’t want to find out from your accountant after the fact that you’ve been losing money for the past three months, you want to know now (or even before it happens) so you can take control! And these days, you can do this without going anywhere near a spreadsheet – you just need to use the right technology. But you also can do this with a spreadsheet, a calculator, an abacus, a pen and paper, lipstick on a napkin, a stick on the beach, crayons on the wall, whatever you want! The principles still stand, and always will.
Over the upcoming weeks we will be releasing a series of blog posts aimed directly at you as hospitality and retail operators, in order to help you get a firmer handle on the key metrics for success in your business. We’ll be looking into tracking sales, managing costs & margins, understanding and managing staff costs, calculating fixed costs and then putting it all together to give you a system to calculate and track your business profitability, over whatever time period is important to you.
We’ll be looking at the principles, but (spoiler alert!) deploying them effectively will rely on the amazing technology we have at our fingertips today, much of it developed in this amazing hub of SMB technology that is Australia and New Zealand. If you want to do a little pre-reading then check out our friends at Kounta, Deputy and Xero – what we consider to be the best technology to set your hospitality or retail business up for success.
We know that you didn’t start your business to spend your life buried in spreadsheets. We’re here to help you get back out there: doing what you love.
And once you get set up, then Floodlight is the only platform which can plug into all of them and instantly show you how to improve your business.