7 Reports You Must Run with Guest Clint Brown - Part 2
If you own a business, there are seven reports you MUST run according to one of my business coaches, Clint Brown. Knowing these reports will put you more in charge and more in control of your business.
Having the right inventory, at the right times, in the right amounts.
Have a visual method or do a physical count regularly
Set thresholds to alert you when to re-order
“Fruit” analogy for inventory (fruit spoils/expires quickly so consider liquidating before it expires!)
Consider how long it takes to receive the things you order and make this a part of your formula
Know your inventory turn (how quickly you sell and replace your stock during a particular period of time) and consider mark-downs to move the product before it “ages out”
Consider the emotional cost of things sitting on your shelf and clean house!
Cost of Goods Sold
What is included in the cost of the product you are selling?
Raw materials and freight to receive this
Supplies and freight to receive this
Shipping materials (box and tape) and costs (postage)