Guiding retailers to achieve their profit goals
Business Advisory Services Update
Operating a retail business is very tough, and some people embark on a ‘retail journey’ without fully understanding the various issues they will face. Accountants and bookkeepers are not typically trained to handle all challenges that retailers encounter, as it requires knowledge in areas such as refrigeration, electrical appliances, and diverse product lines.
However, in larger retail businesses, internal accountants often play a crucial role in key management decisions, including team training and managing product volumes and markups to meet the company’s profit targets.
We have seen situations where retailers, accustomed to having internal accountants set prices, need guidance to avoid confusing gross profit percentages with markup. This confusion can lead to under-pricing products and missing profit targets.
Are you providing your retail clients with a ‘markup/gross profit chart’ that clarifies the relationship between those two terms.
ESS BIZTOOLS has developed these types of charts that will help guide retail clients toward achieving their profit goals.
To find out more about the ESS BIZTOOLS’ ‘Retail Price Calculator’, watch the webinar recording HERE.
