Is this worth it or should I focus on something else?
Cash in hand doesn't always represent true value. Numbers don't lie and there are always more numbers to consider.
“I just sold the last of those books, time to place an order for another batch.”
There are a number of things to consider like;
How much did the last batch cost?
How long did it take to sell them?
Is it really worth it to purchase the same amount when another item moves faster? Oh wait, do I know which item moves the fastest? The faster revenue comes in the faster I can invest in more items.
Based on my overheads like staff, rent, utilities how many of these books do I need to move to hit my daily/weekly target?
What is the profit margin of this book?
Information is key
We can keep books and paper to write down everything but eventually it becomes cumbersome and messy trying to remember which line in which book has the cost and sales total of an item when trying to make a last minute purchase order or 3 years down the road.
Investing in a sales and inventory tracking solution, #possystem Point of Sale Systems will save you hours of digging through paper and racking the brain for information that can be right at your fingertips. Being stressed and overworked will leave you drained and unmotivated. We all need a break #vacation #rest #retreat at some point but who has the time when there is always so much to checkup on and ensure it's there since our livelihoods depend on it? People who have systems in place to report back to them #checksandbalances. A place where they can see when any item is sold below their desired profit margin. This is the value of information systems such as Point of Sale systems.