Tip # 7- Know Your Business Numbers

February 14th, 2011 @ admin

Knowing your business numbers at all times is an important practice when staying true to your P&L statements. Just today I was talking to a team leader and he was telling me that he got a shocker when he realized his monthly expenses had grown 25% this last month against his revenue. This made a difference to the entire budget he was working off.

Everything changed. The market changed and numbers changed. So now his strategy is changing.

With the market changing so dramatically look at all your numbers in entirety. Do it more rigorously than you would normally, because your fixed costs might not change as fast as your revenue numbers do. The fundamentals of economics are always true. So in tough markets like this; paying attention to what is going out and what is coming in is absolutely critical.

Knowing these numbers will give you the information needed to focus on the right market segments and the solutions or products that they will buy from you.

Think about it; if you needed to increase revenue or replace revenue from a lost market segment. What would you do? Which sales associates would you re-purpose? Which products or solutions would you re-design? Which products would you stop selling?

Know ALL your numbers!

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Category : 25 Tips to Selling in a Recession &Blog &Business Strategy &Sales