The Theory of Constraints (TOC) argues that good growth can be achieved by focusing on the one or two limiting factors or “Constraints” in a production system. This article applies TOC to the Wholesale/Retail sector.
Goals for your business are critical, otherwise, how do you know where you are heading? But, if you are not used to setting goals for your business, the first few times can be rather overwhelming. There is a lot of advice on what they should look like. The range of choice in targets and directions can be so overwhelming that you just never get started! This article walks you through a very simple way to get started with goal setting that will see 3 year, 1 year and quarterly goals set in under 1 hour!. Yellow Belt
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In a big business, the Chief Financial Officer (CFO) has the vital role of tracking what’s going on and using that information to recommend future strategy.
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As was outlined in the introduction to our Pricing Module, the extra profit from even small changes in the prices of your product goes 100% to your bottom line Profit (assuming demand doesn’t change). Consider a business turning over $500,000 per year. Let us further assume that it makes a 5% profit on that, which gives it a Profit of $25,000. If it increased its price by 1%, and assuming demand remained constant, that would lead to an extra $5,000 in Income. This extra $5,000 profit, over the original $25,000 profit, is an 11% improvement. In keeping with our 80/20 philosophy this article discusses a rapid change to your pricing system that can flow virtually 100% to your bottom line Profit. It is a rapid, and not very subtle, change that you can later adapt to make it more focused and more successful. This is a yellow belt article
Every manager, and particularly an owner operator, is interested in increasing the operating efficiency of the business units they manage.
This article is 12Faces’s introduction to the Optimise100 campaign. A wide range of advice and methods have been distilled into a Professional Development Course. The course recommends a sequence of events so that you can realistically hope to optimise your existing business, and in turn, double your Profits within 100 days. These are outlined at the end of this introductory article. This is a Yellow Belt course.