Unlock Code: PRØF1T
TRANSCRIPT
Week two recap! I had an awesome time this week going over some expense reducing measures. We have a whole ‘nother week of these initiatives, but let’s recap week two of Unlock Profits. All right.
Day 1: We discussed no expense is safe, right? This is an exercise which you need to go through and basically audit your books and determine which products and services are you still using and which are you not using. I’m fairly certain you’re gonna uncover some products and services that you’re not using. You can eliminate those. Those are going to help increase the bottom line.
Day 2: We talked about centralized treasury. Haven’t heard the pushback on that yet, but I suspect it’s coming. Centralized treasury. You go back to signing the checks, you go back to having hard conversations with the people who bring the expenses to you and determine if you really need them. Placing yourself in that middle of that bottleneck is going to, I think it’s gonna teach the individual who’s bringing the expense to you to start thinking maybe a little bit more like an owner rather than just like a purchasing agent for either production or, or taproom, right?
Day 3: We talked about your vendors or suppliers, whatever you wanna call them. And remember, the big thing here is we’re trying to unlock 3% to 5% in discounts or savings. One area that I forgot to mention is, what if the vendor, what if they say no? What if they just straight up come out and say, “Nope.”
Well, what I have learned over the years is no, doesn’t mean no, it simply means, “Eh, not at the moment. We’re not gonna entertain that at the moment.” Okay?
So, your response to that is you just ask again and you ask again and you ask again.
You’re dealing with a sales rep and that sales rep wants the sale regardless of price, okay? Sometimes price factors in, but really it’s regardless of price, they want the sale. So, you need to explain to them this profit initiative that you are working on and really get them behind helping you reduce some of those expenses.
Day 4: Yesterday we talked about capital expenditures. Biggest thing here, payback period, right? We wanna figure out the payback period. We want it to be ideally under two years. What it’s gonna take to get that payback period done. And from there, it’s all, all green lights, right?
So, can’t wait to get to next week where we’re gonna have four more expense reducing initiatives for you. In the meantime, have a great weekend and I’ll talk to you on Monday. Thanks.
Week two recap! I had an awesome time this week going over some expense reducing measures. We have a whole ‘nother week of these initiatives, but let’s recap week two of Unlock Profits. All right.
Day 1: We discussed no expense is safe, right? This is an exercise which you need to go through and basically audit your books and determine which products and services are you still using and which are you not using. I’m fairly certain you’re gonna uncover some products and services that you’re not using. You can eliminate those. Those are going to help increase the bottom line.
Day 2: We talked about centralized treasury. Haven’t heard the pushback on that yet, but I suspect it’s coming. Centralized treasury. You go back to signing the checks, you go back to having hard conversations with the people who bring the expenses to you and determine if you really need them. Placing yourself in that middle of that bottleneck is going to, I think it’s gonna teach the individual who’s bringing the expense to you to start thinking maybe a little bit more like an owner rather than just like a purchasing agent for either production or, or taproom, right?
Day 3: We talked about your vendors or suppliers, whatever you wanna call them. And remember, the big thing here is we’re trying to unlock 3% to 5% in discounts or savings. One area that I forgot to mention is, what if the vendor, what if they say no? What if they just straight up come out and say, “Nope.”
Well, what I have learned over the years is no, doesn’t mean no, it simply means, “Eh, not at the moment. We’re not gonna entertain that at the moment.” Okay?
So, your response to that is you just ask again and you ask again and you ask again.
You’re dealing with a sales rep and that sales rep wants the sale regardless of price, okay? Sometimes price factors in, but really it’s regardless of price, they want the sale. So, you need to explain to them this profit initiative that you are working on and really get them behind helping you reduce some of those expenses.
Day 4: Yesterday we talked about capital expenditures. Biggest thing here, payback period, right? We wanna figure out the payback period. We want it to be ideally under two years. What it’s gonna take to get that payback period done. And from there, it’s all, all green lights, right?
So, can’t wait to get to next week where we’re gonna have four more expense reducing initiatives for you. In the meantime, have a great weekend and I’ll talk to you on Monday. Thanks.