An important measurement in a product-focused business is what sells and what doesn't. And what is likely to sell and what isn't. Sounds simple doesn't it? But it's surprising how many businesses simply don't or aren't able to track sales and gross profit for each specific product. Making decisions about what to promote, products that no longer warrant a place in the warehouse and abandoning plans for spin off or new products should be at least partially contingent upon historical sales and gross profit data and/or market research data. To what extent does your business track sales and gross profits as well as market trends and preferences? If the answer is anything short of "to a great extent" it is time to rethink how product decisions get made.
Good Luck & Good Selling!
Russ
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