“Nothing happens until somebody sells something.” It’s uncertain who originated this pearl of business wisdom, but it’s widely recognized as an unarguable principle of business success. The truth is, until a sale is made, the business goes nowhere.However, what it fails to point out is that focusing solely on sales at the expense of sound business management can be a path to financial mediocrity — or worse. How you manage the revenue generated by your garden center’s sales will determine how much of that money reaches your bottom line.
This article discusses nine powerful techniques that can help you gain maximum benefit from your sales right now:
Keep your money working for you
Skillful management of your revenue demands that you never allow any of your money to lie idle. Here’s a technique that will help you to avoid that costly error:
If you don’t already have one, open a money market account at your bank and ask to have it linked to your business checking account so that you can make telephone or online transfers.
Then, deposit all of your daily receipts into the money market account where they will immediately start drawing interest.
NEVER deposit receipts directly into your checking account. Keep a minimum balance in the checking account and transfer cash by phone or online only as needed to cover checks written. The banks have made this technique so easy to use that there is no longer any reasonable excuse for not using it.
While even money market interest is anemic at this time, interest rates are certain to climb and you’ll be set for an extra benefit when they do.
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