It’s not how much you make that matters; it’s how much you keep. If you want to keep more of the money that comes in your door, here are five steps that can bring an immediate increase in profitability.
Over the years, I’ve attended countless classes and seminars on everything ranging from merchandising and display to advertising and promotion. What never ceases to amaze me, however, is that some of the most valuable lessons I’ve learn about dive retailing did not come from any of these specialized programs. Instead, it came during my freshman year at University of Maryland, in Mr. Johnson’s Business 101 course. Among the very first topics covered was that of opportunity cost — a concept that helps explain why inventory turnover is vital.
The accompanying ad for Marriott’s Courtyard hotels appeared in an issue of Wired magazine. It is supposed to promote the fact that all Courtyard rooms come with high-speed Internet access. Is that what you get from the ad?