Time To Look Ahead . . . And Almost Time To Look Back
Category: Steve Bailey's Blog
Nov
25
If you are interested in and/or participate in The Group's financial programs, there are two very important dates coming up. Both the Weekly Department Review, in existence for over twenty years in one form or another, and the thirteenth edition of the Profit & Loss Study are in the making during the coming months. First, let's look forward.
WDR
On December 12th I will send an email out to all Group centers, asking if they plan to report to the Weekly Department Review in 2017. If the answer is "yes", I will ask you to send your 2017 projected total store Revenues (one number only!) back to me by December 23rd. Now, we all know that 2016 isn't over on December 12th, but it's mostly over, and everyone can estimate based on past history the Revenues that will be realized for the remainder of the year.
If you get your Revenue number to me by the 23rd, you'll be in a Sales and Regional group from the get-go. I will begin building the template that becomes the WDR on December 26th so it is in place by Week 1 in January. If you are an Excel user, you know that a workbook comprised of thirty linked worksheets is no simple and easy task. For that reason, it is imperative that you indicate your willingness to report at least 2/3 of the reporting weeks that your Center is open. It's only fair to the other Centers in your Sales and Regional group that you make that commitment and keep it. The only other requirement is that you keep the compiled WDR to yourselves. This is a valuable tool that everyone can benefit from, but only if we maintain confidentiality.
The WDR Benefits
We've talked about the process, now let's talk the benefits:
- If you report, you receive a timely weekly Sales report with several associated retail and expense benchmarks as a bonus.
- You're amongst very successful sharing garden centers that you can communicate with directly from the Weekly Department Review.
- Your Staff can receive the report and use it for communications with other Owners and Managers as well.
- You are forced to review your numbers each and every week, which many Centers feel is the most important part of this process.
We do hope you will report to the Weekly Department Review in 2017. You and your Center will realize the importance of it all as a result.
Now, let's look back at 2016. On January 15th, all Group centers will receive the 2016 Profit & Loss Study reporting form. Your Center's completed form is due back to me by February 15th so I may review each of them before the compilation the first week of March.
On first glance, the reporting form may be somewhat daunting. After all, it is twelve pages or so of very detailed information that is requested. But if you look closer, you'll see that the information needed is a mirror image of The Group's Chart of Accounts,which many of you now use. The rest of the information needed is usually available in your accounting or POS systems. And as a last resort, if you feel you cannot report for any reason, give me a call and let's talk about it. In the past fifteen years, we've been able to mine data where no one thought data existed.
The P&L Study Benefits
Of course, the benefits are numerous. You receive a very detailed line-by-line analysis of your Center's performance in 2016. You also receive comparison reports to your Sales group, either a Retailer or Retailer/Grower group, Regional group, Total Group, and the Best Practices/High Achiever group. Hopefully, your numbers will be included in the BP/HA results!
There you have it. No time to slow down this winter, at least for me. But I'm counting on ALL of you to take advantage of both processes - the 2017 Weekly Department Review and the 2016 Profit & Loss Study. The best part - the cost of doing so is already included in your retainer. You might as well take advantage of all The Group has to offer. These two are well worth it!
Steve
Got questions for Steve? Give him a call or email today!
Steve Bailey
Tel: 618.319.9205
Cell: 618.521.5225
Email: CLICK HERE
Steve Bailey is a service provider for The Garden Center Group and manages all Group financial sharing programs. The Weekly Department Review (WDR) and The Annual P&L Study are exclusives to The Garden Center Group and are included in your retainer!
REMEMBER: Your interaction (by phone and email) with Group Service Providers such as Steve Bailey, Robert Hendrickson, Sid Raisch and Jean Seawright, are included in your retainer! So what are you waiting for? Take advantage of all that The Group has to offer and give them a call or send an email now!
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