No matter your role, you need to understand the basics of how and why your company makes money, spends money, and saves money. In this video, uncover how money moves through a business—and learn how to make sure you're not the one stopping the flow.
- What do you, your manager, and the CEO of your company…all have in common?…You all want to make money.…In retail, organization make money by selling products…to customers either online or in stores.…And while retail businesses can make a ton of money,…like make it rain type of money,…it also costs a lot of money to keep a business afloat.…Retailers have to pay for manufacturing,…distribution, products, storefront, staff, marketing,…and everything else that goes into keeping…that business open.…
If you take the revenue of a business,…that's what the store earned,…and subtract the cost, what's left over is the profit.…Retailers uses profits to develop new products,…open new locations, or build up a cash reserve…in the event of an economic downturn.…So, that's how money flows.…But how do you make sure you're not the ones…stopping the flow?…By focusing on those two big buckets.…Revenue, the amount of money made,…and cost, the amount of money spent.…
Your impact on increasing revenue or lowering cost…makes you more than just an employee.…
- Identify the major financial pillars in a retail-based business.
- Prepare for your first day by overviewing staff, products, and logistics in advance.
- Recognize the high value times to speak up and ask questions.
- Recall how to prioritize and position opportunities for improvement.
- Explore how to distinguish yourself as the most valuable player in the eyes of your boss.