During today’s world of rising costs, you want to ensure your business survival during inflation. You need to ensure your business is set up to thrive despite today’s financial landscape. Your focus should be on ways to strengthen your business, increase revenue, and maintain low payroll percentages despite rising costs and inflation.
Following are some of our key tips on how to track and forecast the success of your business in any financial landscape.
- Know your numbers–-including up-to-date financial reports and KPI dashboard
- Monitor your profit percentage to ensure rising costs are not having a negative impact
- Monitor occupancy percentage by service for opportunities to add revenue with labor you already have onsite
- Focus on increasing revenue per pet with upsells, add-ons and memberships
- Review your discounts
- How do they help your business?
- What is the dollar amount in discounts you gave away last year?
- Be sure packages expire and policies don’t allow multiple discounts
- Are your total discounts 10% or less of your revenue/published rates?
- Streamline operations
- Get ideas from your team on how to work smarter
- Use your technology to its full potential
- Automate as much as possible
Want to dive deeper? Check out The Dog Gurus' video discussion about business survival during inflation and their Pet Profits Templates.
The Dog Gurus help pet care businesses launch, grow, and profit by providing business growth resources as well as staff training resources. Check them out at www.TheDogGurus.com.
06/06/22
