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Increasing Profitability in 2016

As 2016 presses on, you might be wondering how to boost your sales and profitability. While reviewing strategies from the past and determining their effectiveness, it’s important to use your knowledge of the industry to implement fresh initiatives for the New Year. If you are interested in making decisions that affect the long-term profitability of your business, take the following steps into consideration. Further, be sure your business is properly protected against insurance claims. Irving Weber Associates offers industry specific coverages with our FabriCare Advantage Program , such as Bailee coverage, boiler and machinery protection, general liability, and property defense to a broad range of operations including mom-and-pop shops and large corporate accounts.

Review Past Profits and Losses

Identify the areas that provide the greatest opportunity for profit improvement. Rank them in order from largest improvement to smallest and select the top three to five items for your focus, says American Dry Cleaner.

Create Benchmarks

Compare your profits against the industry averages and benchmarks. This will help to direct your attention to the areas that are not doing as well as you’d hoped. If there is one portion that is significantly lower, determine how you can improve the efficiency of the process or cut costs to complete that task.

Devise an Action Plan

After the key areas have been identified, create an action plan that remedies the problem areas you discovered. ADC states that this plan should include:

  • The measurable goal
  • The action plan, with each interim step listed
  • Identification of accountable and responsible parties for carrying out the plan
  • A specific completion date
  • Review points for refinement
  • Formal review of results vs. the initial goal

Coach and Retrain

Provide further coaching and training for the associates who seem to be falling behind on their performance. If they are lacking skills, this can be taught and practiced. However, if the employee is lacking a positive attitude, it may be time to recruit more proactive and efficient talent.

At Irving Weber Associates, we have a unique understanding of the dry cleaning industry. Our specialty programs offer protection to financially secure your business in the best way possible to ensure your success. For more information, contact our experts today at (855) 764-7406.