Revving Up Revenue Daniel Jobe Friedman, Kannenberg & Co, P.C.
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Transcript of Revving Up Revenue Daniel Jobe Friedman, Kannenberg & Co, P.C.
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Revving Up Revenue
Daniel JobeFriedman, Kannenberg & Co, P.C.
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“When something is measured, it improves. When something is measured and reported, it improves exponentially.” The Hawthorne Effect
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Objectives
Determine how to get your staff
involved with revenue generation
Develop a system to track revenue
generated by income type
Day Off – now you can take one!
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Exponential Delegation
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What is the Missing Piece?
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The Objective
Teach them…..
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Communicate….
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1. Assign revenue activity to specific staff
2. Set benchmarks for accountability
3. Track progress individually
4. Provide tools to achieve goals
How–To’s
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Ten-Year Industry Sales Trajectory
20012002
20032004
20052006
20072008
20092010
$6.8 $6.7$6.8
$7.0
$7.8$7.5 $7.4
$7.1
$5.9
$6.4
Retail Sales Values in Billions of Dollars
The Music Trades, April 2011
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Retail Sales Values in Billions of Dollars
Total Revenues$850,000
Sales (Inv.)$450,000
Sam$300,000
Jeff$150,000
Rental Income$300,000
Bob$300,000
Lesson Income$50,000
Chester$50,000
Repair Income$50,000
Ralph$35,000
Bert$15,000
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Items to Breakdown per Sales Staff:
• Gross Profit Dollars vs. Salary (all annualized)
• Items per Sale
• Total Sales
Sales Staff
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Group Sales PerformanceIncrease
Sales Staff Summary Prior Year Percent Goal
Total Sales 895,000$ 13.0% 1,011,350$
Gross Profit 350,000$ 7.2% 375,200$ Margin % 39.1% 37.1%
Items per Sale 2.25 10.0% 2.48
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Individual Sales Performance
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Items to consider:
• Paying units by day
• Units repaired annually per person
• Average repair charge
Repair Staff
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Repair Performance AnalysisIncrease
Repair Staff Summary Prior Year Percent Goal
Income
Repair Labor 165,000$ 24% 204,600$ Repair Parts 45,000 20% 54,000
TOTAL INCOME 210,000 258,600
Paying Units Repaired 2,350 15% 2,703 Average Repair Dollars per Unit 89.36$ 95.69$ Average Units per Working Day 9.40 10.81
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Individual Repair Performance Analysis
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Inspect what you expect!
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Items to consider:• Individual Lessons
• Space utilization• Incentives by Student Count
• Group Lessons• Large profit generator• Safe learning environment • Promotes family activity
Music Lessons
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Lesson Tracking
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• Relationships are the key!
Analyze per Route Day/Week• Schools Visited• Active Rentals• Units Repaired • Step-ups Generated
Rentals
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“The easiest thing is to react.
The second easiest is to respond. But
the hardest thing is to initiate.”-Seth Godin
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1) Distribute the revenue load
2) Track the progress
Visit www.fkco.com for a more detailed spreadsheet
on ways to track performance for various
revenue sources.
Wrap-Up
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Any
Questions?
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“Free” Consulting MeetingsAt the Show
Contact Jen outside the Idea Center entrance
after this session to set up a meeting time