Reminder: Due to high demand we will be hosting two webinars on an alternative program to help offset the high cost of credit card fees. The first session is 10:00AM EST and the second presentation at 4:00PM EST.
Before you go to Cash Only as an option to survive the high cost of credit card fees, you may want to see what others are doing to build loyalty to their brand and at a greatly reduced price per transaction.
If you have ever thought about privately branding your company with your own loyalty cards and benefitting from the smaller transaction fees by using the ACH (Automated Clearing House) fee program, this is the webinar for you.
ACH fees can be only 15-cents per transactions. On a $60 fill-up you pay 15-cents instead of $1.20 (2% of $60). That $1.05 savings per fill-up can be the difference between making a profit and going out of business. YES…that is $1.05 extra money per fill-up in your pocket! Or you could pass on a 3-cent discount per gallon to your customers to retain loyalty and still make more money than with credit card transactions with their high fees.
We would like to introduce you to a low cost transaction fee program in conjunction with KickBack Points™ to help you get control of the spiraling cost of bank fees. CMI and KickBack Points™ will be hosting a webinar on Tuesday, June 24 at 10:00am EST and at 4:00pm EST. Learn how to build brand loyalty and significantly reduce your credit card fees. The Webinar is FREE; however, an RSVP must be received ASAP. Email Stephanie at sflury@cmisolutions.com to sign up for either of these sessions.
To learn more about pricebook and inventory management solutions, call Joe Terranella at 800.211.5980 x2504 or visit our website http://www.cmisolutions.com. Feel free to forward this tip to friends, co-workers, employees, business partners who you feel might enjoy or benefit from it.
Monday, June 23, 2008
Tuesday, June 17, 2008
Cut Your Credit Card Dependency Today
Your bank’s credit card division is now making more per gallon than you!
Wonderful…you do all the work, and they skim 2-3% off the top. While not quite as high as the 10% “vig” the local bookie charges on football bets, at least you have a chance of winning against the bookie. Unfortunately, the bank always wins.
Like many of you, I have written my NC Senators and Congresswoman to support HR 5546 as a first step to shed light on the chokehold the banks have on credit card fees. And, yes, as expected, my request was ignored by Senators Dole and Burr and Congresswoman Myrick. Only Senate candidate Kay Hagan responded with a promise to at least look into the issue if elected.
Do you really want to place your financial future in the Washington crowd who owe much of their existence to the financial clout of big oil and big banks? Or is it time to take control yourself?
Have you looked into privately branding your company on debit cards and the smaller transaction fees by using the ACH (Automated Clearing House) fee program?
ACH fees can be only 15-cents per transactions. On a $60 fill-up you pay 15-cents instead of $1.20 (2% of % $60). That $1.05 savings per fill-up can be the difference between making a profit and going out of business. YES…that is $1.05 extra money per fill-up in your pocket! Or you could pass on a 3-cent discount per gallon to your customers to retain loyalty and still make more money than with credit card transactions.
We have a low cost transaction fee program in conjunction with KickBack Points™ to help you get control of the spiraling cost of bank fees.
Don’t wait for Washington to bail us out. We are small American businesses, not foreign governments or Wall Street banks. You know how far down the food chain we reside so don’t wait for a helping hand from Uncle Sam. And who wants big government in our shorts anyway?
CMI and KickBack Points™ will be hosting a webinar on Tuesday, June 24 at 10:00am EST. Learn how to build brand loyalty and significantly reduce your credit card fees. The cost of the webinar is free, however, an RSVP must be received by Friday, June 20. Email Stephanie at sflury@cmisolutions.com to RSVP.
Wonderful…you do all the work, and they skim 2-3% off the top. While not quite as high as the 10% “vig” the local bookie charges on football bets, at least you have a chance of winning against the bookie. Unfortunately, the bank always wins.
Like many of you, I have written my NC Senators and Congresswoman to support HR 5546 as a first step to shed light on the chokehold the banks have on credit card fees. And, yes, as expected, my request was ignored by Senators Dole and Burr and Congresswoman Myrick. Only Senate candidate Kay Hagan responded with a promise to at least look into the issue if elected.
Do you really want to place your financial future in the Washington crowd who owe much of their existence to the financial clout of big oil and big banks? Or is it time to take control yourself?
Have you looked into privately branding your company on debit cards and the smaller transaction fees by using the ACH (Automated Clearing House) fee program?
ACH fees can be only 15-cents per transactions. On a $60 fill-up you pay 15-cents instead of $1.20 (2% of % $60). That $1.05 savings per fill-up can be the difference between making a profit and going out of business. YES…that is $1.05 extra money per fill-up in your pocket! Or you could pass on a 3-cent discount per gallon to your customers to retain loyalty and still make more money than with credit card transactions.
We have a low cost transaction fee program in conjunction with KickBack Points™ to help you get control of the spiraling cost of bank fees.
Don’t wait for Washington to bail us out. We are small American businesses, not foreign governments or Wall Street banks. You know how far down the food chain we reside so don’t wait for a helping hand from Uncle Sam. And who wants big government in our shorts anyway?
CMI and KickBack Points™ will be hosting a webinar on Tuesday, June 24 at 10:00am EST. Learn how to build brand loyalty and significantly reduce your credit card fees. The cost of the webinar is free, however, an RSVP must be received by Friday, June 20. Email Stephanie at sflury@cmisolutions.com to RSVP.
Tuesday, June 10, 2008
Paralysis by Analysis
The information age continues to bombard us with data instantaneously. Some valuable (like this weekly message), some critical for rapid business decisions, and some just background noise.
How do we weed through the reports our c-stores are providing and not be paralyzed with indecision?
Keep it simple. First, print off an Inventory Analysis report by Category (or similar report if not a CMI client). This will give you the beginning inventory balance, purchases, sales, store use, shrink, spoilage, markdowns, transfers, and other adjustments that affect inventory. The report can be printed by day, week, or month. Additionally, you can view cost, retail, gross profit percentage, and inventory turnover information.
If your pricebook and scanning has been working as it should, this snapshot report will reveal if you are running on all cylinders or not.
If you see an anomaly at a category level, then you have other reports to drill down to the exact items by UPC that may be retailed at the incorrect selling price, where costs are inexact, or where inventory shrink or lack of movement is affecting the bottom line. Most software companies, like ours, offer dozens of reports and give you the ability to customize your own reports. Pick the ones that best meet your objectives.
Remember: To manage effectively, and avoid paralysis by analysis, check the exception reports and save a tree.
How do we weed through the reports our c-stores are providing and not be paralyzed with indecision?
Keep it simple. First, print off an Inventory Analysis report by Category (or similar report if not a CMI client). This will give you the beginning inventory balance, purchases, sales, store use, shrink, spoilage, markdowns, transfers, and other adjustments that affect inventory. The report can be printed by day, week, or month. Additionally, you can view cost, retail, gross profit percentage, and inventory turnover information.
If your pricebook and scanning has been working as it should, this snapshot report will reveal if you are running on all cylinders or not.
If you see an anomaly at a category level, then you have other reports to drill down to the exact items by UPC that may be retailed at the incorrect selling price, where costs are inexact, or where inventory shrink or lack of movement is affecting the bottom line. Most software companies, like ours, offer dozens of reports and give you the ability to customize your own reports. Pick the ones that best meet your objectives.
Remember: To manage effectively, and avoid paralysis by analysis, check the exception reports and save a tree.
Tuesday, June 3, 2008
Variety: Turning Less Into More
Several weeks ago we reminded you, our readers, to get aggressive about removing the lowest selling items from your store and many of you have begun that cash saving process. One reader asked, “I see Fruit Loops on my bottom 50 list. My grocery wholesaler said this product is a high volume seller and I think it should be selling too. Do I really want to dump that product?”
As you review your bottom 50 each week, look very closely at the “size” of the product that is not moving. Then look at your products. It’s important to see if other sizes of that product are moving or not.
This particular company looked more closely and found they were stocking three different sizes of Fruit Loops. Why? Does size really matter when it comes to cereal?
This is a c-store, not a Super Wal-Mart. You have limited space and it’s a safe assumption that most of your customers aren’t coming in to purchase a box of cereal, right? So you have to ask yourself, “Do we really need three different sizes of each brand of cereal on the shelf?”
Picture your hurried customer who has to grab a box of Fruit Loops. He probably does not care if you have one size or ten size boxes of cereal. He’s on a mission to pick up cereal and milk on the way home from work. He couldn’t care less if the box is 12.2 oz. or 16 oz. This guy will be smiling all the way home, just proud he remembered to stop and pick up the two items his wife had asked for; secure in the knowledge that he won’t be verbally castrated for forgetting again. (Not that this has ever happened in my life).
This month cereal makers will be reducing their contents per box in order to get the retail prices down, so be wary of new inventory attempting to creep into your store. The bottom line: Find the size of the most popular items using the reports your back office software provides. Stock the most popular size of grocery items that are selling and free up space in the store for high volume goods.
As you review your bottom 50 each week, look very closely at the “size” of the product that is not moving. Then look at your products. It’s important to see if other sizes of that product are moving or not.
This particular company looked more closely and found they were stocking three different sizes of Fruit Loops. Why? Does size really matter when it comes to cereal?
This is a c-store, not a Super Wal-Mart. You have limited space and it’s a safe assumption that most of your customers aren’t coming in to purchase a box of cereal, right? So you have to ask yourself, “Do we really need three different sizes of each brand of cereal on the shelf?”
Picture your hurried customer who has to grab a box of Fruit Loops. He probably does not care if you have one size or ten size boxes of cereal. He’s on a mission to pick up cereal and milk on the way home from work. He couldn’t care less if the box is 12.2 oz. or 16 oz. This guy will be smiling all the way home, just proud he remembered to stop and pick up the two items his wife had asked for; secure in the knowledge that he won’t be verbally castrated for forgetting again. (Not that this has ever happened in my life).
This month cereal makers will be reducing their contents per box in order to get the retail prices down, so be wary of new inventory attempting to creep into your store. The bottom line: Find the size of the most popular items using the reports your back office software provides. Stock the most popular size of grocery items that are selling and free up space in the store for high volume goods.
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