Over the next Several Weeks we will be posting a new and different one-minute video providing business tips and instructional commentary for small business owners. These tips will range from key metrics to consider to the importance of Business and Cash Flow Forecasting.
What many business owners of manufacturing companies don’t realize is that you have to sell the same ONE unit of product THREE times, or you won’t be successful. My name is Michael Barbarita from Next Step CFO providing outsourced CFO Services with your know your numbers minute. Many business owners of manufacturing companies think all you have to do is sell that big order to a distributor or a big box store and it’s time to strike up the band. Nothing could be further from the truth. A manufacturer has to sell that same unit of product to the distributor, they have to sell it to the retailer, and they have to sell it to the consumer. If they don’t, that big order will come right back to them. The distributor will not take responsibility to sell your product, nor will the retailer. Which means, your business has to be properly funded so you can market and advertise to all THREE of these customers. And remember, the most successful business owners know their numbers!