5/5/2023 0 Comments Snl iceberg skitIt just sticks in my head until the next business I encounter I don't ask to speak to the Manager, or tell the workers on the floor how they could improve I get frustrated with the imbalances which affect me, like waiting too long for help or check outīut also I am frustrated by the glaring missed opportunities or waste which affect the owner It's a habit (good or bad I don't know and doesn't matter) I model the business financially in my head I feel like a Crime Scene Investigator who recalls all the minute details after one glance I note how long I spent in the establishment I observe the type and size of real estate it occupies I count the tables/clothes racks/inventory on the floor Like a restaurant, retail store, car dealership, barber shop This advice is simplified, but its implementation will transform your ability to analyze results and improve your performance You’ll book all of your inventory purchases to the balance sheet, and every time you sell a unit, the costs of that unit will hit COGS for the month Work with an accountant to shift your method to accrual basis Well, that’s what your Quickbooks makes it look like When you prepay for 6 months of packaging on the last day of April, does that wipe out all the margins you earned throughout the month? Remember: COGS means cost of goods SOLD, not cost of goods bought Neither can lenders, operators, owners, employees,… CannaBrands: If you want visibility to your profits, stop accounting on a cash basisīrands can’t tell if they’re profitable because they expense their material and packaging purchases directly to COGS
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