Whether a small or a large business finances are always the core focus as the growth of the business depends on it. The amount of money coming in and going out is the basic metric which lets the owner decide where to spend where not to and moreover, this number predicts the future policies and working procedure of an organization.
Computer repair shop is no exception as they also need to focus on amount of revenue they generate and dollars they spend in order to earn each dollar. If you ask Google about these metrics you would end up with a list of business professionals with multiple theories and tricks to work on your financials. So, before you fry your brain over this research we are glad to tell RepairDesk is designed in a way to take care of essential financials metrics for your business.
In case you wanna learn more here are some metrics that might make your life a bit comfortable by giving you lose end.
- Walk-In Traffic: It is a common effect that people follow others. If you have a considerable amount of customers visiting your shop then it will attract more customers for you. Moreover, happy customers tend to do free publicity of your services. The more the customers the more revenue would be generated by your shop. RepairDesk keeps data of every customer who walked in your shop save in its database so you can always go back and view the amount of walking in customers just to be sure you are doing ok in your services.
- Amount of Sales: Amount of sales done in a week or month or year is the metric that helps you decide where to put money and where not to. It aids you to know which product is loved most by your customers so you could invest more on that. Moreover, if you are aiming to raise investment this metric would be the most crucial one to get you that money. RepairDesk saves each item of your inventory with the information about money spent on it along with money earned by it which is just a click away from you.
- Profit Margin: Profit margin shows the amount of profit a business is making. By looking at this metric you can easily know in which the direction your business is expanding and has a scope to expand even more. All the costs of business including operational and outgoing cost are calculated to be subtracted from the money your business made. As you keep entering data in RepairDesk it keeps doing calculations for you and at the end of the day you can view the profit margin with all detail calculations. It lets you know where you are lacking effort and what should be the next step.
- Gross Margin: It interprets business’s profitability of products placed in inventory as well. Operating costs such as wages, rent, loans and marketing costs etc are excluded from it. It specially includes inventory to make you aware of the success of your inventory. As already discussed RepairDesk keeps track of all the data in your inventory so it does calculated gross margin for you so you can have your inventory filled up with products that bring you profit.
Every business needs to keep an eye on the money flowing in and flowing out to make certain important decisions and set some goals to achieve. If you are unaware of how to work on financials then the chances of your business growth are minimal. To make your business set on the track of success you need to stay focused on the metrics explained above.
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