OH WHERE, OH WHERE HAS MY PROFIT GONE? Monte Zwang
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1 OH WHERE, OH WHERE HAS MY PROFIT GONE? Monte Zwang
2 REMEMBER THE BUSINESS PLAN?
3 WHAT WERE YOU EXPECTING? Revenue Growth Profitability What tools were in place to tell you if you were on target or close?
4 MAINTAINING THE SANCTUARY WITHIN KEEPING THE OUTSIDE WORLD OUT. It s crazy outside. Our Guest s financial lives are in turmoil The come to us for sanctuary Our spas are the line in the sand. Regardless of what is happening business-wise, Our doors are where the outside world stops.
5 NUMBERS TELL A STORY. WE JUST NEED TO KNOW HOW TO READ.
6 EVALUATE YOUR CURRENT FINANCIAL CONDITION WE WEREN T WATCHING SOMETHING CLOSELY ENOUGH You are completely capable of understanding the financials. You simply need to have the right tools Plan to make your business profitable..
7 7 KNOW WHAT YOU RE LOOKING AT
8 USE YOUR BALANCE SHEET It has to balance and make sense. Equity Should Be Positive Certain Ratios Give Information On Your Company Current Ratio Current Assets: Current Liabilities Debt to Equity: Total Liabilities: Total Equity Ratios & Equity affect how Lenders and investors view the business for risk.
9 9 KNOW WHAT YOU RE LOOKING AT
10 USE YOUR INCOME STATEMENT Sales- Money In. - Trending? Why? Direct Costs Money Out. Fixing these numbers will fix profitability. Should fluctuate with sales. What numbers are in line? Out of line? Gross Profit Margin = Sales minus Direct Costs Is it positive? Indirect Costs Money Out. Overhead. What are the biggest numbers in terms of percentage of sales? Net Income (Loss) What s Left - Working Capital Before Debt Service. If it is positive, can it increase? If it is negative, what isn t working? THIS IS WHERE STRATEGIES START.
11 6 NUMBERS YOU NEED TO KNOW Labor Costs Direct Costs - Gross Profit Margin Overhead Expenses Net Profit Debt Service Breakeven Sales Medical Practices add a 7 th Accounts Receivable Balance and rate of collection.
12 DIRECT COSTS Costs that directly relate to and fluctuate with sales Direct Costs Largest category of expenses on your income statement Professional Product, Back Bar, Product used in service </= 10%-15% of Service Sales Keep them under 60-70% of Service + Product Sales 12
13 DIRECT COSTS (CONT D) Examples Direct labor Subcontractor labor (1099) Front desk labor Payroll taxes Employee benefits Back bar, professional product Inventory purchases Gift Certificate commissions/paper etc. Keep it under 60-70% of Service + Product Sales
14 DIRECT COSTS LABOR COSTS 50 of every dollar goes toward labor What is your labor cost? Evaluate your compensation plan it absolutely cannot exceed 42% of Service + Product Sales Front Desk labor needs to be less than 10% of Service + Product Sales Are tools in place to monitor them? Daily labor reports from your POS system
15 15 Fee Per Service Compensation
16 GROSS PROFIT MARGIN Service + Product Sales Direct Costs Gross Margin, Gross Profit Margin First indication of whether you are making money or not Expressed as a percentage of Service + Product Sales Should be 30-40% of Service + Product Sales Must be adequate to pay overhead and debt service 16
17 OVERHEAD EXPENSES Do not fluctuate with sales Occur every Overhead month = Indirect Costs Should not be more than 35% of Service + Product Sales Examples Rent, repairs and maintenance Advertising & Promotion Utilities, telephone, office supplies Insurance Admin salaries, payroll taxes Professional fees 17
18 NET PROFIT AM I PROFITABLE? The Equation Sales (money in) - Direct Costs (money out) = Gross Profit Gross Profit - Overhead Costs (money out) = Net Profit Net Profit - Debt Service (money out) = Working Capital (This is what you get to keep)
19 DEBT SERVICE Debt is Accounts payable, notes, loans, credit PRE-EMPTIVE cards, leases, lines RE-NEGOTIATION of credit, money you have loaned your business Evaluate debt separately from business operations If you can t afford it, don t buy it Any contract, lease, bank note, equipment lease and credit card payment can be re-negotiated. Should not be more than ½ of Net Profit 19
20 BREAKEVEN SALES Minimum sales Breakeven volume require Sales (cash collected) every month to cover all direct costs, indirect costs and debt without experiencing a financial loss Discussed in terms of number of treatments (services) required No one is in business to breakeven. 20
21 BREAKEVEN SALES (CONT.) The lower your breakeven the more sustainable your business is. Overhead Expenses + Debt Service Gross Margin = Breakeven Example Overhead $11,000 Debt $1,750 Gross Margin 35% Breakeven = $12,750 35% or $36,429 21
22 22
23 BREAKEVEN SALES (CONT.) What does that mean in terms of services? For $36,429 Breakeven in Breakeven is Vital sales 85% Service: $30,964 If average service is $85, must do 364! 15% Retail: $5,464 Average retail sale must be $15.01 per service. Plan to get there starting today! Gift Certificates provide cash flow and marketing cushion 23
24 THE PIECES OF THE PUZZLE Breakeven Sales = 100% Direct The Labor Pieces = 42% Of The Puzzle Gross Margin Total Direct Cost = 65% Gross Margin = 35% Overhead Expense = 30.2% Net Profit = 4.8% Debt Service = 2.4% 24
25 PRICING SERVICES & PRODUCT MARGIN OR MARK-UP? Add up your Direct Costs that goes into the service. A $75 Selling Price produces a 43.7% and 42% Gross Margin
26 PRICING SERVICES & PRODUCT MARGIN OR MARK-UP? If we used the same Direct Costs ($42.25 and $43.50) per service with the hope of attaining the same Gross Margin: (43.7% and 42.0%): We would multiply the costs by 143.7% and 142.0%. This would give us a Selling Price of $60.71 and $ If this is how we re doing our pricing, we d make less money on every service we sell.
27 USE YOUR TOOLS YOUR POINT OF SALE SYSTEM.. Sales Planning Cash Control Daily Labor Cost Inventory Control How you did yesterday and plan to do tomorrow, this week and for the rest of the month.
28 TOOLS OF CHANGE Systems need to provide timely numbers. Have a system to bring the 6 Numbers to your attention in an accurate and timely manner Finances In Real Time You can t wait for financial statements Use each Number to paint a new scene. Work the scene Provide a weekly means of attending to these numbers and then the process for using the numbers to ACT NOW 28
29 FINANCIAL Business is unforgiving. You are operating without a safety net. Going forward without a budget is not going to provide the targets you need to operate.
30
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32 TOUGH LOVE - BALANCE TOUGH LOVE: THE DOLLAR HEART 32
33 COMMUNICATE, INVOLVE YOUR TEAM TIMELY REVIEWS INVOLVE YOUR TEAM DAILY MEETINGS 33
34 FOUR SCENARIOS OF CHANGE Case High Studies Labor Cost? Evaluate & Strategy Private label line? Lower Overhead Cost? Restructure Debt? 34
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36 36
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38 38
39 YOUR EXIT IS PART OF PLANNING
40 HOW DO YOU WANT IT TO LOOK? Implementing Change VISION = CLARITY CLARITY = DIRECTION DIRECTION = PLAN PLAN = ACTION Awareness, response, action. 40
41 THANK YOU. Throughout the conference, I am available to meet with you, to work on your business and answer any questions. MONTE ZWANG WellnessCapital.com Monte@WellnessCapital.com
1. F; I 2. V ; D 3. V ; D 4. F; I 5. F; I 6. F; I 7. V ; D 8. F; I 9. F; I 10. V ; D 11. F; I 12. F; I 13. F; I 14. F; I
SOLUTIONS TO EERCISES EERCISE 2-1 (15 minutes) 1. F; I 2. V ; D 3. V ; D 4. F; I 5. F; I 6. F; I 7. V ; D 8. F; I 9. F; I 10. V ; D 11. F; I 12. F; I 13. F; I 14. F; I EERCISE 2-2 (15 minutes) 1. Product
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