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How Do I Use CLV?
It’s not knowing your CLV that drives profit, it’s using it. Here’s 3 ways to get started using CLV to increase the profit in your food business:
1...
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Don't Make These CLV Mistakes
CLV, or Customer Lifetime Value, is one of the most important metrics to use in growing your business. Read the first article in this series, "CLV ...
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CLV in Your Food Business
Customer Lifetime Value (CLV) is a powerful metric that tells you how much each customer is worth to you in dollars. Knowing and tracking this met...
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Don't Be Caught With Your Financial Pants Down
You can’t hide poor financial management forever.
When your business is growing and top line sales are on an upward trend period after period it’...
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Negotiating a Lease Review With Your Landlord
The best time to negotiate your lease is before you move in. You have the most leverage before you commit to a space; after that, your landlord kno...
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Successful Cash Management During a Crisis (Part 2)
In Part 1 of this post we talked about how to survive this crisis by focusing on the 2 goals of successful cash management:
Minimizing and/or dela...
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Successful Food Business Cash Management During a Crisis (Part 1)
Cash is the only thing that matters in surviving a crisis. Of course we want to maintain our staffs and continue to delight our customers, but with...
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5 Keys to Using Your Financial Statements
Reviewing the financial statements for your food business are like having an annual check-up with your doctor: the goal is to pinpoint anything th...
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Run an Effective Weekly Meeting
In an operations-intensive environment where the most important thing is the urgent thing, it is hard to get decision makers together to talk about...
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Profits are Important & Everyone Should Understand Why
The most important line of a Profit & Loss Statement is the bottom line: profit. It’s safe to say that every employer, employee, and customer c...
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Does Experience Matter in Food Industry Hiring?
Why do we place so much emphasis on experience when making hiring decisions? Often times we look for an experienced employee, manager, vendor, or p...
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Know What You're Benchmarking
Benchmarks Are Important
Business owners have long been advised to “benchmark” to gain a sense of how their business is performing. Benchmarking ...
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