4 Ways to Grow Your Liquor Store Profit
The key to increasing liquor store profits can vary for everyone. Maybe you have hot selling product but have an issue of returning customers? Maybe you’re having issues keeping items stocked or selling select products? Here are 4 ways you can grow liquor store profits with mPower Beverage Liquor Store Software and learn the answers to the above questions.
Keep Track of Your Inventory
Do you know what is selling and what is not selling? By understanding your customers, you can purchase product that benefits not only them, but your pocketbook as well. Stock the right items and sell items that earn you the highest margins. Invest in a good Liquor Point of Sale System that can help you do this.
Establish Attainable Goals
Review last years, months, or weeks data to make attainable goals. Do not try to sell above your goal margins. To do this, know what you need to make to break even and then establish your goals. Find out what your goals should be by running reports on a reliable Liquor Store POS Software.
Have product that is sitting on the shelves and not selling? Turn that product into a profit quickly by discounting it. Utilize the newly free space for products that sell. Check for none selling product least 6 times a year, if not more. Easily check for non-selling product with mPower Beverage with the no movement history report. To learn more about promotions, click here.
Understand Sales Does Not Equal Profit
Making sales is important, but do you know what your true profit is? By keeping track of sales, bills, payroll, etc. you can know what your true profit is. Understanding these items as one, can help you make smart financial decisions. To help with these decisions, mPower Beverage includes QuickBooks integration.
mPower Beverage Software can help you achieve your goals and more.
See the review from Rick Morgan about mPower:
“mPower has always been a company that exceeds my customer service expectations. The program itself runs seamlessly and fast. we never have any speed issues. The back end reporting is incredible. I can track everything I need to make sure the business is running smoothly and profitably. The response times on issues is fantastic, and fixes happen quickly. I would highly recommend this for any liquor store, big or small.” – Rick Morgan, Total Beverage, Thornton, CO