Too many retailers I speak with rely on their accountants or other advisors to report on Gross Profit. While most know GP by many items they sell, few actually check GP achieved from sales until someone does it for them. Often, by then, it is too late.
Given the challenges retailers face – slim margin on too many lines, high costs and flat sales for too many – it is vital that retailers regularly pull a Gross Profit report from their EPoS software. Tracking this is important as we reengineer our businesses.
There are no excuses for retailers not knowing how they are tracking with Gross Profit. If you’re not sure, ask your EPoS software company as they will have the best advice for you.