Steve Gomez Retail Markup Dashboard

Avatar
Paul K
Last updated:

This article explains how to use the Steve Gomez Retail Markup Calculator, designed to help you increase profitability across your retail lines while giving you time to work on products that are not performing to standard.

   Feature in Testing

This feature is currently in testing but will be available very soon.

This report is available, free of charge, to all Phorest clients in North America who are signed up for Steve Gomez Business Coaching. Click here if you are interested in signing up.

 Access Required

Access is required to view this dashboard. You can find this access permission under Manager > Access > Reports > Insights > Partner Reports > Steve Gomez Retail Markup.

 In this Article

What is the Retail Markup Calculator?

Created by industry business coach Steve Gomez, the Retail Markup Calculator is designed to help you transition from reacting emotionally to underperforming stock to facing inventory challenges with strategic solutions.

Rather than relying on deep discounting, which can quickly erode your 36.3% target profit margin, this calculator helps you identify dead weight products and protect your profitability. By strategically marking up high-performing items, you can increase cash flow and buy the time needed to work on products that are not performing to standard.

Accessing the Dashboard

To access the dashboard, go to Manager > Reports > Insights, and you'll find the dashboards under the Partner Reports section.

Using the Dashboard to Implement the Markup

The video explains how to use the dashboards and what each metric means. After you've watched it, scroll down for insights on how to interpret and act on the data.

 

Interpreting Your Trends

Once you have generated your data, follow these steps to take action and interpret the trends you see:

  1. Analyze your top performers: Focus on the top 33% for each product line. Ask yourself: Why do they sell so well?
     
  2. Forecast with top performers: Mark up these top performers within the calculator to see exactly how much additional cash flow can be expected.
     
  3. Address sluggish performers: Create a plan to improve sales results for your average- and slow-selling items. Why are some SKUs selling occasionally, while others don't sell at all? Meet with your team and sales consultants to identify what is missing and what support can be added to improve these numbers.

Implementing the Markup

  1. Adjust the markup percentage using the Markup Increase (%) slider on the Recommended dashboard.
  1. Update physical inventory: Adjust the pricing on your physical bottles if you use price tags.
     
  2. Prepare your team: Create a scripted approach to answering potential client questions about the price increase.
     
  3. Communicate: Set aside time in your next team meeting to ensure everyone is on the same page and comfortable with the changes.
     
  4. Monitor progress: Keep a close eye on your reporting, focusing on any impact on sales volume from the price increase.

Downloading/Exporting the Data

To download the entire dashboard, click the three dots in the top-right corner, then select Download.

To download individual reports, hover your mouse over the report, click the three dots in the corner, and then click Download data.

Scheduling a Dashboard Email Delivery

If you wish, you can schedule the dashboard to be emailed to you or your team on a recurring basis by clicking the three dots in the top-right corner of the dashboard, then selecting Schedule delivery.

Further Support

If you find this tool valuable and are interested in further support, coaching, or information from Steve Gomez, you can connect with him directly:

Articles in this section

Was this article helpful?
0 out of 0 found this helpful