Further to my post on the weekend about the importance of banking margin dollars compared to margin percentage. We have now sold over $1,000 worth of Junior MasterChef product in less then a week.
The new customers this display has attracted will be valuable beyond the sale as some will come back. Many bought more than the Junior MasterChef product once they got into the store. We have learnt plenty about attracting shoppers from the mall into the store.
The big lesson is the reinforcement of the importance of margin dollars banked. You cannot bank a percentage. Too many newsagents chase percentage without focussing on the alternative of faster movement of more competitively priced product.
Mark this is something which the anf training course and all newsagent training courses should cover. It is a valuable insight into the battle between what we might make and what we do bank. Thanks for writing this.
Mark,
Not only has NAB not paid in all my deposits so that I can pay my bills, but it has deducted my payroll twice.
Instead of banking dollars maybe we should go back to no bank accounts and hide our money under the mattress. That way at least we can have access to it.
Dean
Same here Dean, no money showing into the account since Wed but they still managed to take out all the DD and other payments but I am not allowed to pay anyone myself, great for the end of month.
Network is not amused and the threats keep coming.
We have also seen a loss of business as customers are broke and cannot access cash over the weekend, some of these sales are gone forever. I don’t think we will get any compo for this from the NAB and others.