InTents August/September 2023 - 38

business | shelf life
When you don't
empower your
people to do their
job, your potential
is severely limited.
Preserving margins
A gross margin mentality can also affect
your accounts receivable performance.
I was recently discussing the benefits
of moving to a gross margin focus with
a different client of mine. He is in the
plywood and shop supply business. There
had been some recent focus on driving
the sheet goods product category to boost
sales. This is a high-sales-dollar, lowmargin
category. In the past, the perceived
performance of the company was tied to
top-line sales. He pointed out that this
mentality was really making collections
difficult. He explained that a $2,000 sheet
goods sale might generate $140 in gross
margin while a $300 sandpaper order
might generate that same $140 in gross
margin. When it came time to collect on
that order, which bill is your customer
more likely to pay in a timely fashion?
In a recent article, " Tips to Improve
Gross Margins, " I shared several ways to
boost gross margin percentages without
bringing the hammer down on your
suppliers. I was recently reminded of
another way to preserve diminishing
margins. One of the regional managers
in my family business used to talk about
pricing strategies inside salespeople
could use when confronted with a price
objection. The natural reaction when
discounting is to think in increments
of 5-such as 5% off or 10% off. If you
are forced into a discount, try to think in
terms of a 3% discount or 7% discount.
Those additional 2 or 3 percentage points
can really add up at the end of the month.
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You do not have to be an ATA member to attend.
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38 intents aug-sept 2023
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InTents August/September 2023

Table of Contents for the Digital Edition of InTents August/September 2023

InTents August/September 2023 - Cover1
InTents August/September 2023 - Cover2
InTents August/September 2023 - 1
InTents August/September 2023 - 2
InTents August/September 2023 - 3
InTents August/September 2023 - 4
InTents August/September 2023 - 5
InTents August/September 2023 - 6
InTents August/September 2023 - 7
InTents August/September 2023 - 8
InTents August/September 2023 - 9
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InTents August/September 2023 - 11
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InTents August/September 2023 - 13
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InTents August/September 2023 - 37
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InTents August/September 2023 - 41
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InTents August/September 2023 - 43
InTents August/September 2023 - 44
InTents August/September 2023 - Cover3
InTents August/September 2023 - Cover4
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