Too many newsagents 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 newsagents face – slim margin on too many lines, high rent and flat sales for too many – it is vital that newsagents regularly pull a Gross Profit report from their software. Tracking this is important as we reengineer our businesses.
There are no excuses for newsagents not knowing how they are tracking with Gross Profit. If you’re not sure, ask your software company as they will have the best advice for you.