EPISODE C5.004 Audit and Top Grade All Products & Services

RESULTS RADIO..."Let's Grow Together"

Introduction
Good day and hope you are looking forward to a productive week.
This week we are announcing our new community - The Community of Commerce for all insiders. Everyone who has JOINED US and become an inside we are moving off of the weebly web platform to a community site on Tribe. 

This will provide an opportunity to share information, ask questions, and gain support for starting, growing, or exiting your business.

It is our version of the Chamber of Commerce - what it could have been instead of what it has become. This community has one goal - your success as a business owner to build generational wealth for your family. That growth will create more and better jobs in your local community.

It is a stand alone (outside the control of the arbitrary large providers) platform that provides entrepreneurs and business owners a space for the free and open exchange of ideas.

As a member of IBGR's Community of Commerce you can:

1. Follow other users including the OnAir Talent and Executive Team at the station.
2. Ask and answer questions about starting, growing, and exiting the business from our OnAir team and each other.
3. Follow any member of the Community to stay abreast of their latest business insights as well as building your own following.
4. Start discussions to stimulate input from other members of the Community.
5. Create and vote in Community polls.
6. Post and comment on posts and blogs.
7. Access and share content entrepreneurs and business owners can use.

We built this beyond the reach of the 'masters of the universe' so you can speak your mind.

On a closing note, if you want to know what drives everything we do - checkout this article: from Australia (click here).

And that is just restaurants - what about everybody else?
Have a great business week.
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Listen>Apply>Engage
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Show Objectives - The Why
Just like we covered in the last show on Top Grading Accounts (Customers), today we are doing the same thing - looking at products and services to determine what we need to replace, overhaul, or continuing selling.

Given this is our first Reinvention, we are building a process that will remain through the life of the company.

Key Issues - Owner/Manager Perspective:

1. What stage is each product/service in its life cycle,
2. Plot its ROI over time,
3. When should it be replaced or upgraded

What You Need to Know - The What

• Understanding and plotting each product and service's life cycle from prototype through obsolesce;
  • Introduction
  • Growth
  • Maturity
  • Decline
• Access to each products performance over time - startup costs, break even point, revenue over time, production costs over time, margin over time.

What You Need to Do​​ - The How

1. Create a lifecycle graph for each product and service
2. Plot costs over time
3. Plot revenue over time
4. Plot margin over time
5. Identify where each product and service is in its lifecycle
6. Rank order all the products, rank order all of the services
7. Identify the bottom 10%
8. Now What?

Shows

• Previous: EPISODE C5.003 PROPOSE PRICE INCREASES FOR UNDER PERFORMING ACCOUNTS
• Next: EPISODE C5.005 Propose Price Increases for Under Performing Products & Services