During his session on practical accounting at SAF’s 1-Day Profit Blast in Austin, Derrick Myers, CPA, CFP, PFCI, will dive into the six main cost centers of a retail flower shop (cost of goods sold, labor, delivery, occupancy, marketing, and wire service business).
Rather than sitting back and worrying about that potential increase (and others like it), scores of florists are getting proactive — and heading to Austin, Texas, for the latest in SAF’s 1-Day Profit Blast series on February 27.
Responding to retailers’ request for financial advice in an easy-to-follow, engaging format, SAF recruited Derrick Myers, CPA, CFP, PFCI, to reprise his presentation, “Treasure Hunt: Finding Your Hidden Profits” for the Austin program, which is sponsored by the Bill Doran Company.
Myers, vice president of Crockett, Myers & Associates in Baltimore and a regular contributor to Floral Management’s “Ask the Accountant” column, has delivered his floral financial boot camp at several past SAF events, to much acclaim.
“He made the information interesting and understandable for even the most ‘accountant-allergic’ florists,” said Heidi de Silva, of Petersen and Tietz Florists and Greenhouses in Waterloo, Iowa, following Myers’ presentation at 1-Day Profit Blast in Des Moines last fall.
In addition to Myers’ program, attendees will get practical event, technology and sales advice in three other programs:
- Successful Events: From Concept to Completion, by Jerome Raska, AAF, AIFD, PFCI, of Blumz…by JR Designs in Detroit and Ferndale, Michigan
- Tech Strategies to Capture More Online Sales, by SAF Chief Information Officer Renato Sogueco
Florists who attend SAF’s 1-Day Profit Blast will have a packed day of education, along with plenty of opportunities to network and peruse a supplier showcase. The event is sponsored by the Bill Doran Company
- CSI Flower Shop: Live!, by Tim Huckabee, AIFSE, president of FloralStrategies, LLC
The “Treasure Hunt” program will dive into the six main cost centers of a retail flower shop (cost of goods sold, labor, delivery, occupancy, marketing, and wire service business) and identify ways to adjust costs for a profit margin many florists never thought possible.
“A dollar saved in cost is a dollar added to your bottom line profit,” Myers said. “It takes about $8 in sales to have the same effect on profit, and yet we tend to focus all our time and efforts on sales growth.”
In fact, according to the SAF survey, 42 percent of retailers feel “neutral/uncertain” about sales in 2016 — and 9 percent feel pessimistic.
During the seminar, Myers will provide expense targets, worksheets, formulas and structures he has used with hundreds of florist in the past 28 years “to help them grow and maintain some of the best profit margins in the industry,” he said.
Among the questions he’ll address:
- What should my cost of goods sold be?
- How much should I spend on delivery?
- Am I making money with my wire service business?
- Are my deliveries as efficient as possible?
- How can I make my financial statements more straightforward and useful?
Between sessions, attendees will have opportunities to network and peruse a supplier showcase.
SAF launched its 1-Day Profit Blast three years ago as a way to make the kind of “high quality education” floral industry members enjoy at the organization’s annual convention more accessible to more members, both from a cost and time perspective, said SAF CEO Peter Moran.
Due to popular demand and a new partnership with a few wholesale members, SAF is bringing its 1-Day Profit Blast to two more cities in 2016. Denver Wholesale Florist will sponsor an SAF 1-Day Profit Blast on April 16 in Cincinnati and on October 23 in Denver.
For registration details and more logistical information, visit https://safnow.org/events-education/1-day-profit-blast/.