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When it comes to hot tub accessories, there’s an endless supply of covers, cover lifters, tables, towel warmers, steps, surrounds, pillows, exercise equipment, umbrellas, chemical kits, lighting ensembles and more to entice customers to spend extra on their initial purchase — given the right information from a knowledgeable sales associate. As sales have slowed, raising the average sales price of a hot tub with key accessories is more important than ever.
When we move beyond being a typical salesperson, we can establish a vision of what is required to become excellent at our jobs (selling), not just for one year but for all years. We understand we have much work to do, and it won’t happen overnight. There is no hack or shortcut to excellence and sustainability; it is a continuous effort of growth and development.
EBITDA and the Multiple
In my last article, I defined EBITDA as net profit adjusted to make it more useful for business valuation. To estimate a company’s value, valuers multiply EBITDA by a number called the “multiple.” The result is the estimated value of the company. For example, a company with an annual EBITDA of $500,000 and a multiple of 2 has a value of $1 million.
The demand for knowledgeable and passionate retail staff is on the rise, but attracting the right candidates can be a challenge. Here are some tips to help your hot tub retail store stand out and land the best talent for the job.