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Gain a Deeper Understanding of Business Operations at Your Truckstop with These Four Calculations

Posted in: Truckstop Business, The NATSO Show, Operations

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For two and a half days, the industry gathers to find knowledge, solutions and connections at The NATSO Show. Just like The NATSO Show, The NATSO Show Magazine is your source for improving your travel plaza business operations. Unlike The NATSO Show it is year-round. 

Gain a Deeper Understanding of Business Operations at Your Truckstop with These Four Calculations

Business owners today have more information coming in from more places than ever before in history. There are a number of different ways owners and managers can look at the data to better understand their operations and their customers.

During The NATSO Show 2016, retail expert Tom Shay shared his insight into several key areas operators should look at, plus he offers 22 different calculations on his website, ProfitsPlus.org, that operators can use to dig into their data. “These calculators tell you what they mean and how the formula behind them,” he said.

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Here are four calculations Shay outlined during the session:

Financial ratios calculator: “It is the little nuances and things we pay attention to in our business that make a big difference,” Shay said.

Personal productivity ratios: “Look at how many profitable items someone sold. There is a difference between cashiers vs. salespeople,” he said. 

Turn rate: “Turn rate is one of the most phenomenal factors that will drive the bottom line and ROI,” Shay said. “There are two ways we can calculate the inventory turn rate. A cost method and an at retail method. It is personal preference. Look at over the past three years and if you are improving your turn.”

The cost per square foot for inventory: “The very first day you pay for anything, the cost of the inventory goes up and it will continue to go up. If I can sell it before the cost of inventory goes up, we call that playing with house money,” Shay said.

/// The NATSO Show 2017 will be held January 21 - 24 in Savannah, Georgia. Learn more about the NATSO Show here.

Photo Credit: Chuck Fazio/NATSO

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About the Author

Mindy Long

Mindy Long

Mindy Long has been writing professionally for over 15 years and freelancing full time for the last four. In 2010 Long formed Mindy Long Freelance LLC. As a journalist, she has written about everything from video games to diesel fuel additives. 

Long hold a master’s degree from Northwestern University’s Medill School of Journalism in Evanston, Ill., and a bachelor’s degree in Communications from Westminster College in Salt Lake City. In addition, she has completed writing courses at Georgetown University in Washington, D.C., and the Writer’s Center in Bethesda, Md., and through the OpEd Project, Writer’s Digest and mediabistro.com. She is a member of the Society for Children’s Book Writers and Illustrators and the Northwestern Alumni Admissions Council.

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