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Hot dogs with pulled pork and a red onion relish | Tesco Real Food

Serve up these crowd-pleasing hot dogs at your next barbecue blowout

How often and how consistently do you notice and capitalise on current trends, fashions and fads and then make them work for you business?

Here in the UK, where I am based, it seems that you can’t go to any food outlet, fast food restaurant or event without being offered a dish that has Pulled Pork in it.

It seems to have crept up on the national conscience, slowly pervading every aspect of the culinary scene.  now I’m quite partial to it and there are some nice and easy recipes that you can choose from, such as this one from one of the UK’s largest grocery chains.

Most business sectors have similar situations from time to time.  Some industries are very stable and innovations come around slowly, construction for example; while others are constantly innovating and running fast just to stand still is the norm – consumer electronics anyone?

Whatever speed of change you experience in your own business life, are you alive to the possibilities of new discoveries and products?  Being ahead of the game can often be extremely profitable but it can also be risky so balancing the potential rewards with any hazards is down to your judgement which you should be constantly refining.

You may have seen graphs showing a ‘product adoption curve’ or ‘innovation/adoption lifecycle’.  Both mean the same thing and shows the way new products or innovations are taken up or enter mainstream consumer conscience.

The progression is; Innovators, Early Adopters, Early Majority, Late Majority and Laggards(!).  In terms of their power in the market, they account for 2.5%, 13.5%, 34%, 34%, 16% respectively.

If your attitude to risk is quite conservative, you would tread cautiously in the early, ‘up-curve’ phase but you could really leverage your returns by entering the market at the Early Majority stage.

Whatever your attitude, being aware of trends and innovations can make a real difference to your bottom line.

Source: Hot dogs with pulled pork and a red onion relish | Tesco Real Food

Peace

After the terrible events in Tunisia, Kuwait and France which have left so many people killed and injured, I wish the World could learn to live in peace with itself.

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BBC News – Taxman targets profits from online trading sites

An old (2012) article from the BBC about recovery of taxes from those trading on online sites.  It raises an interesting question: At what point did you switch from selling surplus items to actively trading?  The key event seems to be when you actively purchased items to sell at a profit.

Have you declared this to your local tax authority?  You are probably aware of how much power the ‘taxman’ has and you would be wise to make sure that you have covered a tax liability and declared your activities.

BBC News – Taxman targets profits from online trading sites.

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Invention Profit Margins and Markups | Entrepreneur.com

What is your ‘Keystone Margin’? A look at the cost of products, markups and margins from a producers point of view.

Knowing the margin that keeps your business ticking, your ‘keystone margin’ you can then approach inventory purchases with this in mind. You will not always be able to meet this figure when you are searching for products to sell, but knowing it and being able to calculate whether you can achieve it when you are presented with a price list, possible in a currency other than your own is vital.

What is your experience? Have you always known whether the products you offer are going to bring you the profit needed to sustain your business? It would be great to hear your stories, let me know via the comments.

Invention Profit Margins and Markups | Entrepreneur.com.

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business – Gross Profit Margin And Markup | Entrepreneur.com

A great article from Entrepreneur website explaining how important it is to keep a track on our Gross Profit Margins.

All to often I have to advise that having a healthy markup is not the same as having a profitable business. Knowing how your gross profit margins are tracking will tell you if your business is healthy, booming or in decline.

Now you can track it exactly with Marginalyser.

business – Gross Profit Margin And Markup | Entrepreneur.com.

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