Find the Fix

1. Framework Focus: Cumulative Chart

Fellow nerds, let me introduce you to a cumulative curve. 

Use it to illustrate that a problem is caused by few – or many – things. 

For example, let’s say you’re trying to help a retailer reduce returns. (Hopefully,) The first step in your analysis is to understand if returns are a problem across all SKUs, or if some SKUs are returned more than others. 

Look at the number of returns for each SKU and sort them along the x-axis from most to least. Put it in percentage terms and you’ll get a smooth line. 

This will show if a small number of SKUs are causing a large number of returns. For example, you may learn that 80% of returns are coming from just 20 SKUs. Or, you may see that hundreds of SKUs cause the majority of returns, but these SKUs are concentrated in product families, store locations, promotions, etc. 

This graph makes it really easy to see quickly. And now, you can concentrate your work on the greatest contributors. 

Feel free to download the template here.

2. Expense Management with Ramp vs. Amex

As a consultant, you love efficiency.

When choosing credit cards, the default is to maximize point value. But Ramp is a totally different solution. 

It’s an up-and-coming fintech platform that’s made for businesses. It has a lot of really good benefits when you’re an independent consultant and you have to track everything you spend for accounting purposes.

The trick is you don’t want to give away all the goodies you get with Amex points and Ramp has already solved that.

These are the reasons why I like it:

1. It natively integrates with QuickBooks and has a high accuracy rate for matching expenses.

2. It has really great security features, making it easy to issue virtual cards to your team.

3. It allows you to pay your vendors and your team on one platform.

4. It still keeps the bonus you get from Amex cards but in the form of 3% cashback (and that’s really good!).

Take this as your sign to switch to Ramp!

Remember, the path to success is paved with continuous learning and embracing fresh perspectives.

Let's stay connected, share ideas, and elevate your consulting business.

Stay curious, friends.

TheConsult.co brought to you by Keenan Reid Strategies

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