Saturday, April 06, 2024 1:19:05 PM
- Inventories in 2023 are $ 7,258, 000 vs $ 5,910,000 in 2022 = an increase of 22,8%
- Inventories make 48% of total current assets in 2023 or double what it was in 2022 (23,8%)
- Auditors comments: ‘’We considered this a key audit matter due to the magnitude of the inventories balance and the large number of inventory locations.’’
What did our CEO do in 2023?
- She kept adding shelves (locations all over the world)
- Advertising $ 4,378,000 was cut by 26,5% relative to 2022 ($ 5,955,000)
- In her PR/NR covering the 2023 financials, she proudly write: ‘’Operating expenses decreased 23% ($16.8 to $21.8 million). ... 31,5% of that reduction was in advertising.
If that does'nt support my argument that she has no clue how to manage the company, I do not know what is needed. She should hire a CEO experienced in developping a mass marketing type company and make herself responsible for R&D and product development.
Unfortunately I do not believe her ego can support such an absolutely required reorganisation.
Out of touch with reality, she is proud to see her gross revenue grow 10% but doesn'f understand that to succeed she need to grow the gross revenues by 3 to 4 time that number (at least) annually. The only way to do that is to make our targetted market aware of what we offer.
That can only be achieved by focussing on specific locations (instead of adding locations and inventories) and by investing in marketing/advertizing focussed on these locations.
She obviously doesn't understand that and her failing strategy seems to be to add shelves and locations believing that targetted customers will find out what the unknown boxes on the shelves are all about, by themselves.
Patiently,
Roger
Patiently,
Roger
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