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Digg it UP - 14 Obstacles to Retail Success
Why are small businesses such a powerhouse in the economy?One of the ingredients is that successful small businesses are run by people with passion. Small business owners believe in what they are doing, and they love doing it. They are brimming with ideas.At heart, most small business people feel that they were born to make a difference in the world - to make the world a better place. The small business owner is obsessed with succeeding in making that difference and reaping the rewards that they deserve for both themselves and for the people around them.They do what it takes to make something happen - the long hours, the heartache, the joy, the desperation, the failure, the success and the elation. These people experience the full range of human emotion in the pursuit of their dream. They are the tr
12. Employees not Educated- Employees must be shown what to do. All employees should be educated on a consistent basis. This will result in less turnover, more productivity and more profits. Don’t think educating employees is about the first day or week.
13. Lack of Mailing List- Getting a mailing list is the best way to cut down advertising costs and increase sales. Customers on a mailing list will result in 5-10 the sales as new visitors to your store. The best ways to get customers on your mailing list is from checks and asking them for their address to be on your store mailing list. You may have to give a small incentive to get them on your list, but is definitely worth it.
14. Website not Effective- A website should either sell products/ be used to get visitors e-mail addresses. The more you keep in contact with the people on your list, the credibility goes up and so do the sales. Many people don’t buy the first time, they visit a website. Also, having some basic info about your store would be great also. I have seen many owners spend $2,000 or more for a website, plus a high monthly fee and not be effective. Flash can be nice, but if it
I have this quote taped right to my desk credenza." You'll never reach your destination if you stop to throw stones at every dog that barks."- Sir Winston ChurchillIt can happen so easily.You see, hear, read about your competition and you can almost feel your nylons getting knotted up.Not too comfortable is it honey?Sir Winston definitely nailed it on the head.If you spend all your time being REACTIVE to competition then guess what?You're not being proactive. Not innovative. Not staying true to your course. Not being a leader .Like I said - " You're all "NOT-TED" Up!"Unfortunately when your customer sees you doing this - they think you are more interested in being a copycat than an original. Meow.Here's A Little Quiz To See If Your Competitors K
1. Selection of Products- Many retail owners select products based on what they like. The key is to pick items your customers will love. If you get input from other employees or management, it will make it easier to make better buying decisions. Also, many times the owner has a limited taste and is missing a large group of customers. Ultimately, the owner may make the final decision, but the more info presented should result in better buying for the retail business.
2. Not Organized- Too many owners run their business without a plan. You should have short-term and long-term goals. I used to have a weekly list plus a master list of things to do. It was always subject to change. Also, take care of mail daily. I have been to stores and see mountains of mail stacked high in the store.
3. Lack of Delegation- Too many owners refused or afraid of delegating. It may be they are control freaks or don’t trust employees. Both are bad and will severely limit your business. By delegating to employees, it creates better employees and ones who will take more pride in your retail business. Start with delegating simple things and go from their. You will be amazed at what your employees can do.
4. Thinking Outside of the Box- If the owner’s thinking is limited, so is the chance for success. It is hard running a retail store. The key is not to follow everyone else and consider choices that will be different. Once again, your employees may be able to come up with creative solutions.
5. Resistance to Change- Owners and employees do not like to change. They want to continue to do things business as usual. Times change and if you wait too late for change, your business may even fail from this obstacle by itself. It is so common for a retail store to doing poorly and the owner will not make major changes. This brings me to the next obstacle.
6. Fear of Failure- Every business that tries different things will have some failures. The key is to learn from these failures to help you in the future. Too many owners just think the following. I tried something different and it did not work. Every successful person and business has failures, but they did not let it stop them from reaching their goals.
7. Store not Unique- One of the keys is to make your store different from the rest. Over 90% of all retailers are similar. The others create a unique shopping experience. They understand that special events combined with unique items or service will have the customers saying WOW when they leave. Yes, it takes extra work, but the payoff can be huge. Special events can be low cost or even free to promote your business. There are thousands of possibilities, such as dog costumes, children storytelling, and free short informational seminars about a product or service.
8. Service not Superior- All stores like to think their service is great. In reality, most stores fall far short. It not only takes meeting the customer’s expectations, but exceeding them. For example, you could special order an item and delivered it to their house or work, if the customer doesn’t have time to get to your store. Superior service starts with an owner’s strong commitment for it to happen.
9. Work is not Fun- Everyone has a job to do, but it can be made to be fun. Happy employees are more productive and give better customer service. Get to know your employees and think of them as a person. Humor is a great way to relieve tension and make your employees happy to work for your retail business. Hard bosses to work for have high turnover which is costly to any business.
10. Poor Ad Merchandise or Pricing- Owners love to run sales for products that don’t sell or have poor prices for better selling items. The purpose of the ad is to get customers into your store to buy products. Selling a good item at 20% off regular retail will result in more sales and profits for your store than selling poor merchandise at 50-75% off regular retail. Many customers coming into your store for ad items will purchase other products at full price.
11. Not Aggressive with old Inventory- Inventory either makes you money or costs you money. Old inventory should be sold to create cash flow plus to clear space for good selling products. Too many owners think short term and will not sell an item below cost. Old inventory is better liquidated at 75% off, instead of sitting on your shelf or stockroom. The cash can be used to purchase good inventory, which can more than make up for the loss of the old item. I have seen many retail stores continue to suffer, because the owner will not take the necessary markdowns for his business.
12. Employees not Educated- Employees must be shown what to do. All employees should be educated on a consistent basis. This will result in less turnover, more productivity and more profits. Don’t think educating employees is about the first day or week.
13. Lack of Mailing List- Getting a mailing list is the best way to cut down advertising costs and increase sales. Customers on a mailing list will result in 5-10 the sales as new visitors to your store. The best ways to get customers on your mailing list is from checks and asking them for their address to be on your store mailing list. You may have to give a small incentive to get them on your list, but is definitely worth it.
14. Website not Effective- A website should either sell products/ be used to get visitors e-mail addresses. The more you keep in contact with the people on your list, the credibility goes up and so do the sales. Many people don’t buy the first time, they visit a website. Also, having some basic info about your store would be great also. I have seen many owners spend $2,000 or more for a website, plus a high monthly fee and not be effective. Flash can be nice, but if it t
In dealing with clients and the public regarding their perception of public relations, we are continually amazed that people time and again equivocate publicity with press releases. In other words, write a press release, send it out and - poof! - you'll magically get publicity.Well, we're here to tell you that, despite what you've heard, that could not be further from the truth.Sending out press releases is not the first step in obtaining meaningful media coverage of your product, service or business.It’s not that there’s never a place for them. There is. Every once in a while. If you have a huge announcement to make. Or an event you want to get a listing for.So, why aren't press releases the publicity panacea you might have thought they were?n’t trust employees. Both are bad and will severely limit your business. By delegating to employees, it creates better employees and ones who will take more pride in your retail business. Start with delegating simple things and go from their. You will be amazed at what your employees can do.
4. Thinking Outside of the Box- If the owner’s thinking is limited, so is the chance for success. It is hard running a retail store. The key is not to follow everyone else and consider choices that will be different. Once again, your employees may be able to come up with creative solutions.
5. Resistance to Change- Owners and employees do not like to change. They want to continue to do things business as usual. Times change and if you wait too late for change, your business may even fail from this obstacle by itself. It is so common for a retail store to doing poorly and the owner will not make major changes. This brings me to the next obstacle.
6. Fear of Failure- Every business that tries different things will have some failures. The key is to learn from these failures to help you in the future. Too many owners just think the following. I tried something different and it did not work. Every successful person and business has failures, but they did not let it stop them from reaching their goals.
7. Store not Unique- One of the keys is to make your store different from the rest. Over 90% of all retailers are similar. The others create a unique shopping experience. They understand that special events combined with unique items or service will have the customers saying WOW when they leave. Yes, it takes extra work, but the payoff can be huge. Special events can be low cost or even free to promote your business. There are thousands of possibilities, such as dog costumes, children storytelling, and free short informational seminars about a product or service.
8. Service not Superior- All stores like to think their service is great. In reality, most stores fall far short. It not only takes meeting the customer’s expectations, but exceeding them. For example, you could special order an item and delivered it to their house or work, if the customer doesn’t have time to get to your store. Superior service starts with an owner’s strong commitment for it to happen.
9. Work is not Fun- Everyone has a job to do, but it can be made to be fun. Happy employees are more productive and give better customer service. Get to know your employees and think of them as a person. Humor is a great way to relieve tension and make your employees happy to work for your retail business. Hard bosses to work for have high turnover which is costly to any business.
10. Poor Ad Merchandise or Pricing- Owners love to run sales for products that don’t sell or have poor prices for better selling items. The purpose of the ad is to get customers into your store to buy products. Selling a good item at 20% off regular retail will result in more sales and profits for your store than selling poor merchandise at 50-75% off regular retail. Many customers coming into your store for ad items will purchase other products at full price.
11. Not Aggressive with old Inventory- Inventory either makes you money or costs you money. Old inventory should be sold to create cash flow plus to clear space for good selling products. Too many owners think short term and will not sell an item below cost. Old inventory is better liquidated at 75% off, instead of sitting on your shelf or stockroom. The cash can be used to purchase good inventory, which can more than make up for the loss of the old item. I have seen many retail stores continue to suffer, because the owner will not take the necessary markdowns for his business.
12. Employees not Educated- Employees must be shown what to do. All employees should be educated on a consistent basis. This will result in less turnover, more productivity and more profits. Don’t think educating employees is about the first day or week.
13. Lack of Mailing List- Getting a mailing list is the best way to cut down advertising costs and increase sales. Customers on a mailing list will result in 5-10 the sales as new visitors to your store. The best ways to get customers on your mailing list is from checks and asking them for their address to be on your store mailing list. You may have to give a small incentive to get them on your list, but is definitely worth it.
14. Website not Effective- A website should either sell products/ be used to get visitors e-mail addresses. The more you keep in contact with the people on your list, the credibility goes up and so do the sales. Many people don’t buy the first time, they visit a website. Also, having some basic info about your store would be great also. I have seen many owners spend $2,000 or more for a website, plus a high monthly fee and not be effective. Flash can be nice, but if it
ForewordWhen friends asked me why not you write the ways of how to shop online safely, I asked him, “Why me?”He said, a lot of people having problem on shopping online without worrying about anything. Why not you write some buying tips and by adding in some advice. It will help them a lot he replies.We had met but a few times and I was able to think readily of many who had more aptitude regarding the subject other than myself.It is true that I have spent many years using the online shopping tool to buy my software and stuff and I do had this weird feeling “not save, and better be careful”. During this time it has been my job to relate the desires and instincts of many to the where, how, and when to apply this tips. Still, I thought, am I justified in writing a forward to a book dedicated solely to
7. Store not Unique- One of the keys is to make your store different from the rest. Over 90% of all retailers are similar. The others create a unique shopping experience. They understand that special events combined with unique items or service will have the customers saying WOW when they leave. Yes, it takes extra work, but the payoff can be huge. Special events can be low cost or even free to promote your business. There are thousands of possibilities, such as dog costumes, children storytelling, and free short informational seminars about a product or service.
8. Service not Superior- All stores like to think their service is great. In reality, most stores fall far short. It not only takes meeting the customer’s expectations, but exceeding them. For example, you could special order an item and delivered it to their house or work, if the customer doesn’t have time to get to your store. Superior service starts with an owner’s strong commitment for it to happen.
9. Work is not Fun- Everyone has a job to do, but it can be made to be fun. Happy employees are more productive and give better customer service. Get to know your employees and think of them as a person. Humor is a great way to relieve tension and make your employees happy to work for your retail business. Hard bosses to work for have high turnover which is costly to any business.
10. Poor Ad Merchandise or Pricing- Owners love to run sales for products that don’t sell or have poor prices for better selling items. The purpose of the ad is to get customers into your store to buy products. Selling a good item at 20% off regular retail will result in more sales and profits for your store than selling poor merchandise at 50-75% off regular retail. Many customers coming into your store for ad items will purchase other products at full price.
11. Not Aggressive with old Inventory- Inventory either makes you money or costs you money. Old inventory should be sold to create cash flow plus to clear space for good selling products. Too many owners think short term and will not sell an item below cost. Old inventory is better liquidated at 75% off, instead of sitting on your shelf or stockroom. The cash can be used to purchase good inventory, which can more than make up for the loss of the old item. I have seen many retail stores continue to suffer, because the owner will not take the necessary markdowns for his business.
12. Employees not Educated- Employees must be shown what to do. All employees should be educated on a consistent basis. This will result in less turnover, more productivity and more profits. Don’t think educating employees is about the first day or week.
13. Lack of Mailing List- Getting a mailing list is the best way to cut down advertising costs and increase sales. Customers on a mailing list will result in 5-10 the sales as new visitors to your store. The best ways to get customers on your mailing list is from checks and asking them for their address to be on your store mailing list. You may have to give a small incentive to get them on your list, but is definitely worth it.
14. Website not Effective- A website should either sell products/ be used to get visitors e-mail addresses. The more you keep in contact with the people on your list, the credibility goes up and so do the sales. Many people don’t buy the first time, they visit a website. Also, having some basic info about your store would be great also. I have seen many owners spend $2,000 or more for a website, plus a high monthly fee and not be effective. Flash can be nice, but if it
Have you ever been interviewed by the media in a hostile or sensitive situation? Did you feel prepared to handle that interview? Do you ever notice or even pay attention to how many times people are embarrassed or made to look foolish or ignorant during tough interviews? Do you realize the positive impacts that can result from a superb performance in those hostile interviews? Well, if you have noticed and do realize the potential benefits of strong interview performance, what have you done about it?If you want to increase your preparedness when coming under fire from the media or when being interviewed on very sensitive subjects, then you might be open to some advice to help you in your future experiences. Your strategic thinking business coach offers the following ten (10) survival strategy tips on handling sensi
10. Poor Ad Merchandise or Pricing- Owners love to run sales for products that don’t sell or have poor prices for better selling items. The purpose of the ad is to get customers into your store to buy products. Selling a good item at 20% off regular retail will result in more sales and profits for your store than selling poor merchandise at 50-75% off regular retail. Many customers coming into your store for ad items will purchase other products at full price.
11. Not Aggressive with old Inventory- Inventory either makes you money or costs you money. Old inventory should be sold to create cash flow plus to clear space for good selling products. Too many owners think short term and will not sell an item below cost. Old inventory is better liquidated at 75% off, instead of sitting on your shelf or stockroom. The cash can be used to purchase good inventory, which can more than make up for the loss of the old item. I have seen many retail stores continue to suffer, because the owner will not take the necessary markdowns for his business.
12. Employees not Educated- Employees must be shown what to do. All employees should be educated on a consistent basis. This will result in less turnover, more productivity and more profits. Don’t think educating employees is about the first day or week.
13. Lack of Mailing List- Getting a mailing list is the best way to cut down advertising costs and increase sales. Customers on a mailing list will result in 5-10 the sales as new visitors to your store. The best ways to get customers on your mailing list is from checks and asking them for their address to be on your store mailing list. You may have to give a small incentive to get them on your list, but is definitely worth it.
14. Website not Effective- A website should either sell products/ be used to get visitors e-mail addresses. The more you keep in contact with the people on your list, the credibility goes up and so do the sales. Many people don’t buy the first time, they visit a website. Also, having some basic info about your store would be great also. I have seen many owners spend $2,000 or more for a website, plus a high monthly fee and not be effective. Flash can be nice, but if it
With franchisees the opportunity needs to be taken to maintain strong lines of communication between them and the franchisor's business. Finding good franchisees is difficult; keeping them is a lot easier.The best franchisees need special nurturing so that a strong relationship can be cultivated with the franchisor. If the franchisor follows basic & simple rules, it will be fairly easy to maintain the franchise relationship and keep lines of communication open.The key qualities that we look for when recruiting franchisees are:1) Strong people skills - this is the number one quality to look for. All franchisees will be dealing with staff, customers and suppliers. There are many standard questionnaires that the franchisor can use to analyse potential franchisees.2) Ability to work hard - this is the
12. Employees not Educated- Employees must be shown what to do. All employees should be educated on a consistent basis. This will result in less turnover, more productivity and more profits. Don’t think educating employees is about the first day or week.
13. Lack of Mailing List- Getting a mailing list is the best way to cut down advertising costs and increase sales. Customers on a mailing list will result in 5-10 the sales as new visitors to your store. The best ways to get customers on your mailing list is from checks and asking them for their address to be on your store mailing list. You may have to give a small incentive to get them on your list, but is definitely worth it.
14. Website not Effective- A website should either sell products/ be used to get visitors e-mail addresses. The more you keep in contact with the people on your list, the credibility goes up and so do the sales. Many people don’t buy the first time, they visit a website. Also, having some basic info about your store would be great also. I have seen many owners spend $2,000 or more for a website, plus a high monthly fee and not be effective. Flash can be nice, but if it takes too long to load, your website visitor is long gone. I have a website with all the bells and whistles and there were no up-front costs or contracts, less than $20 a month, and easy to do yourself. I have been able to save some of my consulting clients thousands by switching and having a more effective website leading to even more profit.
Many retail stores have one or more of these 14 obstacles hurting their retail business. The key is to recognize the issue and fix it, before your business suffers.
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