Retail Advice and Tips for 2009

We are now at the beginning of a FRESH, NEW year and it is time to stop reflecting on the past year and start looking towards the future of your store and business!

It probably sounds like an overly-optimistic look for ’09 doesn’t it?
Well, sure.
The US is in a recession and the holidays were not great for stores overall (although the “infamous” Wal-Mart seems to be staying on top and a select few stores keep afloat as well).

But looking beyond the recession and ahead to what your true goals are for the year seems to be more worthwhile to your time and energy.
Here are a few things to consider that can boost your profits this year and keep your store and your heart happy:

RETAIL ADVICE AND TIPS FOR THE NEW YEAR:

1. Good Money Management:

A key factor of staying alive and well in a recession is to properly manage your money and income.
Don’t spend more than you make and don’t spend money you don’t have as much as you can help it. The less you put on a credit card and have it stack and pile up on you, the better!
So although it may seem too obvious, being efficient and economizing is the smart thing to do even if you are making pretty good profits each month.
It is always a good goal and resolution is to be debt-free, personally and professionally.

2. Smart-Spending:

It seems as though there is no way to spend wisely at this time in the economy. However, it is a fact and necessity of life to spend.
But what you should really be asking yourself is: What should and shouldn’t I be spending on?
The best way to figure this out and feel good about what you purchased is to think of it like this:
“If I purchase this, how much will it help me and my business in the long run and, conversely, how much will it hurt or damage me, my finances and my business in the long run?”

As an example, look at it this way:

Let’s say you are a store owner. Someone comes in your store and offers an incredible service that gives your store a completely chic make-over. They can transform your little, crowded furniture shop into a den of fluffy couches and adorable décor. They show you pictures of before-and-after’s and it looks incredible! But like anything else, they charge some pretty hefty bucks to get it done.
Of course this is just an example, and the answer must seem pathetically simple to you.

But let’s just pretend here…

Well, a good way to choose would be to ask yourself: will spending $$$ dollars help my business more or hurt my business more?
Spending that money may make your store look incredible which in turn will bring tons of new customers and buy enough to pay your expense back!

But maybe spending that money would be worthless because you’ll be left with a pretty store but not much else left which could in turn be very dangerous for your finances, business and life!
So look at both sides of the coin and really do your homework and research on any new expenses: what is their value, their long-term worth and what will it really do FOR YOU? Then decide if it’s going to be SMART-SPENDING.
Careful thinking like that has always worked in the past for me when I felt like buying something expensive!

3. Cost-cutting:

There are plenty of things we buy that we don’t need (either never will need or simply don’t need anymore).

I read an article yesterday that talked about how the average consumer buys a lot of food at the grocery store that they don’t really need or want to eat, but since it was at a certain discount or some bargain deal was offered, they end up getting it anyway! (This could actually be a helpful marketing tip if used the right way)
Well, all I can say is avoid it! Avoid buying and stocking up on inventory and items that:


Do not sell well or much.


You already have a good stock of (seems blatantly obvious, but it is a mistake that you cannot afford to make!)


Also, be aware of what color and size is selling and what isn’t, so you can keep a fuller or leaner stock of the appropriate one.


So you can cut costs easily by finding out and asking yourself…do I really need this?
And in the same way as mentioned above, how will it aid your business’s survival or how will it potentially harm it?

4. Good Communication and Great Customer Service

Keeping in touch with your customers and keeping track of their purchases, birthdays, etc. is, though seemingly small and irrelevant to you, an extremely important factor in most cases to keep your customers loyal and wanting to come back for more. Not to mention the invaluable word-of-mouth customers you’ll get from great service and thoughtfulness you give each customer.

Good customer service obviously doesn’t mean giving them a bunch of presents and discounts…that alone would be foolish.
But good customer service includes treating them in the best possible way so they have full satisfaction when they walk out of your store.

By sincere politeness and following the retail golden rule: “Treat your consumer the way you’d like to be treated”, you will stand out against your competition and keep ‘em coming.

5. Employment

Having good, hardworking, loyal and dedicated employees is probably what every store owner needs and wants above all in running his business.

Of course finding such qualities can be hard to come by, but careful selection of each and every employee (no matter the post title) is extremely important as the whole foundation of the business and its success depends upon good workers, managers, etc.

6. Maintain Good Inventory Tracking

As mentioned above, you don’t want to be overstocked or under stocked with any particular item because in times like these, it’s important to be extra savvy about saving money by getting what you actually NEED.
Having the right thing at the right time is absolutely vital!

7. Change

We’ve been promised change haven’t we?
Well, change can be bad or it can be good. Successful businesses are those who can be causative in their changing environment.

And while the popular belief is that one should adapt and adjust to his environment, it is notable that if one did that during these stressful times, one would be liable to fail along with the economy! Why should you mimic and adapt to that which is falling?

It is my strong belief that, although adjusting to change has its reasonable time and place; a successful company is that which thrives and flourishes despite the obstacles by being strong and smart about the way they do business. Following the actions which brought them success and researching thoroughly new actions before they try them;

Acting on the right conditions for their business and holding a positive attitude.
The economic situation is what it is. And change is coming sooner or later for the economy.

However, you don’t have to wait to change your success. It is up to you to make this a much better year than last. I hope you flourish and prosper throughout 2009 and get all of your resolutions done!

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