As an independent retailer, your goal is to get your retail business on more solid footing. For most, the emphasis naturally falls to rebuilding sales, and success or failure may very well hinge on inventory management. For a number of years, until the recession hit in full force in 2008, independent retailers had the luxury of not having to manage their inventories too … [Read more...] about Recession Lessons for Small Independent Retailers
How Your Retail Store can Wow Customers
It's tough to get customers to your retail store -- and tougher still to make them to return again and again. For your retail business to succeed, the key is to provide customers with a great shopping experience. What is a Great Shopping Experience? But what is a "great shopping experience?' The University of Pennsylvania released a study a few years ago on retail shopping … [Read more...] about How Your Retail Store can Wow Customers
Passion and the Independent Retail Owner
You are an independent retail owner. You've spent a lot of time trying to establish your store as distinctive and unique. You've put a lot of effort into trying to differentiate your business from the competition. You're always looking for that edge, the one thing that will make the difference. Look in the mirror. You are the difference. Your business is a direct … [Read more...] about Passion and the Independent Retail Owner
How to Recession-Proof Your Retail Business
A few years ago, I had the pleasure of listening to Victor Cheng speak about how to recession-proof your business. Victor is a well-regarded author and dynamic speaker who has appeared on Fox Business Channel and MSNBC, and been featured in the Wall Street Journal, U.S. News and World Report, SmartMoney magazine, Inc. magazine and TheStreet.com. Victor's advice is centered … [Read more...] about How to Recession-Proof Your Retail Business
Why You Need to Dig into Your Financial Numbers
When you really dig in to the financial numbers of your business, there's always a story to be told, sometimes a story that you just hadn't been aware of before. I was working with a client last week, analyzing June sales results. The month had been mildly disappointing, but there was one store in particular that was off more than the others. What do you do when one store … [Read more...] about Why You Need to Dig into Your Financial Numbers
Building Brand Equity to Achieve Critical Mass
As we come to the end of the summer, independent retailers are increasingly focused on the last four months of the year. Many are looking for their sales to finally turn, while expecting the retail competition to be ferocious. Still, it's also necessary to have an eye on what it's going to take to succeed over the next one to three years, and beyond. In this environment, … [Read more...] about Building Brand Equity to Achieve Critical Mass
How to Start a Retail Business
I've been speaking lately to more and more people who are thinking about starting up a retail business. For the most part, these are folks who've not been in retail before, but have great ideas for offering customers something new, something different, something compelling. They've got the entrepreneurial bug. From retail merchandising to engaging customer interactions - there … [Read more...] about How to Start a Retail Business
6 Tips to Increase Cash Flow of Your Retail Store
Cash flow is an on-going challenge for independent retailers, as it is for many small businesses. Sales growth remains modest at best, and credit remains largely unavailable to many independent retailers. That puts many squarely behind the eight ball. Tips to Increase Cash Flow Here are 6 tips that can help you drive more dollars to the bottom line: 1. Focus your marketing … [Read more...] about 6 Tips to Increase Cash Flow of Your Retail Store
Your Competitive Edge: YOU!
I've been working with a client who will be opening a store in the spring. This is her first venture into retail, and she's working hard to do it right. We've been working on constructing a full merchandising plan by department and category, as well as a detailed cash flow plan. She's opening a teachers store, so we've been also discussing a range of strategies for connecting … [Read more...] about Your Competitive Edge: YOU!
Branching Out Your Business: Lessons from Independent Retailers
Businesses often branch out to some other segments or niches, and small businesses are no exception. Similar to independent retailers, many are involved in far more areas than just retailing. Sometimes it can get pretty complicated. And with revenues off, sometimes those complications, and the decisions they now require, can become pretty daunting. Here are some examples of … [Read more...] about Branching Out Your Business: Lessons from Independent Retailers
