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
Being a modest merchant, reliable shoppers symbolize the well being of your enterprise and keep you from going out of business. They help ensure that your retail store enjoy a healthy cash flow. They can even help to protect your retail shop from the takeover of the bulk retailers. The challenge is to find a strategy to bring customers back to your shop over and over. … [Read more...] about Why Good Customer Service Should be a Priority
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
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!
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