In the world we now live in, financial health requires a commitment to proven retail business fundamentals, a commitment to operational discipline, and a heightened attention to detail. When economic conditions were more favorable, it might have been possible to consistently generate positive cash flow without this commitment to core retail fundamentals, operational … [Read more...] about Managing for Bottom Line Cash Flow in Retail
If you're like most independent retailers, inventory represents your single largest investment. Your customers know you in large part by your inventory, your merchandise, by those categories and items you choose to carry. And, if you're like many independent retailers, you feel naked if your store doesn't feel fully stocked with broad assortments and deep, impactful displays of … [Read more...] about Inventory Carrying Costs – The Hidden Costs of Independent Retail
Since the beginning of the year, I've spoken with a number of people thinking about opening a store or retail business. In every case they have made the decision to take their professional lives in a different direction, from working for somebody else to working for themselves, from working in larger organizations to building their own business. They have cash and a dream, … [Read more...] about Are You Thinking About Opening a Store for Business?
I was working with a client yesterday, and she was describing how her customers were reacting to the tighter, leaner assortments in her store. Her customers had been accustomed to seeing both greater breadth and depth, and also had gotten in the habit of waiting her out, waiting for the markdowns. Her customers were now a bit confused by what they were seeing? "Will you be … [Read more...] about Selling a Sense of Urgency in Retail
Question on Persuasive Business Proposals: Case of Starting a Flower Shop Kiosk in a Resort Hi there, I hope you can answer some of my questions in regards to opening a kiosk on a family owned and operated resort. I am a floral designer and have been in the customer service business for about 20 years. My experience is in restaurants and lounges, but my passion is flowers. I … [Read more...] about Persuasive Business Proposals: Case of Starting a Flower Shop Kiosk in a Resort