"Retailers: Turn on Your Financial Headlights!"™ ROI Site Tour
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What’s the best way to increase sales and profits? Sell more to your “best” types of customers! Today, it is not enough to have profitable products. Instead, we must find—and nurture—our most profitable customers. The eighty/twenty rule of thumb is no doubt at work in your store: eighty percent of the volume is generated by twenty percent of the customers. (Of course, these percentages are not exact, but you see the point.) The more you know about that “twenty percent,” the better you will become at focusing your entire operation—buying, displays, advertising, special events, etc.—on your “Best Customer” and her preferences. read more ...
Most specialty retailers are quick to claim that they provide outstanding customer service. Indeed, for many shoppers, customer service is what sets apart the specialty retailer from the big-box stores or discounters. But think for a moment about the person on the receiving end of this “good customer service”. Yes, we mean your shopper. What constitutes “good customer service” for her? And would each customer have the same answer? Really? read more ...
“I know half my advertising budget is wasted. I just don’t know which half.” — John Wannamaker, Department Store Magnate
Retailers of every size and stripe share Wannamaker’s frustration. Because some retailers don’t understand advertising, they try a variety of advertising approaches throughout their business lives. One is simply to refuse to play the game. Those people quickly become former retailers. read more ...
We’re told that the Chinese symbol for chaos is the same as the symbol for opportunity. If so, it’s an appropriate symbol for retailing. The more flexible you are and the more your operation delivers the "value" that today's customers seek (hint: it's not just low price anymore!), the more likely you will be counting yourself and your operation among the success stories of tomorrow. read more ...
Your Bookkeeper Quit?
No retailer really wants to pay for bookkeeping or accounting. But it's necessary for two reasons: (1) to accurately satisfy the I.R.S.; (2) to accurately show where the business has been and where it is now. This second reason is essential for what REALLY matters: doing better in the future! The ROI has developed The Screening Test for Retail Bookkeepers. As an ROI Member you may download a free copy of that test to use as you interview prospective bookkeepers.
Now. Learn Basic Retail Finance. At your own pace. 24/7.
Profits & Debt Management - Financial Statements - P&L's - Balance Sheets - Inventory Management (@Cost or @Retail) - Turnover - Buying Plan Budgets - GMROI - Cash Flow - pro formas - Ratio Analysis - Integrated Retail Financial Plans
The ROI's Online Seminar on Retail Finance Basics is an interactive, self-paced course. By retailers, for retailers. "All it takes is a little desire."
Includes interactive content, self-quizzes, printable worksheets, extra how-to articles by retail experts, and a special case study featuring Helen and Irving Surviving of The I. M. Surviving(?!) Company.
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