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Periodically it’s more essential than normal for business owners to interrupt their routine and get a good look at their upcoming financial choices.
And this is one of those times!
Many very savvy people are quite concerned about the economy and consumer behavior right now.
High debt maturing in both the real estate and the public sectors.
The multiple international upheavals that continue to grow.
And, certainly, the impending changes at the Presidential and Congressional level in the U.S
These issues are joined by others to make NOW a very important time for business owners to look ahead financially…maybe weekly for a while.
The “big guys” call that "financial modeling."
We tend to call it “What-if-ing.”
But it’s the same thing. Time for owners to "Turn on your financial headlights!"
As you know, The ROI makes it easy for retailers to consider “What if…?” scenarios like these:
“How best to manage and control our assets?”
“How will changes in wages and benefits really impact us?”
“What about profits if…”
“How might tariffs affect my inventory? My pricing? My profits?”
“And, most importantly, will there always be enough cash???”
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Face the future with more confidence. “Turn on your financial headlights!”
There is much enthusiasm coming out of the buying trade shows, and why not? Attendance levels have been near to or better than 2019. Energy levels are high, and very contagious. A sense of urgency persists, due to past supply chain issues, emboldening the pressures from the vendors to "Buy now!" Especially in today's environment, FOMO - the Fear Of Missing Out – can be a compelling sales pitch. How to deal with this pressure, especially given all the headlines about a coming recession, or drops in consumer spending, or cautions about the need to control expenses, improve profits, maintain cash? Here are two tactics to help you manage this. One helps monitor and control "How much to buy?" The other helps decide "What to buy?"
Some retailers in this situation essentially freak out. But the pros, like you, know to keep asking questions. Before they decide what to do next to fix lagging sales, they want to know "Why?"
So, rather than guess the answer, here is a way to get to the numbers behind the numbers; to begin to know the "why" of your sales trends, whether they’re falling or rising.
All it takes is tapping into the data that's already in your POS system, and putting together a little summary tally sheet. The point is to get some key data together in one place so you can easily, quickly, and for free, compare and analyze your results.
Maybe you are aware of this. We sure are! Way too many retailers are just fumbling along, paying everybody else but not themselves. Worse yet, way too many retailers are failing, going bankrupt, even in these "good" times for the economy.
And when a retail business fails, it affects a host of people and entities. Not only do employees lose their jobs, and landlords lose a tenant, and suppliers lose a customer, and a community loses a retailer...the owner(s) oftentimes lose their house, car, savings, everything.
Failure is sickening.
No, Not About People This Time While we typically think of people as recipients of recognition – and we trust you already are doing that, right? – this is a different challenge. Ready? Here we go! Of your merchandise, which products are Award Winners?!
On April 5, the National Retail Federation, “the world’s largest retail trade association,” felt compelled to explain “Five Things To Know About Tariffs.”
Among the first things they explain is who actually pays the tariff.
“Tariffs are a tax on goods imported into the United States and are paid for by the U.S. importer.”
“When tariffs are enacted, retailers are forced to choose between raising their prices or relying on already slim profit margins to absorb the increased cost of inventory.”
“Many small retailers are indirect importers and rely on other companies to import the products that they sell. These indirect importers [that is, small retailers] have even less ability to shift their supply chains to mitigate tariff costs.”
This sums up pretty well the challenges retailers are living with. But...
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