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Patricia M. Johnson & Richard F. Outcalt
Retail Strategists and Retail Turnaround Experts
Co-Founders, The Retail Owners Institute® • Business Strata:G®
Just in; published last month. The best financial data available! Annual Statement Studies from Risk Management Association for all NAICS industries.
The ROI’s Key Retail Benchmarks Charts are one of the most-used resources of The ROI. And for good reasons!
Presented visually, these compelling five year trend charts reveal how stores in each retail vertical are trending on key financial indicators: profitability; inventory productivity; financial strength.
As you compare your results to these industry results, you can quickly identify areas of strength as well as opportunities for improvement. (Or in other words, you can be your own consultant!)
Or, contact us and we’ll show you how to use the Benchmarks and improve your operation going forward.
As you ponder 2024 and look ahead to 2025, now’s the time to take advantage of this resource. We’re here to help.
And yes, The ROI continues to provide these unique and proprietary Benchmark Charts for free.
Tips • Tactics • Strategic Insights • Commentary
FYI, each week's From The Co-Founders commentary is posted on The ROI site: Perspectives: The Co-Founders.
These short but pithy musings are all very quick reads. You know, retailer-friendly!
Available online, 24/7, free for all. ➡️
Take advantage of the Retail Benchmarks Resource Center (also free.)
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And with Member Access, you can have it all: every calculator, every guide, every webinar—on-demand, whenever you need them. Our tools are built for busy retailers, offering insights fast without the complex accounting jargon.
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The savvy retailers know that now is the time to be putting the finishing touches on being ready for – wait for it – December 26!
This unique time period between December 26 and January 10th is a tremendous make-or-break opportunity. Indeed, many retailers find they net more from this time than any earlier stretch of 15 days!
First, the many opportunities to reduce expenses "back to normal." Less advertising cost. Less staff. Fewer hours.
Second, those people using Gift Certificates, making returns or exchanges are potential new customers. Likely, many of them haven't been in your store before. A great opportunity!
And third, the opportunity to clear out seasonal merchandise, generate cash, and move on to the New Year.
So, make your list and check it twice. Here's how to be sure to be ready.
Adjust your staffing and advertising schedules, so you are sure to realize the expense savings.
Set those special merchandise markdowns, in readiness for those After-Christmas Price Hounds. Make the savings significant.
Renew the emphasis on capturing customers' email addresses.
Provide special incentives to bring the customers back. Liberally give out coupons - bag stuffers! - such as "15% off February Purchases."
Three More "Readiness Reminders"
Before you lock the doors at closing time on Christmas Eve, be certain you have taken care of these 3 key things:
Change the music sound track! No more jingle all the way. Have some fresh, appealing and upbeat music to greet your shoppers on the 26th.
Be sure the replacement displays are staged and ready to quickly be put in place before you open on Thursday morning.
As soon as you can, get that new, full-margin merchandise out for this traffic to scoop up. And they will!
And one more key reminder:
Somehow, some way, you and your senior staff must be sure to express your appreciation – convincingly – to each of your front-line people. Their commitment and attitude is everything.
There's still time to turn "Ho Ho Hum" into "HO! HO! HO!!"
"It's not how you start; it's how you finish!" The post-Christmas time may determine the overall outcome of your entire 2024 Holiday Season!
Be ready. Make it very merry and bright!
You've seen them, right? You may be using one yourself.
The typical accounting package that lists expenses in alphabetical order.
Advertising, then Auto Expenses, then Bank Charges, and so on.
Lines and lines of separate expense items, all detailed to the penny.
And built to satisfy the taxing authorities.
How useful is that to retail management?!
Actually, there is an easy way for busy retailers to turn all that line-item data into useful management information. And maybe find those profits that have been hiding in plain sight!
Here’s how you can make sense of all that data: organize the individual expenses on your P&L into 5 "buckets" (categories) of expenses.
That simple step transforms all that accounting data into management information.
At The ROI, we have streamlined this process with the “Bucketizer” (also known as the PROFIT Finder.)
And, we have put the Bucketizer online, where you can use it for free.
Go here for more info about expense "buckets."
Then, go here to use the Bucketizer for yourself. (Be sure to watch the short 5 minute video on that page that shows how easy it is to use.)
Plus, with this Big Picture perspective, you’ll be ready to immediately take full advantage of The ROI’s invaluable projecting calculators as we head into 2025.
FREE Access • Webinar Of The Week
Most specialty retailers pride themselves on their excellent "customer service." So why not make it a competitive edge for you and your stores?
In this lively and timely Webinar of the Week, Pat Johnson and Dick Outcalt, Co-Founders of The Retail Owners Institute, present the new strategic perspective that owner's must have.
The Co-Founders show how any store – no matter the sales volume, price points, or merchandise – can magnify their own "special" competitive edge.
First, they review technology's impact on retail and "customer service."
Then, they explain how to create an internal training program that sharpens and maintains your competitive edge
And finally, of course, how to evaluate whether it's working!
This fast-paced and inspiring session is packed with (free) consulting insights and tips. Be sure that you (and your key staff people) take advantage and gain these insights.
Your customers will be very grateful!
See how sales are trending for retailers in your vertical. Perspective is good!
The Retail Owners Institute® empowers you to make informed financial decisions for your store without hiring expensive consultants.
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The Retail Owners Institute® has been empowering retailers since 1999 to "Turn on their financial headlights!" Our tools and resources are trusted by thousands of store owners to help grow profitable, resilient businesses.