Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"


 

Tips | Tactics | Insights from The Retail Owners Institute®
Tips| Tactics | Insights from The Retail Owners Institute® • RetailOwner.com
Monday, January 15, 2018

From The Co-Founders

Is your business missing the point?


It's that time of year when all the talk is about all that's new and different for retailers. As the trade show season gets into full swing, there is no shortage of reminders of all the elements you need for your business to "keep up". 
  • From technology to customer expectations, competitors, vendors, landlords, employees, Amazon, payment systems,  Alexa and Siri, taxes, legal, etcetera, etc, etc.
We get it. Keeping pace with the relentless changes in retailing is not easy. Retailers know it demands constant adjustments.

But how well is your business keeping pace with your personal goals and ambitions? 
  • Remember, the point of owning your own business is to make the business work for you!
  • How are you doing so far?
Think about your personal life right now. How has it changed since you started your business?  
  • Your lifestage responsibilities: spouse, young children, aging parents, adult children.
  • Your health (and your family's health).
  • Your tolerance for financial risk.
  • Your zeal for the business.
These are real-life issues. As they change, so do their demands on your time, energy, resources.

And that means your business plans and choices should change to better reflect and serve these current needs.

It's 2018. Time to get your business focused once again on reflecting those realities. And working for you!

So, how much profit in 2018?

Looks like sales will be up in 2018.
Margins should hold up.
We're managing to keep expenses in line.
That means we are sure to have a profit, right?!?!

See how any retailer, anywhere, on their own, can answer that. In advance.

And if a loss is looming, you can know that well in advance, when there's time to make needed adjustments. (Why work that hard all year long only to have a loss?)

Find out this and more in this lively TOPICAL TUESDAYS Webinar of the Week with Pat Johnson & Dick Outcalt, Co-Founders of The Retail Owners Institute.

Be sure to take advantage of this empowering session. Put your business on track for a profitable year.
Free Access - Now thru Sunday

How are your sales trending?

December results are in, and The ROI's Retail Sales Trend Charts versus last year have been updated for each major retail sector.

Quickly see how your results compare to other retailers. Are your stores keeping pace?

Spoiler alert: 9 of 12 sectors were UP versus LY.
Compare Sales

Which way will your stores grow?

Did you know there are only four ways to grow a business? Not 40. Not 400. Just four.

Why does that matter? Well, Growth = Change = Stress. Even "good change" involves added stress.

All of your resources – financial capital and, especially, human capital – will be impacted.
Just like the phases that toddlers or adolescents go through, knowing which phase of growth you are in provides important perspective. 
  • Be better able to avoid surprises and handle the challenges that come with managing growth.
Go here on The ROI site to see more.
 
Which way to GROW?

Retail Business Insights

"Inventory Control Systems"
Expecting your Point of Sale system to control your inventory is like expecting your bathroom scale to control your weight.
 

What is The Retail Owners Institute?
Empowering!

Since 1999, enabling retailers worldwide to
"Turn on their financial headlights!"
 
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