From the Co-Founders of The Retail Owners Institute.Tips | Tactics | Insights on the Business of Retailing.
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.
Retailers know retailing demands constant adjustments. (In fact, for many folks, that's a large part of retailing's appeal.)
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. What changes have occurred since you started your business?
Your lifestage responsibilities: spouse, young children, aging parents, adult children.
Your health (and the health of your family members).
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 2018 realities. And working for you!
Used especially by large national chains, it applies technology to accept or reject attempted returns.
Have questions about your return being denied? The store employee directs you to contact the return authorization service.
Well, that's one way to handle returns, isn't it? And it may be very appropriate for large national chains that are particularly susceptible to fraud or so-called "returnaholics."
But for local retailers, return policies are one of the most complex management issues in retailing.
How important is it to have - and brag about - a “free and easy” return policy?
That is an issue that vexes many retailers.
Processing and handling returns can be costly and time-consuming.
But, there also are "costs" associated with more restrictive return policies.
A two-year study comparing return policies of two similar retailers offers some new insights.
We have a mental image of a wide-open plain with hundreds of prairie dogs, cautiously poking their heads above ground. Looking around, they slowly realize they can actually venture out into the world once again. And venture forth they do. One by one at first, then more and more. Enthusiastically. Energetically. Excitedly bounding about, encouraging others to share their sense of adventure and fun. And that’s what we imagine is next for independent retailers. Here’s why.
In 2004, Apple Computer was still climbing out of "beleaguered condition." Steve Jobs was the CEO, they released the first iPod Mini, and were just beginning the projects that would become the iPhone. And the company put Apple's "Rules for Success" on the back of employee badges. You don't even have to be beleaguered for these "Rules for Success" to resonate.
Consider:
In today’s seemingly chaotic retail environment, much is being said and written about the importance of good customer service. And there are many suggestions on how to do it. The Retail Owners Institute asks the question, “Good customer service? Of course. But, for which customer?” Consider, for example, how different lifestages can create much different expectations for “good service”.
Pat Johnson and Dick Outcalt, The Co-Founders of The Retail Owners Institute®, have been called "The Zen masters of retail finance!" Since 1999, they have been assembling their proprietary content into a unique self-help website. The Retail Owners Institute is an unmatched resource that assists retailers worldwide with basic financial training, assistance and easy-to-use tools. Their engaging and empowering how-to resources about the financial levers in retailing are informative, fun(!), and retailer-friendly. Their promise: "Everyone will 'get it'!" Pat and Dick are recognized experts in strategic retailing. Working only as a team – Outcalt & Johnson: Retail Strategists, LLC – they have been consulting, publishing, and speaking professionally throughout North America since 1990. They focus exclusively on retail, or wherever retail is involved. They work with CEOs, CFOs, boards and owners of retail operations, as well as manufacturers or wholesalers expanding into retail. And they also are Retail Turnaround Experts.
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"