From the Co-Founders of The Retail Owners Institute.Tips | Tactics | Insights on the Business of Retailing.
You may be one of the many retail owners who share our vision of "Making money. Having fun. Doing good!"
But today, that trifecta is even more dependent on that first step: your business making money!
When it's not making money, there is very little fun to be had.
And the "Doing Good" part can sure be constrained.
As you look back on 2017, you can recognize that lots of people made lots of money from your retail operation. For instance, consider:
• Your vendors
• Your landlords
• Your employees
• Your lenders
• Your IT, POS, and other technology providers
• Your insurance companies
• Your phone and internet services
• Your maintenance & cleaning services
• Your heating, air conditioning, lights, water, other utilities
• Your freight and shipping
• Etcetera. Etcetera. Etcetera
Each of these folks fared pretty well from your business, didn't they?
But, who did not make more money from your retail business? Sadly, that often is the business itself. Despite all the money that came into the business, too often very little of it actually sticks.
Well, that is exactly why The Retail OWNERS Institute has been built!
All of our tools and resources have been developed to empower the owners of independent retail businesses to make the business work for them, too. Everything on The ROI site contributes to that goal.
Now more than ever, take advantage of The ROI (and spread the word to other owners.)
Make 2018 the year to actually make money from your stores! You've got other important work to do: Having Fun and Doing Good!
And our very best Happy New Year wishes to you. Let's make 2018 a stellar New Year!
• Those who make things happen
• Those who watch things happen
• Those who say, "Umm, what happened?"
Increasingly, it looks to us as if the 2018 Holiday Season is going to be one where most retailers will be saying, "Umm, what happened?!?"
The National Retail Federation sponsored a survey in early May of retail small business owners across the country (those that meet the SBA definitions for employee size and revenue.) Contrary to the doom-and-gloom of the "Retail Armageddon" stories, this survey confirmed that retail owners are optimistic and looking to expand.
Few believe their business will be in worse shape in 12 months;
Nearly half expect revenues to increase;
Many have goals for expansion or implementation of new technologies.
Instead, it pertains to the bond markets. It is the difference between interest rates on short-term and long-term government bonds. When long-term interest rates fall below short-term interest rates, the yield curve becomes inverted.
Here is why that matters: According to research by the San Francisco Fed, "Every recession of the past 60 years has been preceded by an inverted yield curve."
As we often discuss, retailing is a very dynamic industry, constantly changing and evolving. To be successful, retailers must pass frequent flexibility tests. So we paid particular attention to this recent headline in the New York Times*: "The freshest ideas are in small grocery stores."
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.
You know them all, right?
Warby Parker, eyewear; Everlane, apparel and accessories; Casper, mattresses; Harry’s, razors; Untuckit, button-down shirts; Allbirds, tennis shoes; Boll and Branch, bedding.
All began online-only, then started to open brick-and-mortar locations. Now, they are coveted tenants by the malls.
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!"