People don't go into retailing to be financiers.
- They love the merchandise they sell. Or they love the people who buy the merchandise. (Think book stores, sporting goods stores, gift shops, etc.)
- Others love the "theater", the excitement of retailing.
- Still others want to be their own boss.
All good reasons. But – they are not enough for success.
Here's the issue: the #1 cause of retail failures is financial.
Where are independent retailers getting help with financial issues now? Sadly, they are turning to...
- their POS providers
- their vendors, wholesalers, online marketplaces
- inventory management consulting services
- "retail universities” developed by buying groups, trade associations, trade show organizations, major vendors, etc
- online bookkeeping or accounting services
- payment processors
- fintech companies
- "the internet"
And much of that financial "information" is either error-prone or complex and arduous; usually expensive; and often accompanied by a conflict of interest.
Retailers deserve better!
Exactly why The Retail Owners Institute has been built!