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No, Not About People This Time While we typically think of people as recipients of recognition – and we trust you already are doing that, right? – this is a different challenge. Ready? Here we go! Of your merchandise, which products are Award Winners?!
Looking at your recent results, which of your products qualify for:
This is a fun way for Owners to take a new look at your store's performance.Take advantage of all the analysis your POS system can offer you. We are confident you will find some surprises!
Once you've reviewed your POS reports for products, take another look at them. Now, do the same analysis for your vendors. Really! There might be some real surprises there! Which vendors are "award winners" for your stores?
Again, the goal here is to do a review from a little different perspective. You WILL find some Award Winners! (And, some surprises!) What better time for them to get the recognition they deserve? And one more thought: Keep this list of award winners handy, and be sure to review it before you place any orders for next year! Hindsight for foresight, that's what the pros do.
Let's assume your stores have been closed for weeks now.
We recognize how conscientious you are. So, after paying what you can to your employees (and yourself), the next most-worrisome dilemma is your rent.
As you likely have discovered, a common choice for many landlords is to offer to defer your payments. But that means taking on more debt, as those payments are only being postponed to a later point in time. You need a better solution than that.
Each of us, our households, businesses and communities are in different stages of shutdown due to the coronavirus. While we cannot speak to when this will end, we do have some ideas for dealing with the "fog of uncertainty" that hangs over us all.
The Retail Owners Institute® makes it easy for you to get a quick financial health assessment of your own stores, as well as the retail industry, and every vertical within it. From farm stores to apparel stores, wine stores to tire dealers, gift shops to convenience stores; all 45 verticals. Here's how to get started.
Quite a picture, isn't it? Which ratios are trending up? Down? Any suggest some shaky times ahead? Any surprises? But most importantly, how will yours compare?
As your stores are able to re-open after the coronavirus shutdowns, how they look tells a powerful story. And for you, a great opportunity. This is no time to try to go back to normal, back to business-as-usual. Nor to simply have all kinds of protective shields in your store. While necessary, how welcoming is that? Instead, this actually IS a second chance to make a good first impression! Take full advantage!
Yes, we know. Owning a retail business these days is one flexibility test after another. And there are no one-size-fits-all solutions. In the United States, one of the most widespread impacts of the virus is uncertainty. With no end in sight. It is the virus that is in charge. As the president of Alaska Airlines noted, "We don't know what the future looks like."* But the fact remains, whomever is selling to the ultimate consumer has leverage. Might that be you?
There's little that any of us can do to address the public health crisis of the pandemic. Its impact on people and businesses is a widespread and major jolt, akin to the shocks of 9/11 and the 2008-09 economic meltdown. Even as painful and disruptive as the pandemic is at this moment, we must remind ourselves that it will subside. It's not whether it will subside, just when. But all of us are going to have to deal with the ensuing economic situation, and its effects on our sales, our customers, our employees. These are difficult times for us all. Retailing in particular is under enormous stress. Many feel like there are no good choices. But, there are good decisions. And The ROI is dedicated to helping you be able to make those good decisions for yourself.
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