As the second quarter of the year begins, many of us are experiencing what that fellow in the cartoon is feeling. We are not where we expected to be (and maybe not even where we thought we were!) Ahh yes, yet another flexibility test. The first quarter of 2022 was full of some major events, nationally and internationally, that disrupted many plans. As you contemplate where you are now, compared to where you thought you were, and especially, where you intended to be, don't despair! Even more important, just like you do with the GPS system in your car, disregard"returning to the prescribed route."
This is retail, after all. Change is the name of the game! It's simply time to do what retailers do. It's time to recalibrate, make some adjustments, reset our sights a little bit. Here's how to do it, in three steps, in "retail time." First, get your bearings on where you are now. For real. Setting aside what you hear on the news, how are your shoppers reacting?
Next, reconfirm your intended destination.
Finally, map out a new route for getting to that destination. If you think that sales may come in different than originally expected, now's the time to consider what adjustments may be needed in order to still reach your other goals.
Ahh, the power of perspective! This three step process of recalibration need not be time-consuming. Of course, you may have your own approach to getting back on the right road. Great. Whatever works for you. And soon, you will be hearing that soothing GPS voice, reassuring you that"you are on the best route" for your destination. Safe travels!
Ahh yes, yet another flexibility test. The first quarter of 2023 was full of some major events, nationally and internationally, that disrupted many business plans. As you contemplate where you are now with your retail operation, compared to where you intended to be, don't despair! Even more important, just like you do with the GPS system in your car, disregard "returning to the prescribed route." This is retail, after all. Change is the name of the game!
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.
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!
There's a very important annual job for you, the owner, and all of your senior staff. It's vital, and it involves your presence. The pressures are mounting on your stores, and in particular, your front line staff.
This is, after all, The Retail OWNERS Institute. We long have specialized in alerting, coaxing, and applauding retail owners worldwide. Today's message is a major heads-up. Keeping pace with the relentless changes in retailing has never been easy. Retailers know that constant adjustments are demanded. Then, the three pandemics of 2020 happened: COVID; the economic meltdown; the social unrest. And life changed modestly or enormously for almost everyone, including owners of retail businesses.
What is the definition of "value" for customers? Pretty straightforward, actually.
Wait. What? "Benefits received?" "Burdens endured?" Turns out, the only single answer to "What is value?" is, "It depends." Don't just roll your eyes. What constitutes value for your customers increasingly is a make-or-break part of retailing.
Incredible value! 👀
Start NOW!