PERSPECTIVES

Related Articles

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  What's between your ears? Opportunities!

  Since we first established The Retail OWNERS Institute^®, we have asserted that the greatest growth opportunity in retailing is between the ears of the owners. And nothing since then – not even (or maybe especially!) –  a once-in-a-century pandemic has diminished our belief. 
  
  Independent retailers and restauranteurs have been among the first business owners to pivot to a survival mode. Why? Because they have had plenty of practice! 

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  What's the Score? Measure Your Financial Strength

  By now, you have your year-end financials for 2021. Remember, it always comes with a Balance Sheet!
  
  Whether sales are up, down, or sideways, the financial strength – and staying power – of every business is shown on its Balance Sheet. And revealed by its Balance Sheet ratios.
   

• Who's Buying What's Selling, And Where?!

  It's a given that your sales volume is a very big deal. Granted, you are analyzing it every day. But here's a slightly different approach which you may find very revealing.
  
  Let's start with a couple truisms. The definition of retailing is “selling to the ultimate consumer.” 
  
  Retailing also is having "the right product at the right price at the right place at the right time for the right customer."
  
  But, as retailers ponder how best to manage sales in the current consumer environment, does it really matter whether their "right customers" buy from them in-store or online? 
  
  Actually, it might! And here’s a simple, free "pilot project" to find out a little more.

  

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  Enough already with the "Covid Fatigue"

  Have you noticed? "Covid fatigue" has been spreading lately. It seems to be almost as contagious as the virus itself. Ugh!
  
  And small wonder. Even as parts of the economy strive to re-open, they only remind us of how different everything is.

  • Major League Baseball played in stadiums of cardboard cutouts of fans. The U.S. Open Golf Tournament with no spectators. Professional basketball teams in "the bubble" at Disney World. 
  • And some colleges preparing to resume fall classes have been described as "a cross between a seminary and a minimum-security prison."

  Meanwhile, the U.S. Congress cannot agree on what should be done next. A nasty election campaign season looms. Protests are still happening in many locations. 
  
  Remember this: all these things that contribute to our Covid fatigue, what we have called the "Pandemic Trifecta of 2020" – the virus, the economic meltdown, the national protests – all of these are uncontrollables. We all are victims of all three pandemics. 
  
  But, you CAN control what you choose to do with your business going forward. Will you choose Door A, Door B or Door C? 
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  "The envelope, please"

  Here we are, in the first week of December, in this tumultuous pandemic year of 2020.
  
  Maybe more than ever, you need to have a grip on your cash flow! What will you cash flow look like during December, January and February?
  
  Since you must be able to make informed decisions about your business, every day, an up-to-date cash flow calculation is essential. Remember, profits are interesting, but it's cash flow that's significant!
  
  Cash flow doesn't have to be fancy. In fact, what most owners need is just to have the basics on the back of an envelope. The savvy ones always have that with them.

• Owners: Has Your Renaissance Begun?

  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.