You may be one of the many retail owners who share our vision of why to own your own business: “Making money. Having fun. Doing good.”
You see, we believe that Owners do not have to choose just one goal for defining "success" in their business. Goals do not have to be mutually exclusive; they can converge. Just like in a Venn diagram.
Here's a fun exercise. Make your own Venn diagram for your own business. Start now to make that convergence come to life.
Don't like the three goals we've identified? No problem. Just pick some goals that matter to you.
Step #1: Start with where you are right now:
Step #2: Do another Venn diagram for where you want to be.
Nice to be able to see all of this as a picture, isn't it?
Now that you have that picture, the big question: what will it take to get that overlap to happen?
Well, that is exactly why The Retail OWNERS Institute and its unique OWNERS Center have been built!
Start now. Take advantage of The ROI to make this the year to make the business really work for you.
Meanwhile, we will continue to work on getting our Venn diagram to overlap. Hitting the trifecta is not easy, but is a worthwhile pursuit!
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!
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.
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.
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.
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.
Still less than $1 a day! 👀