Since March 2, 2020, The ROI's Co-Founders have been offering insights, strategic approaches, and online resources for independent retailers affected by the COVID-19 crisis.
These appeared first in The ROI NEWS.
A few years ago, during a planning session in our office, we drew a quick diagram on a whiteboard. It showed three shapes.
Out of all of the potential things we could do, which ones truly warrant our time, energy, and resources?
That picture keeps coming to mind as the COVID-19 shutdown orders on retailers of "non-essential" goods are starting to be lifted.
No matter when your locale receives the "official" go-ahead, you must decide:
Look, your stores already are shut down. The costs of re-opening include not only the usual costs to staff the store and turn on the lights each day, but now you also must comply with social distancing and health monitoring for both employees and shoppers.
Plus, your employees may or may not be available, depending on their age, their health, their childcare needs, and their willingness to deal with the general public right now.
And what about your customers? How eager are they to spend right now on discretionary items? Especially those whose return to work is uncertain until the schools and childcare centers resume?
Meanwhile, as reported by Paul Wiseman of the Associated Press*, the economy could be headed for a dreaded W-shaped recovery.
Keep that picture in mind: What COULD we do? What SHOULD we do? What WILL we do!! And WHEN should we do it?
*Risk of reopening US economy too fast: A W-shaped recovery. Paul Wiseman, Associated Press. The Seattle Times, May 11, 2020.
That's a sign of the times, isn't it?
While retailers are more accustomed than most folks to cope with change, 2020's unrelenting flexibility tests have been a challenge. Forget about five years. Retailers have to be ready for the next five months! It's back-to-school and then Holiday.
The only certainty about the next five months is that they will probably feel like the past five months. Yet you still must run a retail business. And that means you still must buy and sell merchandise.
The opportunities – and the pressures – are mounting.
The COVID-19 pandemic has certainly gained the respect of the general public.
Surveys continue to show that, while folks are eager to be able to resume moving about, they do not expect to resume their pre-pandemic discretionary shopping and dining activities anytime soon. They are awaiting effective treatments or, even better, a vaccine.
Main Street restauranteurs and retailers understand that, according to survey results reported April 27.* In fact, these owners anticipate it could take another eight months – that is, most of the year – for consumer demand to reach the so-called "New Normal."
YOUR GOAL: QUICKLY GET TO A FIRST DRAFT.
Face it. Sales are dropping. By how much? For how long? Nobody knows for sure.
But, you can make some assumptions, some educated guesses. Put those into the 3-in-1 Cash Flow Calculator.
These totally volatile times cause a lot of opinions and fears to be swirling around. Seeing "what if...?" can be very helpful.
All in just minutes. On your own.
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.
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!
Since Labor Day in the US is the first Monday in September, this year it happens as late as possible. Labor Day will not be celebrated until next Monday, September 7.
Most years, most folks would be perfectly happy to have August stretched out even longer. Ahh, those lazy, hazy, crazy days of summer, right?
And so, meanwhile, we regard Consumer Confidence as THE key indicator of consumer spending. Just last week, the Conference Board reported that Consumer confidence is at a six year low*. Ouch!
But, was that a surprise to retailers? Not really. Most retailers are well along in coping with these challenges.
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"