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Retailers! For each of these eight "vital signs" in your business, which stage might you be in today? Hopefully, none!
How many Stage Ones did you count? Stage Twos? Any Stage Threes? Remember, most retail businesses are in some aspect of Stage One at any given time.
Savvy retailers are constantly checking which stage they are in - and adjusting! The sooner you recognize the condition you are in, the more effective - and less drastic - your adjustments will need to be.
Last year was a relatively strong year for retailers. And yet, in the United States, about 11 retailers failed each hour, every day, 24/7/365! Why? Interest rates, discounters, location, competition, a slowdown in the economy - these are the usual reasons for the failure of retailer after retailer.
But we at The ROI disagree. Failures in the retailing industry are not to be blamed on outside, uncontrollable influences. Instead - sad to say - many retailers fail because of their own mis-management. They fail to make the necessary adjustments to assure the survival of their own business. read more ...
In good times, inventory turnover is important; in bad times, it is critical. Higher turns mean that fresh, new merchandise will represent a greater proportion of your total merchandise (something customers love!). And it will reduce your dependence on borrowed money by trimming down inventory.
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Six Essential Steps You Can Use to Turn Your Retail Business Around Having problems meeting your bank loan? You’re not alone. Even the superstars of retailing seem to be having troubles these days. And they have enough assets to make your head spin.
Now. Learn Basic Retail Finance. At your own pace. 24/7.
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No retailer really wants to pay for bookkeeping or accounting. But it's necessary for two reasons: (1) to accurately satisfy the I.R.S.; (2) to accurately show where the business has been and where it is now. This second reason is essential for what REALLY matters: doing better in the future! The ROI has developed The Screening Test for Retail Bookkeepers. As an ROI Member you may download a free copy of that test to use as you interview prospective bookkeepers. For more information, see The ROI's "Bookkeeping Articles."