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Time to Focus on Your Most Profitable Customer
Most retailers are facing difficult choices in 2010: where and how to cut back. Many have no choice but to cut expenses, cut inventory, go out of categories, or even close stores.
The challenge: how best to choose? What to cut, and what to keep?
At The ROI, we believe these tough owner choices can be guided by knowing just who is your best - that is, your most profitable - customer. This economic climate offers a great opportunity for you to do to your customers what they have done to you for years...shop around for them! Be very selective. You must lose the ones that are not good for you.
Remember, the retailers who will continue to survive in 2010 and beyond are those not with the most profitable locations or merchandise, but the most profitable customers.
Read Love Your Best (Most Profitable) Customer. Let The ROI help you discover how quickly you can get the facts for yourself. And it may cost you nothing extra! Indeed, with today's POS systems, you may already have the data available to you. What better time to turn that data into strategic management information you actually can use to help your business survive?!
If you are like many retailers, you probably haven’t put together a comprehensive business plan since you first went into business (if you did it then!). But a carefully thought-out plan is essential to the success of your retail business. Owners and managers who plan ahead invariably achieve more than those who don’t take the time to draw up forecasts and set realistic goals for their stores. read more ...
The first principle of retail selling is...it's a sales job! It’s not a good idea to hire timid, unsure people who avoid the inevitable confrontations that selling entails. On the other hand, if you hold out for natural salespeople, you are going to be chronically understaffed. So what do you do? You select the people with the most potential and give them the tools needed to be successful. read more ...
Now. Learn Basic Retail Finance. At your own pace. 24/7.
Profits & Debt Management - Financial Statements - P&L's - Balance Sheets - Inventory Management (@Cost or @Retail) - Turnover - Buying Plan Budgets - GMROI - Cash Flow - pro formas - Ratio Analysis - Integrated Retail Financial Plans
The ROI's Online Seminar on Retail Finance Basics is an interactive, self-paced course. By retailers, for retailers. "All it takes is a little desire."
Includes interactive content, self-quizzes, printable worksheets, extra how-to articles by retail experts, and a special case study featuring Helen and Irving Surviving of The I. M. Surviving(?!) Company.
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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.
Retail Owners... Need a New Strategy? Customized • Timely • Objective (more info...)