Fails & Fixes For Retailers

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10 common retail store failures and 10 solutions.

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  • Retail businesses have two basic variable costs:  payroll and advertisingTemptation is to cut marketing hen times tightenSales will slowly start to fall.Invisibility
  • Don’t underestimate value of connecting with customers
  • Don’t delegate financial mattersIf you don’t know the problem, how can you fix it?
  • Get out and smell the roses. You can’t possible keep up with everything that is going on from inside the four walls of your shop or online late at night.
  • Shopping at other stores gives you info to guide future business decisions
  • And Not just rent - stack of extra chargesupkeep of common areas, building maintenance, charges, taxes.
  • Fails & Fixes For Retailers

    1. 1. The Top 10 #fails & #fixes for retailers<br />Debra Templar: Retail Check ups, Tune Ups & Makeovers....It’s in the bag! <br />
    2. 2. 1 #Fail<br />Rushing to cut the marketing budget<br />
    3. 3. #fix 1<br />Focus on 1 to 1<br />Email or social media marketing<br />Minimal costs but strong results<br />Be strictly targeted – no wastage<br />Monitor return on investment<br />
    4. 4. 2 #Fail<br />Being blind to your customers<br />
    5. 5. #fix 2<br /><ul><li> Mingle
    6. 6. Customers WANT to see the boss
    7. 7. Visible presence in your store = learning what your customers do and don't like AND why
    8. 8. Demonstrates to customers that you do like them</li></li></ul><li>Being scared of the books<br />3 #Fail<br />
    9. 9. #fix 3<br />Stay plugged in so you know:<br />How much inventory does my business have?<br />Is my business profitable?<br />What is my cash flow situation?<br />What are my business&apos;s percentages for rent, advertising, payroll & cost of goods sold in relationship to sales?<br />What is my business&apos;s stock to sales ratio?<br />
    10. 10. 4 #Fail<br />Tuning out professional advice, networks, help....<br />
    11. 11. #fix 4<br />Participate & attend seminars/workshops<br />A single idea can turn a business around<br />Networking takes place before and after seminars<br />Common subjects to talk about:  speaker and the topic at hand<br />Like-minded people wanting to learn and share information<br />
    12. 12. Being under capitalised<br />under<br />5 #Fail<br />
    13. 13. #fix 5<br />Don’t be un-armed!<br />New business: How long will it take for your business to show a profit?<br />Plan for bad times..&quot;What would happen to my business if....?“<br />How long to build a critical mass of customers?<br />Ensure you have enough money to weather the storms.<br />
    14. 14. Salary<br />6 #Fail<br />Too small<br />Too big<br />
    15. 15. #fix 6<br />How much to pay yourself?:  How much would it cost to employ someone to do your job - pay yourself that amount.<br />Be realistic about costs, salaries and profit.<br />Fair salary - not too high and definitely not too low<br />
    16. 16. 7 #Fail<br />Being in the dark about competitors<br />
    17. 17. #fix 7<br />Visit competing businesses & outside of your industry<br />Get ideas about merchandise<br />Can you tell what&apos;s selling & what&apos;s hanging around?<br />Check prices and pricing policies<br />Check general store policies<br />What are others doing to WOW customers?<br />Why do customers keep coming back?<br />Go outside your own industry...<br />
    18. 18. Misjudging your real rent costs<br />8 #Fail<br />
    19. 19. #fix 8<br />Read your lease CAREFULLY before signing it and don’t forget what it say<br />Make sure you understand all ‘hidden’ charges ie: upkeep on common areas, building maintenance charges, refurbishment timelines<br />If you are not sure – have an independent professional look over it for you<br />
    20. 20. Buying what you like, even though your customers don’t...<br />9 #Fail<br />
    21. 21. #fix 9<br />Build your business with merchandise you really like and believe in...<br />As long as you find customers with tastes similar to yours - and that often takes time.<br />Or locate your business in an area with customers who like what you like.<br />
    22. 22. 10 #Fail<br />Forgetting to think like a customer<br />
    23. 23. #fix 10<br />If you consciously think like your customers would, you can anticipate or correct problems.<br />Understand customer&apos;s motivation<br />If you don’t know – ask<br />
    24. 24. One of Australia’s leading retailing experts, Debra Templar just hates bad customer service and stupid business practices. So… she’s on a mission to change them – one slideshow, presentation, book, or training session at a time:<br />&quot;I don&apos;t just want to improve how we do business for the customer’s sake but also that we, as business owners, sell more stuff, make lots more profit, and love our businesses back to life!“<br />E:   debra@thetemplargroup.com.auMobile: 0417 532383<br />www.thetemplargroup.com.au<br />www.twitter.com/DebraTemplar<br />Pic Credits: http://www.personalloansmadeeasy.co.uk/loans-uk-info/monopoly-house.jpgwww.dreamstime.com.au & Running with Scissors.<br />

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