This document outlines the top 10 common retail business fails and fixes according to Debra Templar, a leading Australian retail expert. The fails include rushing to cut the marketing budget, being blind to customers, being scared of financial reports, ignoring professional advice, being undercapitalized, paying oneself an inappropriate salary, being unaware of competitors, misjudging real rent costs, buying inventory customers do not like, and forgetting to think like a customer. The corresponding fixes provide targeted advice on focusing marketing efforts, engaging with customers, staying financially aware, networking, proper startup capitalization, determining a fair salary, researching competitors, carefully reviewing leases, stocking preferred inventory, and prioritizing the customer perspective. The overall message is that

1. The Top 10 #fails & #fixes for retailersDebra Templar: Retail Check ups, Tune Ups & Makeovers....It’s in the bag!

2. 1 #FailRushing to cut the marketing budget

3. #fix 1Focus on 1 to 1Email or social media marketingMinimal costs but strong resultsBe strictly targeted – no wastageMonitor return on investment

4. 2 #FailBeing blind to your customers

5. #fix 2 Mingle

6. Customers WANT to see the boss

7. Visible presence in your store = learning what your customers do and don't like AND why

8. Demonstrates to customers that you do like themBeing scared of the books3 #Fail

9. #fix 3Stay plugged in so you know:How much inventory does my business have?Is my business profitable?What is my cash flow situation?What are my business's percentages for rent, advertising, payroll & cost of goods sold in relationship to sales?What is my business's stock to sales ratio?

10. 4 #FailTuning out professional advice, networks, help....

11. #fix 4Participate & attend seminars/workshopsA single idea can turn a business aroundNetworking takes place before and after seminarsCommon subjects to talk about: speaker and the topic at handLike-minded people wanting to learn and share information

12. Being under capitalisedunder5 #Fail

13. #fix 5Don’t be un-armed!New business: How long will it take for your business to show a profit?Plan for bad times.."What would happen to my business if....?“How long to build a critical mass of customers?Ensure you have enough money to weather the storms.

14. Salary6 #FailToo smallToo big

15. #fix 6How much to pay yourself?: How much would it cost to employ someone to do your job - pay yourself that amount.Be realistic about costs, salaries and profit.Fair salary - not too high and definitely not too low

16. 7 #FailBeing in the dark about competitors

17. #fix 7Visit competing businesses & outside of your industryGet ideas about merchandiseCan you tell what's selling & what's hanging around?Check prices and pricing policiesCheck general store policiesWhat are others doing to WOW customers?Why do customers keep coming back?Go outside your own industry...

18. Misjudging your real rent costs8 #Fail

19. #fix 8Read your lease CAREFULLY before signing it and don’t forget what it sayMake sure you understand all ‘hidden’ charges ie: upkeep on common areas, building maintenance charges, refurbishment timelinesIf you are not sure – have an independent professional look over it for you

20. Buying what you like, even though your customers don’t...9 #Fail

21. #fix 9Build your business with merchandise you really like and believe in...As long as you find customers with tastes similar to yours - and that often takes time.Or locate your business in an area with customers who like what you like.

22. 10 #FailForgetting to think like a customer