Retail Owners are Their Own Worst Enemy
Smaller Retailers fail for many reasons. The most common reason is the owner's themselves. It may not be a lack of knowledge, but rather being stubborn and doing business a particular way.
Plano, TX, February 02, 2007 --(PR.com)-- Many small retailers have seen their profits declining since 9/11. Retail owners were affected by the economic sluggishness caused by the tragic events. These struggles stemmed mainly from the severe downturns in travel and tourism.
According to Jerry Robertson, Author, ‘Shocking Truth to Small Retail Success” many obstacles are not caused by the competition, but by the owner themselves.
Here are three business obstacles to retail success:
"Not Aggressive with old Inventory- Inventory either makes you money or costs you money. Old inventory should be sold to create cash flow plus to clear space for good selling products. Too many owners think short-term and will not sell an item below cost. Old inventory is better liquidated at 75% off, instead of sitting on your shelf or stockroom. The cash can be used to purchase good inventory, which can more than make up for the loss of the old item. I have seen many retail stores continue to suffer, because the owner will not take the necessary markdowns for his business.
"Fear of Failure- Every business that tries different things will have some failures. The key is to learn from these failures to help you in the future. Too many owners just think the following. I tried something different and it did not work. Every successful person and business has failures, but they did not let it stop them from reaching their goals.
"Poor Ad Merchandise or Pricing- Owners love to run sales for products that do not sell or have poor prices for better selling items. The purpose of the ad is to get customers into your store to buy products. Selling a good item at 1/2 off regular retail will result in more sales and profits for your store than selling poor merchandise at 75% off regular retail. Many customers coming into your store for ad items will purchase other products at full price."
You can subscribe to the free monthly retail newsletter: “Jrob Retail Tips” at
http://www.jrobconsult.com
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According to Jerry Robertson, Author, ‘Shocking Truth to Small Retail Success” many obstacles are not caused by the competition, but by the owner themselves.
Here are three business obstacles to retail success:
"Not Aggressive with old Inventory- Inventory either makes you money or costs you money. Old inventory should be sold to create cash flow plus to clear space for good selling products. Too many owners think short-term and will not sell an item below cost. Old inventory is better liquidated at 75% off, instead of sitting on your shelf or stockroom. The cash can be used to purchase good inventory, which can more than make up for the loss of the old item. I have seen many retail stores continue to suffer, because the owner will not take the necessary markdowns for his business.
"Fear of Failure- Every business that tries different things will have some failures. The key is to learn from these failures to help you in the future. Too many owners just think the following. I tried something different and it did not work. Every successful person and business has failures, but they did not let it stop them from reaching their goals.
"Poor Ad Merchandise or Pricing- Owners love to run sales for products that do not sell or have poor prices for better selling items. The purpose of the ad is to get customers into your store to buy products. Selling a good item at 1/2 off regular retail will result in more sales and profits for your store than selling poor merchandise at 75% off regular retail. Many customers coming into your store for ad items will purchase other products at full price."
You can subscribe to the free monthly retail newsletter: “Jrob Retail Tips” at
http://www.jrobconsult.com
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Contact
Jrob Consulting LLC
Jerry Robertson
469-867-3317
http://www.jrobconsult.com
Jerry Robertson
469-867-3317
http://www.jrobconsult.com
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