Retailer Advisory Services

Guess what! It’s easy to have the lowest price. Simply lower your prices and join the party already in progress; hand-in-hand with all the other retailers advertising the same low prices. Be the latest and greatest to have "everyday value pricing" or more simply, "value pricing". You could give "deep discounts", "steep discounts" or "ridiculous discounts!" How about "10% case pricing"? You can also have "anniversary sales, wacky sales, closeout sales, 4th or July sales and sidewalk sales". Back in my days as a retailer, we had yearly "catalog sales and warehouse sales", all kinds of sales. It never seemed to end!

 

Sales and prices are not a point of differentiation because these methods can be copied by anybody. Consumers have become accustomed to great prices and other amenities. You know it and I know it, but please don’t misunderstand. I’m not saying that promoting price isn’t important; but that there should be more to the mix. Like great service.

 

Service, in my view, is a wonderful point of differentiation, and one that takes solid management and leaders who are able to engage their people and know what to look for in hiring and retaining productive people. Managers that expect accountability and make the best use of meetings and employee encounters and experienced leaders that motivate and aren’t afraid to have difficult conversations.

Financial statement analysis, the process of identifying financial strengths and weaknesses, can properly establish a relationship between the items of the balance sheet and the profit and loss statement to help an operator get a handle on his or her business. Some of the tools used are comparative statements, schedule of changes in working capital, funds analysis, trend analysis, and ratios analysis. By using these tools, an operator can get a good view of the company’s health and welfare.

 

To be sure, some financial statements are prepared to meet external reporting obligations, but this information is also vital for decision-making purposes and for setting the framework for coordinated managerial decisions. Clearly, the information provided in the financial statements is not an end in itself, as meaningful conclusions shouldn’t be drawn solely from statements alone, but the information provided can be (and should be) of immense use in making solid financial decisions.

Knowing what it takes to develop, launch and profitably operate a retail concept is no easy task. True success goes beyond just research and design, but in understanding a store’s strategy, operations, capabilities and culture. This provides a foundation for successfully defining the retail positioning, differentiation and competitive edges of a successful retail concept. For complete ownership, it’s imperative that a company’s team is involved and committed. I have extensive real world retail experience across many of the retail disciplines necessary for success in the retail beverage business. 

It's a critical decision every retailer faces: How do I go about selecting the right point of sale system for my retail business? The task can be especially daunting knowing that choosing the wrong POS system for your business can cost you thousands of dollars to replace. First and foremost, you need to identify the needs of your store, particularly any unique needs you have. There are literally hundreds of retail software packages available today. Some POS software is designed for large ticket items with very few daily sales. Other retail software is designed for fast-moving retailers with thousands of daily transactions. Having been through the ups and downs of POS purchase and implementation, I'll be sure you’re researching the right retail software for your business.

Is now the time to expand your business? While fears of a (continued deep) recession are causing many to tighten their belts, some experts believe that now may be an opportune time to increase your company's power both financially and in terms of overall strength. There are a number of avenues to explore that could boost your bottom line and help you lay the groundwork for an even stronger company once the economy rebounds. With that said, a retailer must be able to explore the plethora of opportunities. Do you open new locations? Diversify your product mix? Consider franchising? Venture beyond your current territory or create a greater web presence? I'm happy to help you through these questions. 

Is your marketing up to date? Making use of all the new social media fads? Your marketing strategy is much more than properly mixing the 4 P's of Marketing - product, price, place (distribution), and promotion. It's finding the right combination to help your business survive over the long haul. Too many marketing plans revolve around the word price, while neglecting the other variables of success which is why most operators that go out of business are surprised because they were "busy until the very end!"

 

My marketing review will help you compete with online merchants and big box stores alike. I'll share fresh and innovative ideas for promoting your business, creating a great in-store experience and building loyal, long-lasting relationships with customers.

Do you really want to know what you're customers are thinking? The goal, and the purpose of the focus group, is to obtain a truer sense of how your customers feel about your company. About the prospects of doing business with you. The purpose of an exploratory focus group is to facilitate a conversation with a sampling of your customers to make sure that you're hitting the mark and to avoid "spinning your wheels", a scenario practiced by all to many beverage retailers.

Today, the concept of vending machine selling is prevalent among many retailers Vending machine selling is what sales associates better called "clerks" provide. Like a vending machine - they can’t answer a question, provide critical product knowledge, keep the Customer from making a mistake, really understand their needs, and find the best products to meet those needs, wants and desires. After each customer, we should ask ourselves what is the difference between what we just did and a vending machine? If the answer to this question is: "Not much", we have a problem, because if we don’t add value to our transaction with our customer we can be replaced with a vending machine! Learn the 9 steps to a successful sales relationship from a retail leader!