12 Sure-Fire Steps To Improve Your Retail Sales

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 by: Bob Nelson

The purpose of any business is to bring in customers, and
it can only be accomplished through marketing. If your cash registers
don't ring, something is wrong and you had better find out what is
wrong fast. Because in today's competitive retail world... getting
results is what counts.

Successful retailers aren't any more talented or
intelligent than you are -- They simply have learned to do things in a
different way and make money in the process. Use the following 12 steps
to improve your retail sales, you'll simplify your efforts, multiply
profits, and increase the odds of success.

1. Know Yourself

Having your own business is more than just creating a job
for yourself. Your basic roles are in marketing, finance,
administration, and the responsibility of personnel. To get the best
results, it is rare for one person to play all these roles equally
well. You must know which parts you can handle yourself and which parts
you're going to need help with.

2. Plan Ahead

Many stores are run by well-intended people but who don't
have all the information they need to do their job. This includes a
clear idea of market segment, target markets, customer service, product
selection, marketing mix, promotional activities and pricing tactics.
If you want to succeed you need a well thought out business plan that
helps you make the right decisions.

3. Know The Industry

You can gain the greatest competitive edge if you have an
intimate knowledge of your business. To thrive and prosper, you must be
committed to learn and have the desire and energy to accomplish your
goals. These are five main reasons why most businesses fail:

1. Lack of Industry Knowledge
   

2. Lack of Vision
   

3. Poor Market Strategy
   

4. Failure to Establish Goals
   

5. Inadequate Capitalization
   

4. Understand Your Customer

Make it your business to give your customers what they
want, and they will do business and buy from you. The products and
services you provide should reflect your customers needs and wants.
Think in your customers' terms; buy, show, sell, and say things that
interest them, not just what interests you. Remember, it is the
customer that determines whether or not you succeed.

5. Keep Good Financial Records

If you don't know where your money is going, it will soon
be gone. The "game of business" is played with computers -- and the
score is evaluated in dollars and cents. Good financial records are
like the instruments on an airplane, they keep you posted of your
height, direction, and speed. Without them you're flying blind with no
controls to guide you to your destination.

6. Manage Your Cash

It doesn't matter how unique and wonderful your store is,
your business can't survive without cash flow. Money coming in your
store is the vital component that keeps your business financially
healthy. If you budget wisely and know the interval of your monthly
income and expenses, you won't have to worry about running out of
money.

7. Use Sound Management Practices

As a store owner, you are also a manager. You have to
make decisions, offer customer service, manage time and resources, and
know how to merchandise and run the business better than anyone working
for you. Give your employees the opportunity for growth, treat them
fairly, pay them what they're worth, and they will help make your
business successful.

8. Develop A Distinctive Image

Your image is important and is a function of your
marketing efforts and materials. Customer's create their perceptions of
your business from your name, web site appearance, store location,
products, prices, visual merchandising, signs, displays, business
cards, newsletters, advertising material, customer service and anything
else that relates to your business.

9. Control Your Inventory

All retail stores need to manage inventory. It is your
money sitting on a shelf and represents a large portion of your
business investment. The retailer who merely watches the store's
shelves can't maintain a proper balance between the right amount of
merchandise and probable customer demand. Without adequate control,
slow-moving inventory becomes dated and very costly.

10. Buy and Price For Profit

To understand retailing, one must start with the concept
that the price of your merchandise is nothing more than a temporary
estimate of what the customer is willing to spend. In devising your
overall pricing strategy, a practical approach can be based on the
function of supply and demand. To be more competitive, join buying
groups and seek out manufacturer discounts that allow you to purchase
merchandise below wholesale prices. By offering better values, you'll
be able to attract more customers, and offer more opportunities to shop
at your store.

11. Learn From The Pros

In today's explosive markets, making the right moves is
absolutely essential, there is little room for error. Without knowing
how to navigate through these fast-moving times, it can be a tricky and
even a self-destructive experience. Because of the emotional and
sometimes difficult decisions that must be made, the crucial difference
is having fresh ideas with an impartial business position.

12. Ask For Help When You Need It

Remember, getting results is what counts! Don't be too
proud to ask for help, we all need help sometimes. It is important to
recognize that what you don't know can end up costing you money, hurt
the odds of success, and greatly reduce the chance of achieving your
business goals. Hiring an expert with specialized skills can be the
most profitable decision you can make to protect both your business and
financial future.

About the Author

Bob Nelson is President of POWER Retailing. He can help you improve sales and profits, turn inventory into cash, and recover the money invested in your business and you only pay for results. For FREE information on how to simplify your marketing efforts and add dollars to your bottom line, visit http://www.retailing.com For practical answers to specific business questions, call Bob at 480-460-1965 or contact him by e-mail: bnelson@retailing

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