In one of his recent newsletters, specialty retail guru Rick Segel (www.ricksegel.com) offered some great advice for keeping your stores strong during uncertain times. Here’s a look at his top ideas:
1. There will always be someone doing business. Always. Make sure it’s you.
2. Understand the “cheap high concept”. When there is an abundance of bad news, we need a pick-me-upper. We need the “cheap high” to make us feel better. Be the one selling it.
3. The world isn’t coming to an end. If we just listen to negative news and we act accordingly, we will go out of business.
4. Make sure everyone who works for you is in sales. Strong sales oriented retailers always weather the storm well.
5. Focus on Units per Transaction for every employee you have. Times like these, where we are reducing prices, less than 2 items per transaction is not acceptable.
6. Understand bad economic conditions don’t put retailers out of business, retailers put themselves out of business.
7. Now is the time to review all of your orders and make sure they are appropriate to the level of business you are now doing.
8. Remember to always sell the WANTS over Needs.
9. This is the time to reevaluate everything you do and the way you do it. It’s time to look for ways we can streamline our efficiency.
10. Don’t focus on sales results . Now is the time to look at profits.