Tag Archives: Rick Segel

BizTip: Keeping specialty retail strong

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.

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BizTip: Stop worrying about your mule

In a business of any size, it’s easy to worry these days. What if the customers don’t buy? What if the new release doesn’t sell? What if your staff gets sick? What if, what if, what if???

It’s SO easy to worry that you might accidentally find yourself doing little else BUT worrying. Instead of working on the next sales promotion, you’re worried about your staff. Instead of thinking about how to reset your displays for the holidays, you’re worried about how much product will come back before New Year’s Day.

At moments like this, retail expert Rick Segel trots out his favorite quote: “Don’t worry about the mule going blind, just load the wagon.” Continue reading

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