Those entering the world of retailing soon find it can be fun, challenging and rewarding all at the same time. There are so many different things tugging you in every direction. There are so many tasks to be completed and so little time. It is very easy to put off the less desirable tasks in favor of the more enjoyable duties. One of the less desirable duties is associated with protecting your business from sustaining losses. Yet failing to take...more
In todays tough economic times retailers are really stuck in a difficult position. On the one hand they must face a marketplace where shoppers are definitely less willing to part with their hard earned money. This behavior is reinforced as almost everywhere you look there is another economic doom and gloom statistic or report. On the other hand the costs associated with owning and operating a retail business are rocketing ever-higher. For those...more
The cruel reality when your own a dollar store is the margins are extremely tight. If you are to create dollar store profits you must be a good business person. You must understand how to manage inventory. You must know how to purchase wisely. You must know the drivers to increase dollar store profits. For example, it is a mistake to waste time and effort on actions that return a few dollars in cost reduction rather than actions that can yield thousands. In this article I address some of the key actions to deal with the tight margins that are a part of the business.#1) Inventory management is critical to success if you own a dollar store. Inventory management involves so many pieces. There is the management of order sizes. There is the management of existing inventory levels. There is the management of inventory down to the individual item stock number. Learn all about inventory turns, and then manage your business to maximize them. #2) Drive out cost at every opportunity. Building dollar store profits takes a laser focused effort on cost reduction. Once you meet one set of cost goals, establish new, even more aggressive goals and a plan for achieving the latest reductions. Start...more
Starting your own new business has many challenges, especially when its a dollar store. There are questions about the right format, which location is best, how big does the store need to be, what is the right time of year to open, where to find the best dollar store merchandise, and so much more. Answering those questions is where locating a...more
Starting your own business is filled with risks, challenges and unexpected problems. Yet for those who take action and actually start there own business there is the potential for so many rewards. Theres the pride of ownership. Theres the freedom of being your own boss. Theres the potential to make big profits. The list goes on. For those...more
Despite the worsening conditions of our economy, quick-thinking individuals still manage to find success in opening niche, but profitable businesses. These businesses prove not only to be very financially rewarding, but they also have the ability to elevate the status of the people who make the decision to take their life into their own hands.So if you've been feeling like something's not quite right in your career life - or you'd just love to be your own boss for a change, now may be the perfect time to try and follow in their footsteps.The important questions you need to ask yourself before you go ahead are: "Am I ready to do what's needed to take charge of my own time & life?" and "Do I want to be able to do what I like, when I like?" If so, continue reading this article...One niche business that has shown an upward trend in terms of income growth is the Commercial Cleaning Business. According to a recent statistic from the U.S. Department of Labor, a cleaning business is one of the most lucrative businesses to have in the industry. True, a cleaning business doesn't sound as glamorous as a restaurant or a retail business, but for sure it will make you money.And if you're still...more
Sounds too good to be true doesnt it? Believe me its not. I know firsthand its my real life story and now I coach other people to hit goals they never dreamed possible! Herere the facts: In less than a year I went from 0 (actually less than...more
Due diligence is an essential step in real estate investment. After selecting the property type and geographic location, the investor needs to ascertain he has accurate information regarding the physical asset, financial performance, tenant base and...more
Truly Great Leaders expect maximum productivity from everyone!In High Performance Teams absenteeism is very low, productivity is high, and people are busy doing what they should be doing to contribute, they are entirely relaxed about the leader and...more
All project management is risk management (Eric Verzuh)Risk management is an essential activity in any project or organisation. Risk is defined by M_o_R (Management of Risk, the OGC risk management methodology) as uncertainty of outcome. A risk...more
Every activity and situation carries risks. Whether you are launching a new project, providing ongoing services or heading a strategy for widespread organisational change, thorough and effective management of the risks involved is essential to ensure...more
Amid the frenzy of homeowners facing foreclosure, potential buyers struggling to obtain loans and banks, lenders and realtors trying to stay afloat, I feel like there are lots of questions that no one is asking! Correction, the regular guy on the...more