New Year's Resolutions From a Store Owner

Every year, it’s the same thing; New Year’s Day we sit pondering last year’s failed resolutions. After awhile you say to yourself, “This year will be different.” Suddenly, you get this rush of aspirations and you start to lay out your resolutions: I will raise inventory turn to 2.0. I will save money. I will keep up with technology. These resolutions all sound very good but the problem is that they’re too general. They will each take a dozen different steps to get any sort of desired result.

For example, “I will raise inventory turn to 2.0.” First, you'll have to print out reports of your inventory and analyze slow moving merchandise. Then possibly decide to hold a promotion or event, maybe an auction to help move old merchandise so to be able to buy merchandise that will turn quicker. Then you sit down and realize the brands that you purchased you shouldn’t be carrying because they’re what you aren’t turning quickly enough. Some brands required you to buy more than you should’ve, you had to put less emphasis on advertising your name than the brand name, and you had to buy all the styles instead of the ones you knew you would sell. You realize you don’t know how you’ve even gotten this far and if these actions are even helping to accomplish raising inventory turn.

Eventually, Valentine’s Day rolls around and you’re again caught up in other aspects of your business such as; inventory, staff, customers, and the next trade show. Spare yourself from falling into same rut and take a few key concepts, break them down into manageable components, as well as ideas on how to apply each. Here are suggestions of small changes that will help you sell better, look better, and run your business better:

I will analyze my displays. Customers want to know you have new things all the time so make each display case feel new by moving merchandise around. Some displays are pretty but not practical. They might take too much time to put up or take down at night. They might not be easily visible from the customer’s point of view. In addition, if a display piece is free with your purchase, doesn’t mean you have to use it.

I will hold regular sales meetings. I know you’re busy so assign a different staff member a week to run the meeting. Make it known that the meetings will be focused on sales techniques and product knowledge. Maybe your staff is lacking on specific brands product knowledge or something even simpler as selling pearls effectively. Give that particular sales associate running the meeting books to read, or URL's to checkout. Let them create their own ideas and/or activities that will help to develop their skills and keep your sales meetings entertaining.

I will collect more email addresses. Email is easier, requires a lot less time than cold calling, and becoming the most accepted form of communication. Make sure your customers gain from giving you their information by offering them direct benefits. (It’s too easy to filter out unwanted emails.) Offer them first access to merchandise and special sales.

I will quantify the results of my marketing. Just because you’ve allotted X amount of monies yearly don’t spend it all unless you’re sure you are getting a return on every marketing dollar you spend. Vary your advertising. Try billboards, cable TV, and a local magazine. Gauge traffic and sales throughout, and then go forward with the mix that works best.