Inside Outdoor Magazine - Fall 2018

Inside Outdoor | FALL 2018 21 Doesn’t cost much but does give cus- tomers a reason to make another visit. Gift Cards – Promote aggressively starting now! A gift card in hand from your store is one less online sale. Personnel – You may not want to make any people changes now, but prepare now for the new year. Way too many stores allow poor performing associates to stick around. This may include more than just sales people. Sometimes other folks in key positions are allowed to stay as well, which does great harm to not only morale but also company profits. Does your son or daughter, niece or nephew really want to work there? Do you really want them there? If not, you may be simply buy- ing them a job. This helps no one in the long run. The question needs to be asked. Sometimes everyone is better off if a change is made. Operating expenses – Though normally reviewed after the year is complete, a quick scan of the profit & loss statement will reveal where you are over or under your budgeted goals. Are your occupancy costs in line? How about payroll costs? Do they match up well to industry bench- marking numbers? Don’t forget those marketing costs. I see many stores today dropping big dollars into inter- net/online marketing when they are not getting a reasonable return, and most likely never will. Goal setting – Consider setting small, achievable goals, but set them every day. Remember the old saying, “How do you eat an elephant? One bite at a time.” Your goals need not be monumental to make an impact. Retail is detail, and the sum of all the little things you do daily will make a substantial impact on your organiza- tion. Here’s one example of what I mean. Round up your initial markup to the next dollar. Don’t believe me, determine how many transactions you have annually by dividing your annual volume by the number of transactions. Now add $.50 or $1 to each one all year long and see what you get. The dollars will drop right to the bottom line. If you put just this tip into practice now, I guarantee it will more than cover the cost of your next vacation. Use our vibrant economy to your advantage next year. People are spending money, and it’s not all online. Prepare now to make next year your best ever. Wishing all of you the happiest of Holidays and a healthy and prosperous New Year! m Ritchie Sayner is founder of Advanced Retail Strategies LLC. He also is author of the book “Retail Revelations- Strategies for Improving Sales, Margins, and Turnover,” available through Amazon. He can be reached ritchie@arsotb.com . Buyer’s Side Quickfeat Vietnam produces knits, wovens, outerwear and activewear. QUICKFEAT VIETNAM Our Services - Fabric Sourcing - Trim Sourcing - Garment Development - Factory Sourcing - Production - Quality Control - Packing & Logistics 541 350 1615 Marketing O ice Bend, Oregon USA info@quickfeat.com | www.quickfeat.com C M Y CM MY CY CMY K QF-InsideOutdoors_Vietnam_HalfPgVert(10-22)_ƒ.pdf 1 10 /22/18 8:10 AM