myRetailer.ca

Image Courtesy of Ben Sutherland

Ask First.

Mikki Williams, a coach and speaker I’ve been watching, tells a story the she entitles “The Ferrari Effect”. The store goes something like this. A friend of hers stopped at a stop sign while driving her brand new Ferrari. Four kids playing basketball nearby quickly approached her to take a closer look at the car. One of the young boys asked Mikki’s friend if he could go for a ride. Her friend responded by saying “…Yea sure kid. Hop in.” After which she proceeded to give the kid a ride around the block in her Ferrari.

As she approached the corner to drop off her passenger, the second kids quickly got in line to take the next ride. At this point she shook her finger and explained; “No, no. He got a ride because he asked first. I’m sorry, but I have to continue on my way now.”

The lesson is simple, by simply asking, you’ll be amazed at how often people will say yes, but you have to be the first to ask. This goes for business and personal life. If you want something – start by asking. What’s the worst that can happen? – Usually nothing.

Whether you’re looking for more discounts off your purchasing, more favourable terms on your lease, better interest rates from your bank, or more work out of your team, why not start by asking.

And, what’s the worst that could happen? I’m betting you’ve got a chance to gain and nothing to loose.

Useful Reads:

• Don’t Be Afraid to Ask
• Seal the deal: dont be afraid to ask for the sale
• When Starting Out, Don’t Be Afraid to Ask for Help

 Loading ...

Canada Adds Record Retail Space

Canadian developers added retail space at a record pace while the country’s economy went through a recession, spurred on by shoppers and investors such as the Ontario Teachers’ Pension Plan.

Read Full Story

Teamwork: A lesson for tough times

It’s a lesson for all retailers in tough times: Working hand in hand with suppliers can build both their businesses. “By working with vendors well ahead, they can help us get through this stuff,” says the 56-year-old CEO, sporting the teen garb of khaki shorts, baseball cap and flip-flops at head office in Burlington, Ont.

Read Full Story

Being green will soon get a whole lot easier

The range of business that can get involved is wide, Mr. Bernard said, pointing to sectors such as gear box manufacturers, surveyors and mappers, plastic injection moulding, temperature and icing-sensing systems, education and training, metal stamping, and crane operation.

Read Full Story

(more…)

If you want to learn some great ideas, attend a trade show or a conference within your industry.

If you want to learn some revolutionary ideas, attend a trade show or a conference outside your own industry. In fact, go as far outside your industry as you possibly can.

I have had staff attend fashion trade shows to learn about colours and merchandising. If you run a clothing store – attend a heavy equipment show. If you run a specialty food store – why not attend a technology show?

I have attended conferences and learning sessions far outside my industry. We’re in the retail garden centre business and our profit sharing plan came from the manufacturing industry (modelled after the system is used by a major manufacturer in the US Mid-West). Our managing partners program is modelled after same program at a major North American steakhouse chain.

(more…)

Breaking retail’s addiction to discounting

Retailers need to show comp store sales growth — and profit, margin and salesperson and staff sanity be damned. The longer-term implications? The retail universe will continue to devolve to “okay, available and cheap.”
Read Full Story

The small saviours of Canada’s economy

“If you’re not growing, you’re dying,” says Mark Hanna, president of Leeza Distribution Inc. of Montreal. “If you’re going sideways, you’re dead,” agrees Jeff Lem, president of qdata inc. in Markham, Ont. “If you think you are going to get killed, you get killed,” adds Oren Nutik, president of MDS Power Inc. in Montreal.

Read Full Story

How to ensure a smooth transition

According to Industry Canada, most small businesses do not survive the succession from one generation to the next. The most commonly cited reason is simply that family-owned businesses tend to avoid succession planning and fail to prepare the next generation to take on the leadership role.

Read Full Story

(more…)

Slashing costs so much, you can’t stop the bleeding

Cutting operational costs can be smart, but there’s a fine line between cutting the excess fat from an organization and cutting too far and finding yourself in a Death Spiral.

Seth Godin, renown business author and marketer, recently wrote a great posting on this blog entitled “Death Spiral!” The message was clear that especially in slower times, companies that cut back too much may start to lose momentum, appeal and ultimately customers.

In his article, he references Tom Peters and quotes him as saying “You can’t shrink your way to greatness”. Don’t be the fish-monger in his article who cuts costs and spends less on upkeep to his store and inventory, ultimately lowering his quality and ends up out of business.

While others are cutting back, try re-inventing a part of your business, or expand another part, or spend more to advertise a great line of products that you’ve been able to negotiate a special price on that you can pass along to your customers. Do whatever you have to in order to build on the momentum and the customers you have before it’s too late.

Here are some ways to cut costs courtesy of Microsoft Small Business:

(more…)