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There’s another kind of Inventory you NEED to track – and it won’t be easy

I’ve recently been thinking about some of our operations and a mentor of mine one said; “Your company has inventory of time. Where is your company’s inventory of time”, meaning where are our time wasters and inefficient processes.

When you really look at what activities your company needs to do on a daily basis, what activities it actually does on a daily basis, and how many employees you have doing those activities, inventories of time can easily become apparent.

As an example, over the past year, we recognized that in our stores, we had a forklift certified labourer working full time who would be there to unload trucks, do regular facility maintenance as well as odd jobs around the stores. However there were times when that person was doing other more mundane work because they had some inventory of time available to them.

On the other hand, we had receivers at each store who would receive all the shipments into our computerized inventory system, help tag and label the products and help merchandise these products on the retail floor. When she was not busy doing these jobs, she would help out at the checkouts, or do other more mundane jobs around the store, again because she also had some inventory of time.

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Using your website for more then just hours and location

Retailers have a tough time competing for market share – both from bricks and mortar competitors, but even more so from online giants.

We continue to see more retailers enter the online space daily, with an increase in the number of US based retailers starting to offer shipping for their products to Canada.
A notable recent example is Overstock.com, the mega-warehouse that deals in discount prices for, you guessed it, overstocked items. You also have Amazon.ca, newegg.ca, Costco.ca, and emerging players like Well.ca showing strong presence in Canada.

As the competition for consumers increases, retailers realize they can increase their revenue just by opening up their shipping policies to foreign visitors.  Between 2005 and 2007, foreign spending online increased by 7%, just in Canada. And, with the current Canadian dollar vs. US ($1.09 as of today’s date from xe.com), shoppers from Canada are getting more comfortable with shopping on US sites. This poses a problem for Canadian retailers continuing to loose customers to cross border shopping, now from the comfort of their home.

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Pricey Bloor nation’s top retail spot

Toronto’s “mink mile” remains the most expensive street in Canada for retailers, according to a Cushman & Wakefield study released yesterday, costing an average of $300 per square foot annually to set up a retail store. For a 1,000-square-foot boutique such as the Montblanc space, that could mean an average cost of $300,000 annually just for rent.

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Road to retail careers paved in good training

“If someone naturally has an outgoing personality, likes interaction and working in a dynamic environment that changes minute to minute, then retail is a good choice”

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‘Simple’ turns RIM’s head

“As an investor and as an entrepreneur, I like things that are new and exciting and that are at the forefront of a new technology,” Mr. Markou said. “If something doesn’t already exist, you can catch the wave right from the very beginning.”

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Mark Carney, from the Bank of Canada said earlier this summer that the recession is over in Canada. He said that the annualized rate of growth in the current quarter will equal 1.3%, meaning that the country is officially on a recovery.

Really? Who are they kidding? Do you feel as though the recession is over? Is your bank starting to lend you money where they wouldn’t 10 months ago? Are your customers coming in spending more freely than before? Are you selling higher ticket items? I know my business is not seeing any changes worth noting. I mean sure, business is solid, we’re not seeing any major decreases, but we’re certainly not seeing any strong growth either. And from the lending community, I am certainly not seeing any change of heart from banks. They’re being just as stubborn and tough to deal with today as they were a year ago.

So they say that the recession is over. I say that they must be so far removed from the struggles of owning and operating a small business in Canada right now that trying to relate to us entrepreneurs is a joke.

I think they should take the time to pole small business owners before they make any grand announcements like this again. I think they forget that it’s entrepreneurs and small business owners who actually make the economy tick, and if we can’t grow our businesses, then the economy doesn’t grow.

What do you think? Do you think we’re out of the recession? Do you feel as though your business is stronger now than it was last year?

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Worthy Reads:

• Read Sen. Bernie Sander’s response to comments by Federal Reserve Chairman Ben Bernanke, “it is very likely that the recession has ended.”
• Harper says recession over only in technical sense

Secret to success: Know your client well

“I was told I cared too much about my clients and not enough about the bottom line. And that was one of the motivations that caused me to leave and start my own company.”

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Small Business Optimism Grows

More than half (55%) of entrepreneurs have an optimistic outlook on near-term business prospects, up from 45% in March 2009, according to the American Express OPEN® Small Business Monitor, a semi-annual survey of business owners

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Young, Fearless and Fed Up

How many of you dread Sunday nights because you know that the next morning you have to show up for a job you can’t stand?  How many of you have a boss that you know you’re undoubtedly smarter than?

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