myRetailer.ca

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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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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

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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.

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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:

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