myRetailer.ca

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Currency fluctuation is difficult for some businesses to manage, but it can make work for you

As retailers, we are all subjected to foreign exchange, whether we realize it or not. As retailers, foreign exchange does not affect our sales like it does with manufacturers and exporters, instead if affects us on the other side – our purchasing.

Whether we realize it or not, our cost of goods are directly influenced by the exchange rate of the day. This is obvious if we’re purchasing goods out of the U.S. or in other countries. However, even if we’re only selling Canadian goods to sell in our Canadian stores, we’re still being affected, because Canadian manufacturers in large part set their prices based on what they can sell their products for in other markets, including the U.S. And that demand is influenced a great deal by the exchange rate of the day. I know as a retailer, I enjoy a strong Canadian dollar, even though it’s bad for the manufacturing sectors and most of the Canadian economy in general.

So as a businessperson and a retailer, we need to be concerned about foreign exchange because it does affect our business and our profitability. You can check out the Bank of Canada site for current exchange rates. There are also sites such as RatesFX, which tracks Canadian dollar predictions and volatility data. You can also talk to your bank about hedging opportunities if you purchase a lot of goods from outside Canada.

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The way you portray leadership qualities and instil confidence directly affects your employee’s performance

During good times and especially in bad, do you portray leadership qualities in your daily interactions with your staff? As leaders, we always have to conduct ourselves in a manner that instils confidence in the eyes of our team. Employees look to management for leadership during turbulent times. And in today’s economy this is more important than ever.

Okay, so you believe that you do instil confidence in the way you conduct yourself. Well, what about those little personality quarks or habits that come out when things aren’t going so well? Do you have a “tell”? That’s the poker term that used for habits of physical ticks that gives away someone’s hand when they’re trying to bluff. You may be wondering, what are some of these tells? (more…)

Give a little extra to your customers and make them feel special, and you’ll gain loyalty and increase the value of your product offering.

Most of us have experienced at the end of a concert, when the audience is shouting – “Encore, Encore, Encore…” and the band comes back out to play one or two more songs. This is actually done so much, it’s expected. But do you remember the first time you experienced that moment? I remember thinking that – “Wow, this band really likes playing for our crowd. They must really like us.” In the end, it made me feel lucky and special. (more…)

Long-Term Planning and Outlook

How are you going to get to your destination if you don’t know where you’re going?

Your business may be brimming with success, but if you don’t have a goal, where is your business going? Before you can set out to go anywhere, you must first have a plan.

Do you know where you’re going to be one year from now? How about five years from now? What about 20 years? If you don’t know where you’re going with your business, how do you know which direction to head in the coming year?

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