myRetailer.ca

Make performance reviews top priority in your organization and help prepare your employees for top sales performance

I was talking with a few of my retail colleagues recently and they all mentioned that they’re heading into the dreaded performance review period – the time of year when they feel they have an obligation to do performance reviews on everyone in their companies. Like many small business people, performance reviews are often seen as a chore that needs to be done once a year.

But what if you turn it into a great opportunity?

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How Small Businesses can Fight the Economy

With an economic recession upon us, what strategies can an independent retailer do to help their viability and success?

This year should be a challenging one for many retailers across Canada. We seem be getting hit at both ends, credit is not as available as it once was and consumer confidence is down resulting in more price conscious customers. So what is a retailer to do?

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Home Renovations Tax Credit

There are big opportunities  in the 2009 Canadian Federal Budget to help retailers boost their business. In the 2009 Canadian Federal Budget announced on January 27th, The Honourable Jim Flaherty, Finance Minister, included a Home Renovations Tax Credit (HRTC).

How the Temporary HRTC Will Work

The proposed HRTC will provide a temporary 15-per-cent income tax credit on eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010, pursuant to agreements entered into after January 27, 2009. The credit may be claimed for the 2009 taxation year on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, and will provide up to $1,350 in tax relief.

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Make a Strategic Business Plan

Ensure success in 2009 by making a strategic plan for your business this year. After a hectic Christmas season, and a January clean up, February for most retailers means the start of a fresh new business year. This is a time to reflect on 2008 and finalize plans for the year ahead, both for you and your business.

I challenge all of you to take a few hours away from the office and your store, and dedicate some real focused time towards strategic planning and goal setting. Ideally, you’ll be able to get away for a full day with your key person (or people) to do this. In my books, a full day means a full day. As hard as it will be, don’t even step foot inside the store for one entire day.

To help you in your planning process, I’d like to share a two-part thought process that has served me well over the years.

Part One – Long Term Outlook

First, it’s important to really think about what you want your business to look like in the future. Take time and think five years out.

-          Where do you want to be personally five years from now?

-          What will your business look like given your personal goals?

-          Do you want to grow your company? Or would you rather keep it the same size and grow profitability?

-          Do you want more independence from your business?

-          Do you want to expand your business? Open at another location? Move locations?

-          Do you want to retire?

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