myRetailer.ca

Cash is King. Make sure it rules!

Image Courtesy of Flickr - Indiewench

We all know, cash flow is the most essential part of running a business, whether it’s a start-up or maintaining an existing one.. This is particularly evident during tougher economic times. As a small business owner, there are several ways in which you can enhance your cash position, without the need to spend more on marketing, advertising, or getting more customers through the door.

Here are 5 ways I’ve managed to increase my cash flow and intake:

1. Control accounts receivable by limiting credit. Do you sell to commercial accounts? How quickly do you collect on these accounts? Two strategies that I find work well include;
   • Offer the special commercial pricing, but with no credit terms. Instead, ask for payments by credit card. We generate a lot of commercial business to small contractors who can’t get credit elsewhere (and therefore don’t feel welcome at those other places).
   • Offering early payment discounts (2%, 10 days, net 30). If payment is not received by day 30, get on the phone to collect. (more…)

It’s at your checkouts where your customers will have their last impression before they leave the store. Your point of sale (POS) checkout systems can literally make or break you.

Just last week, my wife and I needed a few things for our house, so I slipped out one evening to head to a national retail chain located nearby with my young daughter in tow. I was in a rush, so as soon as I arrived, I grabbed a shopping cart, raced around the store, collected everything I needed, then proceeded to the checkouts. This is where it fell apart. (more…)

Reliable Point-of-Sale Solutions Crucial for Florists Who Process Up to Three Per Cent of Annual Business on Mother’s Day Alone

Canadians certainly love their moms, lavishing them with flowers, spa treatments and jewellery for Mother’s Day 2009. Point-of-sale results from Moneris Solutions, Canada’s largest provider of payment processing solutions, reveals that florists across the country experienced a surge in business between the first weekend in May and Mother’s Day weekend, with credit card transactions jumping by 5 per cent over the previous week in the flower, spa, jewellery and garden retail categories. Debit cards were active, too, with florists processing 255 per cent more than during than same period last week.

(more…)