Many small businesses fail within the first year, many more fail within the first three years, and only a few small businesses are still operating at the five-year mark. In most cases, the failure to survive is directly linked to poor financial management.
Most smaller retailers work with dozens of brands and other suppliers—for everything from inventory to packaging. Your relationship with your brands can have a significant impact on your bottom line, particularly when it comes to timing payments. You want to stretch out payments as long
There comes a time in most businesses when you run out of money, which can be a harrowing experience, at the very least. Perhaps you can’t make payroll, your suppliers are calling for money that you don’t have, you collected sales tax that you can’t
The Science and Psychology of Successful Pricing One of the most important factors affecting your business revenue is your pricing strategy. No matter how wonderful your product or service is, if it isn’t priced right, you won’t be able to sell it. A good strategy helps
With all the economists, retail experts and futurists talking about the 2018 holiday season being driven by AI (Artificial Intelligence), apps, digital integration and an omni-presence of stores (your e-commerce and physical store being linked), there is one outstanding prediction that bodes well for the
A special coverage from Coalition of Visionary Resources COVR in partnership with Kim Perkins Q: I’m new to the Mind Body Spirit industry: How do I decide what products to carry in my new store/what are the right products that I should have in my store to increase
Hard to believe, but it’s already time to begin gearing up for the holidays—time to start thinking about placing inventory orders, planning special in-store events, hiring extra help, and assigning the countless other tasks that accompany the arrival of the Almighty 4th Quarter. To help
by Jean Haller, Royce A. Morales, Seasons Koll, Leslie Neilson, Deborah Leydig, Sloane and Casey Simmons In a special “Best of 2016” edition of Shop Talk, our team of retail experts offers insider tips and sage advice on running a successful independent retail store, from branding
by Jean Haller, Margaret Ann Lembo, Deborah Leydig, Royce Amy Morales, and Kim Perkins Q: I HAVE HEARD THAT INCREASING YOUR AVERAGE customer sale will help increase profits, but I don’t know where to start. Do you have any suggestions? A: The standard rule of thumb about