12 Sure-Fire Steps To Improve Your Retail Sales 
By Bob Nelson

The purpose of any business is to bring in customers, and it can
only be accomplished through marketing. If your cash registers
don't ring, something is wrong and you had better find out what
is wrong fast. Because in today's competitive retail world...
getting results is what counts.

Successful retailers aren't any more talented or intelligent than
you are -- They simply have learned to do things in a different
way and make money in the process. Use the following 12 steps
to improve your retail sales, you'll simplify your efforts, multiply
profits, and increase the odds of success.

1. Know Yourself
Having your own business is more than just creating a job for
yourself. Your basic roles are in marketing, finance,
administration, and the responsibility of personnel. To get the
best results, it is rare for one person to play all these roles
equally well. You must know which parts you can handle
yourself and which parts you're going to need help with.

2. Plan Ahead
Many stores are run by well-intended people but who don't have
all the information they need to do their job. This includes a
clear idea of market segment, target markets, customer service,
product selection, marketing mix, promotional activities and
pricing tactics. If you want to succeed you need a well thought
out business plan that helps you make the right decisions.

3. Know The Industry
You can gain the greatest competitive edge if you have an
intimate knowledge of your business. To thrive and prosper, you
must be committed to learn and have the desire and energy to
accomplish your goals. These are five main reasons why most
businesses fail:

1.  Lack of Industry Knowledge
2.  Lack of Vision
3.  Poor Market Strategy
4.  Failure to Establish Goals
5.  Inadequate Capitalization

4. Understand Your Customer
Make it your business to give your customers what they want,
and they will do business and buy from you. The products and
services you provide should reflect your customers needs and
wants. Think in your customers' terms; buy, show, sell, and say
things that interest them, not just what interests you.
Remember, it is the customer that determines whether or not
you succeed.

5. Keep Good Financial Records
If you don't know where your money is going, it will soon be
gone. The "game of business" is played with computers -- and
the score is evaluated in dollars and cents. Good financial
records are like the instruments on an airplane, they keep you
posted of your height, direction, and speed. Without them
you're flying blind with no controls to guide you to your
destination.

6. Manage Your Cash
It doesn't matter how unique and wonderful your store is, your
business can't survive without cash flow. Money coming in your
store is the vital component that keeps your business financially
healthy. If you budget wisely and know the interval of your
monthly income and expenses, you won't have to worry about
running out of money.

7. Use Sound Management Practices
As a store owner, you are also a manager. You have to make
decisions, offer customer service, manage time and resources,
and know how to merchandise and run the business better than
anyone working for you. Give your employees the opportunity
for growth, treat them fairly, pay them what they're worth, and
they will help make your business successful.

8. Develop A Distinctive Image
Your image is important and is a function of your marketing
efforts and materials. Customer's create their perceptions of
your business from your name, web site appearance, store
location, products, prices, visual merchandising, signs, displays,
business cards, newsletters, advertising material, customer
service and anything else that relates to your business.

9. Control Your Inventory
All retail stores need to manage inventory. It is your money
sitting on a shelf and represents a large portion of your business
investment. The retailer who merely watches the store's shelves
can't maintain a proper balance between the right amount of
merchandise and probable customer demand. Without adequate
control, slow-moving inventory becomes dated and very costly.

10. Buy and Price For Profit
To understand retailing, one must start with the concept that
the price of your merchandise is nothing more than a temporary
estimate of what the customer is willing to spend. In devising
your overall pricing strategy, a practical approach can be based
on the function of supply and demand. To be more competitive,
join buying groups and seek out manufacturer discounts that
allow you to purchase merchandise below wholesale prices. By
offering better values, you'll be able to attract more customers,
and offer more opportunities to shop at your store.

11. Learn From The Pros
In today's explosive markets, making the right moves is
absolutely essential, there is little room for error. Without
knowing how to navigate through these fast-moving times, it
can be a tricky and even a self-destructive experience. Because
of the emotional and sometimes difficult decisions that must be
made, the crucial difference is having fresh ideas with an
impartial business position.

12. Ask For Help When You Need It
Remember, getting results is what counts! Don't be too proud to
ask for help, we all need help sometimes. It is important to
recognize that what you don't know can end up costing you
money, hurt the odds of success, and greatly reduce the chance
of achieving your business goals. Hiring an expert with
specialized skills can be the most profitable decision you can
make to protect both your business and financial future.

Bob Nelson is President of POWER Retailing. He can help you
improve sales and profits, turn inventory into cash, and recover
the money invested in your business and you only pay for
results. For FREE information on how to simplify your marketing
efforts and add dollars to your bottom line, visit
http://www.retailing.com  For practical answers to specific
business questions, call Bob at 480-460-1965 or contact him by
e-mail: bnelson@retailing.com