Retail Business “Killers”

Today I want to point you to an article called “The Top Five ‘Killers’ of Retail Businesses” from the Retail Owners’ Institute.  You have to keep in mind that the ROI is a group focused on the financial aspects of retailing.  Consequently their “Top 5″ don’t include things like marketing, salesmanship, customer service or any number of other things that would appear on my list.  In fact, the article begins with this rather remarkable statement”  Hint: (Declining Sales’ is NOT One of them!)

Again, these guys are in the business of counting retail beans so their list focuses on the financial.  With that disclaimer, here are their “Top 5”:

5.  Out of Control Growth

4.  Out-of-Control Expenses

3.  Failing to Manage Gross Margins

2.  Out-of-Control Inventory

1.  Being Out of Cash

Like I said, from the bean-counter’s perspective there isn’t much to argue with here.  There’s no doubt that if you run out of cash, you’re most likely out of business.  Read the original article to see ROI’s comments on each business killer for some good insights.

It’s a good article but, in my humble opinion, it misses some very important elements of a successful retail business.  Even the most devout bean-counter should be willing to admit that until you bring the beans in through the front door, the rest is just academic.

A Really Useful Site

Biztoolkit_2
Every so often we find something really useful to pass along to you and today’s one of those days.  The site is called "Biz Tool Kit", a service of the James J. Hill Reference Library.  According to their web site, "BizToolkit puts the best online information resources at your fingertips including downloadable business plans, HR forms, financial calculators, industry research reports, plus expert Live Help."

There is a "Pro" version of the site ($7.95 per month) but the free site has more than enough information to keep you busy for a long time.

The downloadable forms section and the Sales and Business Development Resources section alone make this site a real goldmine for any small business.

Sales Tools by JustSell.com is especially interesting.  The sales download "201 Motivators" is a listing of thoughts and actions, people, books, movies, movie monologues, and audio with motivational themes.  For example, Al Pacino’s pre-game talk to his football team from the movie "Any Given Sunday" is a classic.  Check it out on YouTube.  [Warning:  Explicit language including one use of the "F" word]

There’s really just too much on this site to even scratch the surface here.  This is one site you really should bookmark and come back to again and again.  We’ve added it to "Useful Links".  Check it out and let us know what you think.