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www.IndependentRetailer.com MANAGEMENT
RETAILERS, WHILE not ac- claimed fortune tellers, quite often are asked to predict the future. How much inventory must be purchased to meet demand? Will markdowns be required? How will the new sell- ing year fare? Without proper analysis of your fi nancial situ- ation, these predictions are nothing more than uneducated guesses. Instead, retailers must perform a thorough evaluation of their business and its success in past years. This can be done by answering the following fi ve questions, before a business plan is set in full motion for the new year:
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Predicting the New Year 1) How did the past year’s
sales compare with sales in the past three to fi ve years? If your business has a history, use the archived statistics to your advantage. Look for trends within your sales performance. Hoagland-Smith emphasizes, “You can predict, based on the analysis, what will happen in the future.” 2) How did the past year’s
profi ts compare with profi ts in the last three to fi ve years? When measuring profi tability, add up revenues and then sub- tract expenditures. Every little bit counts, and if you are saving/ earning a little more each day,
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week, month or year, you are making a profi t. Profi tability is the key to sustainability. 3) Did your business meet
its goals? While most retailers share a similar goal in making a profi t and increasing customer traffi c, each store owner may have a list of goals they were hoping to meet and exceed for the year. These goals could be in sales, marketing, management, or fi nances. Meeting goals shows determination, innovation, and makes next year’s goals that much easier to attain. If you haven’t made goals in years past,
consider this an opportunity to continued on page 104
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