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www.IndependentRetailer.com MANAGEMENT Predicting the
New Year continued from page 103
start your success off on the right track. 4) Are repeat sales up, down
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or fl at? Remember, the target is not only new customers, but loyal customers who continue to add to your bottom line and provide free marketing through recom- mendations. Hoagland-Smith mentions, “Encouraging repeat business increases profi tability, because you don’t have to spend to bring in new customers.” 5) Is overall equity up,
down or constant? While your business may seem like your life, as you continually pour your
blood, sweat and tears into it, the real value can’t be determined by sentiment. Looking over balance statements and considering items such as the property’s worth, sales fi gures and the current cus- tomer base may help give a more accurate perspective. However, as time is critical in the retail in- dustry and you have products to purchase, inventory to check and your fi rst sale to plan, there are three simple considerations to help you better understand the business numbers, and grow profi ts in the upcoming year. First, think of expenditures
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as assets, and not always as a negative. It can be benefi cial to cut out expenses, but not if that expense helps improve your effi ciency, build future revenue, or is enhancing your business as a whole. Second, create a smart budget that tells you how much you can af- ford. If you don’t spend all the budgeted money, you haven’t necessarily done something wrong. Any penny saved may help out with those unexpected seasonal expenses (i.e., energy in the winter or tax season ac- counting). Lastly, recognize the strategies that work, but more importantly, abandon those that don’t. As Intuit Blogger, Peter Vessenes, writes, “Especially for newer businesses, some strate- gies will inevitably go awry. A failed strategy does not have to mean a failed business, as long as you know when to pivot or pull out.” ■
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