10 common retail store failures and 10 solutions.

1. The Top 10 #fails & #fixes for retailers Debra Templar: Retail Check ups, Tune Ups & Makeovers....It’s in the bag!

2. 1 #Fail Rushing to cut the marketing budget

3. #fix 1 Focus on 1 to 1 Email or social media marketing Minimal costs but strong results Be strictly targeted – no wastage Monitor return on investment

4. 2 #Fail Being blind to your customers

6. Customers WANT to see the boss

7. Visible presence in your store = learning what your customers do and don't like AND why

9. #fix 3 Stay plugged in so you know: How much inventory does my business have? Is my business profitable? What is my cash flow situation? What are my business's percentages for rent, advertising, payroll & cost of goods sold in relationship to sales? What is my business's stock to sales ratio?

10. 4 #Fail Tuning out professional advice, networks, help....

11. #fix 4 Participate & attend seminars/workshops A single idea can turn a business around Networking takes place before and after seminars Common subjects to talk about: speaker and the topic at hand Like-minded people wanting to learn and share information

12. Being under capitalised under 5 #Fail

13. #fix 5 Don’t be un-armed! New business: How long will it take for your business to show a profit? Plan for bad times.."What would happen to my business if....?“ How long to build a critical mass of customers? Ensure you have enough money to weather the storms.

14. Salary 6 #Fail Too small Too big

15. #fix 6 How much to pay yourself?: How much would it cost to employ someone to do your job - pay yourself that amount. Be realistic about costs, salaries and profit. Fair salary - not too high and definitely not too low

16. 7 #Fail Being in the dark about competitors

17. #fix 7 Visit competing businesses & outside of your industry Get ideas about merchandise Can you tell what's selling & what's hanging around? Check prices and pricing policies Check general store policies What are others doing to WOW customers? Why do customers keep coming back? Go outside your own industry...

18. Misjudging your real rent costs 8 #Fail

19. #fix 8 Read your lease CAREFULLY before signing it and don’t forget what it say Make sure you understand all ‘hidden’ charges ie: upkeep on common areas, building maintenance charges, refurbishment timelines If you are not sure – have an independent professional look over it for you

20. Buying what you like, even though your customers don’t... 9 #Fail

21. #fix 9 Build your business with merchandise you really like and believe in... As long as you find customers with tastes similar to yours - and that often takes time. Or locate your business in an area with customers who like what you like.

22. 10 #Fail Forgetting to think like a customer

23. #fix 10 If you consciously think like your customers would, you can anticipate or correct problems. Understand customer's motivation If you don’t know – ask

24. One of Australia’s leading retailing experts, Debra Templar just hates bad customer service and stupid business practices. So… she’s on a mission to change them – one slideshow, presentation, book, or training session at a time: "I don't just want to improve how we do business for the customer’s sake but also that we, as business owners, sell more stuff, make lots more profit, and love our businesses back to life!“ E: debra@thetemplargroup.com.auMobile: 0417 532383 www.thetemplargroup.com.au www.twitter.com/DebraTemplar Pic Credits: http://www.personalloansmadeeasy.co.uk/loans-uk-info/monopoly-house.jpgwww.dreamstime.com.au & Running with Scissors.