Forever Yours, Faithfully
3/1/07 - Custom Retailer
Last month, I discussed mining your existing customer base for new business, and about how it takes five times as much time, money and effort to attract new customers as it does to retain current ones,...
Re-Acquire Your Previous Customers
2/1/07 - Custom Retailer
While at the Consumer Electronics Show in Las Vegas last month, I realized just how outdated my own audio/video system had become.
I also decided that my technology lapse wasn’t my fault.
Your Exit Strategy
1/1/07 - Custom Retailer
With seven private equity investment funds having raised more than $10 billion, the firms behind them are looking for solid investments. An article in the December issue of STORES magazine suggests that...
Billing for Installer and Technician Services
12/1/06 - Custom Retailer
How much is your time worth?
I just missed a connecting flight here in Chicago on my way from Denver to Dayton, Ohio, so I suddenly find myself thinking about just that.
The Four Metrics of Success
11/1/06 - Custom Retailer
In his book, First, Break All the Rules: What the World’s Greatest Managers Do Differently, Marcus Buckingham put forth one of the best definitions of high-performance companies I have ever heard.
He suggested...
Inventory Control
10/1/06 - Custom Retailer
One of the trickiest parts of running a custom business is managing inventory.
Prices drop quickly as new technologies become more mainstream. If you buy too much inventory, you could be stuck with products...
Cash Flow Management
9/1/06 - Custom Retailer
Cash is the lifeblood of your business. So it’s important that you keep it flowing.
You can get by with less inventory than you’d like; you might need to buy from a distributor what you need to complete...
The Income Statement
8/3/06 - Custom Retailer
Your income statement details your revenues or income—mostly your sales—and your expenses. The difference between the total revenues and total expenses is your profit or your loss.
So your income statement...
The Balance Sheet and Key Liquidity Ratios
7/1/06 - Custom Retailer
Here it is, the 10th of the month, and your bookkeeper trots into your office, financial statement in hand. She has that big grin on her face—not because she knows whether the news she’s delivering is...
Orientation Day
6/9/06 - Custom Retailer
A friend asks, “How’s business?” and you respond, “Great!”
And hey, why not? Your store remodeling is finished and your vignettes look terrific. You have the most professional team you’ve ever assembled...