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TOPICS

BUDGETING

CASH FLOW

COMPUTERS, SOFTWARE, SOCIAL MEDIA, EMAIL

EMPLOYEE RELATIONS

INSURANCE

INTERNAL CONTROLS

MERCHANDISING

MISCELLANEOUS

OPEN-TO-BUY

PLANNING

POLICY AND PROCEDURE

RETAILING

VENDOR RELATIONS

 

ARCHIVED ARTICLES BY TOPIC

Budgeting

CONTROLLING EXPENSES
Sticking to your budget

HAVE YOU MADE PLANS FOR THE NEW YEAR?
Plan for success and commit your plan to a printed form

IT'S NOT TOO LATE TO PLAN FOR SUCCESS
Increase profit by controlling expenses

MAKING PLANS
Making a written plan outlining how to achieve your goals is the first step to making a successful future


Cash Flow

CASH FLOW IS KING
Available cash and profits are very differnt and it takes both to enjoy a successful business

CASH FLOW PROBLEMS
Cash Flow problems usually come from over buying, under selling, or too much expense

CONTROLLING EXPENSES
Achieving net profit goals

HOW TO BE PROFITABLE DURING BOTH GOOD AND BAD TIMES--
BUDGETING

Classifying and controlling expenses

HOW TO BE PROFITABLE DURING BOTH GOOD AND BAD TIMES--
CASH FLOW

Positive cash flow is necessary to keep a business afloat

IN A CASH FLOW CRUNCH
The cost of being behind in vendor payments is hard to define in actual dollars

WATCH CASH FLOW
Poem about cash flow

Computers, Software, Social Media, Email

BACK IT UP
Take a look at the importance of backing up store records

CHANGING PERSPECTIVE OF A SYSTEM PROVIDER
Encourage the system provider to look at their system through your eyes and see what helps and what is just another piece of paper

CUSTOMER COMMUNICATION
It is important to communicate with customers via email, snail mail, texts, etc.; let the customer choose the method

COMPUTER SECURITY OVERVIEW
The basics

COMPUTER SECURITY - PCI COMPLIANCE
What is PCI compliance and how to achieve it

CREDIT CARD SECURITY
Protecting records and personal information

DO YOU KNOW WHAT PHISHING IS?
Definition and how to avoid it

EMAIL COMMUNICATION-PROFIT OR LOSS?
Ways to save time-your most valuable and non-renewable resourse

GOOD RETAIL SOFTWARE PACKAGE
What should be included in quality retail software

IRS WARNS TAXPAYERS OF AN EMAIL SCAM
Scam intends to fool people into believing they are under investigation by the IRS Criminal Investigation Division

MINIMUM RETAIL SYSTEM REQUIREMENTS
A list of minimum requirements for a POS system with an explanation of each

PROTECT COMPANY RECORDS
From personnel files to customer contact information

RECYCLING YOUR OLD COMPUTER
Consider recycling your old computer and peripherals

SHOPPING FOR A COMPUTER SYSTEM
What to look for in a new computer system

SOCIAL MEDIA AND THE CHANGING FACE OF RETAIL
To build personal connections with your customers

SOCIAL MEDIA VS. WEB SITE
Do you need a web site or social media and why

STORE POLICY AND SOCIAL MEDIA
Policy vs. employees responsibilities and rights

TIPS FOR YOUR WEB SITE
Tips for your web site from a retail customer's point of view

USING A COMPUTER SUPPORT ISSUE LOG
Tracking problems and fixes

Employee Relations

10 COMMANDMENTS OF FIRING
How to properly and legally fire and employee

DISHONESTY IN THE RETAIL STORE ENVIRONMENT
A warning to all retail employers

DISOHNESTY IN THE RETAIL STORE ENVIRONMENT
Stealing is Acceptable When . . .

DISHONESTY IN THE RETAIL STORE ENVIRONMENT
Surprise! You Hired a Thief!

DISHONESTY IN THE RETAIL STORE ENVIRONMENT
Integrity Testing

DO YOUR EMPLOYEES KNOW HOW MUCH THEY REALLY MAKE?
Most employees probably do not look beyond their paycheck disregarding all the benefits

EMPLOYEE MOTIVATION AND INCENTIVES
Ideas for motivation and incentives

GUIDE TO ENFORCING THE POLICY MANUAL
Avoid losing unemployment claims

HIRE GREAT EMPLOYEES
Finding and keeping the best employees

HIRING THE RIGHT EMPLOYEES AND KEEPING THEM
The intangible investment made for your personnel has greater potential for future profit than the tangible investment in inventory

HOW TO TERMINATE AN EMPLOYEE
Layoff and termination

INCREASING EMPLOYEE PERFORMANCE
Motivation to excellence

LEADING A WINNING RETAIL ORGANIZATION
It's management's responsibility to create a professional selling environment

MAKING POLICY
Necessity of written policy manual

MOTIVATION AND INCENTIVE
Steps you can take to keep employees motivated and some ideas for incentives

PAY BENEFITS DISCUSSIONS AMONG EMPLOYEES
Employee rights and responsibilities

PERSONNEL FILES
What to and not to include

POLICY AND PROCEDURE MANUALS - TOOLS FOR GREATER PRODUCTIVITY & EFFICIENCY
Improve efficiency, productivity, and the bottom line

POLICY MANUAL
Benefits of an enforced policy manual

PROCEDURE MANUAL
A tool for greater productivity, efficiency and theft prevention

SALES STAFF REVIEW
Who is your best performing sales representative?

SELLING STAFF ISSUES-HIRING THE RIGHT EMPLOYEES
Hiring people who want to work and keeping them motivated

SMALL EMPLOYERS HEALTH INSURANCE COVERAGE
Tax credit

STORE POLICY AND SOCIAL MEDIA
Policy vs. employees responsibilities and right

US RETAIL WORKERS ARE NUMBER 1 . . . IN EMPLOYEE THEFT
Finding and preventing employee theft

Insurance

ARE YOU READY?
Basic preparations for disasters

BACK IT UP
The first line of defense against a variety of disasters and disturbances

BEFORE DISASTER STRIKES
The written disaster plan

BUSINESS INTERRUPTION INSURANCE
Definition and benefits

DISABILITY INCOME INSURANCE
For the owner's protection

DON'T LET DISASTER CLOSE YOUR STORE
A list of things to check as you consider your disaster plan

EXIT STRATEGY
For the protection of the owner, the reputation and the employees

INCONVENIENCE OR CARASTROPHE
Planning for safety and survival

MINIMAL DISASTER PLANNING
For those minor inconveniences

PREPARING FOR DISASTER
A written plan with various contingencies

PROPERTY AND LIABILITY INSURANCE
Basic coverage plans

PROTECT COMPANY RECORDS
Records to consider in the event of problems

PUBLIC ADJUSTER
Who is a public adjuster and why might I need one?

Internal Controls

$70,000 AND COUNTING
Another store forced to close because of employee theft

ARE YOUR PROFITS WALKING OUT THE DOOR?
How to control shrinkage

AVOID HIRING THIEVES
48% of retail shrinkage is due to dishonest employees

DISHONESTY IN THE RETAIL STORE ENVIRONMENT
A warning to all retail employers

DISOHNESTY IN THE RETAIL STORE ENVIRONMENT
Stealing is Acceptable When . . .

DISHONESTY IN THE RETAIL STORE ENVIRONMENT
Surprise! You Hired a Thief!

INTERNAL CONTROLS ARE IMPORTANT: MERCHANDISE ACCOUNTS PAYABLE
Some important Acounts Payable controls and checks

SHRINKAGE
Determine the reason(s) for your shrinkage

SHRINKAGE - IT CAN BE CONTROLLED
Ideas to control Shrinkage

SOME ACCOUNTS PAYABLE CONTROLS
A more detailed assessment of Accounts Payable controls

UNEXPECTED STORE CLOSING
Another store falls victim to a dishonest employee

USIS THEFT DATABASE CONTRIBUTIONS
Keep from hiring employees terminated for stealing

WHY AND HOW OF INTERNAL CONTROLS
Why you needs good internal controls and how to achieve them

Merchandising

ACCURATE PHYSICAL INVENTORY COUNT
Tips for taking the most accurate physical inventory count

ADEQUATE INITIAL MARK UP
A detailed study of initial mark up

CORRECT CALCULATION OF MARKDOWN %
How to correctly calculate markdown percents

CUMULATIVE GROSS MARGIN
A detailed look at cumulative gross margin

ELIMINATING EXCESS INVENTORY
Different ideas for moving excess inventory

EXCESS INVENTORY
Lessons from excess inventory

GETTING READY FOR MARKET
Things to consider as you prepare for market each season

GROSS MARGIN AND IMU
Detailed look at gross margin and initial mark up

GROSS MARGIN RETURN ON INVENTORY INVESTMENT (GMROII)
A detailed explanation of GMROII

HOW TO BE PROFITABLE DURING BOTH GOOD AND BAD TIMES-- GROSS MARGIN PLAN
Describes the components of the gross margin plan

HOW TO BE PROFITABLE DURING BOTH GOOD AND BAD TIMES--OVERVIEW
A list of ideas to help retailers achieve success

THINGS TO LEARN FROM YOUR MARKED DOWN MERCHANDISE
A good selection of marked down merchandise is telling you something about your customers' preferences

LEASED DEPARTMENTS
Merchandise diversification using leased inventory

PRICING STRATEGIES
High IMU % with high markdowns vs. lower IMU% and markdowns

MAINTAINING AND INCREASING INITIAL MARK UP %
The goal of pricing merchandise is to maximize gross profit

MARKDOWNS
Reasons for markdowns

STOCK TURN RATE
What it is and how it is used in calculating inventory requirements

SUGGESTIONS FOR INCREASING SALES
A continually increasing sales volume is critical to the success of the independent retail specialty stores

TOO MANY CHOICES
Too many choices can hamper sales performance because customers are overwhelmed and cannot make a choice

Miscellaneous Retail Information

ARE YOU A PROFESSIONAL RETAILER?
Describes characteristics of a professional vs. a shopkeeper

BENEFITS OF BUYING LOCALLY
Community benefits of buying locally

A GOOD BOOKKEEPER IS CRITICAL FOR SUCCESS
Hiring, training and duties of bookkeeper and separation of duties

CHARITABLE GIVING
How to choose a charity to donate to

COMPENSATING FOR RISING FREIGHT
Using an IMU% high enough to cover freight costs

COUNTERFEIT CURRENCY
Ways to recognize counterfeit currency

DEATH CYCLE IN RETAILING
What a highly troubled store looks like

DESTROYING INVOICE COPIES
Reasons to destroy all vendor invoice copies

DO NOT IGNORE SMALL BUSINESS SATURDAY
Reasons to participate in this shopping day

DONATING EXCESS INVENTORY

EXIT STRATEGY
Have you planned for your last day at the store?

FINANCIAL STATEMENT FRACTURES
Common mistakes made on retail financial statements

FINDING YOU WORK/LIFE BALANCE
The greatest problem is having enough time to get everything done.

FREIGHT CHARGEBACKS
How to account for freight chargebacks

GIFT CARDS ARE PROFITABLE
Information on the use of gift cards

GUIDE TO ENFORCING POLICY MANUAL
Tips for managing employees

MARKETING TOOLS: WHAT WORKS?
A basic review of marketing tools and what works best

THE HOLIDAYS ARE UPON US. ARE YOU READY?
Plans and preparations for a successful fall/winter holiday season.

IMPORTANCE OF THE OWNER
Delegate what you can so you can do what needs to be done that only you, the owner, can do

INCREASING FOOT TRAFFIC TO YOUR STORE
Ways to make your store more visible and attract more customers

INTRODUCTION TO FACTA
Fair and Accurate Credit Reporting Act

IT'S A NEW YEAR-HAVE YOU MADE PLANS FOR SUCCESS
Planning for a more successful year each year

IT'S NOT TOO LATE TO PLAN FOR SUCCESS
New Year's resolutions for your business

MAKING PLANS
Preparing a budget

MAKING POLICY
A written store policy manual is an important management tool

THE PAPERWORK REALLY IS IMPORTANT
Importance of a well-run office

PEER ADVISORY GROUP
Purpose of the Peer Group is to help yourself and others

PLAN FOR YOUR FUTURE
Do you plan to work until you die, or are you planning to retire?

PREPARING FOR THE HOLIDAYS
Planning for success during the busiest time of year

PROTECT COMPANY RECORDS
Protecting the store's records

PUBLIC ADJUSTER
What is a public adjuster and why might I need one?

ROADBLOCKS TO SUCCESS
Owner problems that may roadblock their success as a retailer

SHOPPING HURDLES
More hurdles to the great shopping experience for customers

VALUE OF INDEPENDENT RETAILING
Competing for customers' attention and value of shopping experience

WHY SHOULD I USE THE 4-5-4 RETAIL CALENDAR?
Use the calendar designed for retail success and planning

Open-To-Buy

ACTUAL RESULTS
Use of our Open-To-Buy helped this client

CLIENT FEATURE
How using an Open-To-Buy helped one client

ELIMINATING EXCESS INVENTORY
Different ideas for moving excess inventory

GETTING OVER THE HURDLES
Be disciplined and revise your plans as they need

HOW TO BE PROFITABLE DURING BOTH GOOD AND BAD TIMES--USING AN OPEN-TO-BUY
Describes a good Open-to-Buy and how to use it properly

HOW TO USE AN OPEN-TO-BUY TO BE MORE PROFITABLE
Use an open-to-buy to improve your profits

INVENTORY PLANNING TOOL: OPEN-TO-BUY
Use an open-to-buy to control costs and get customers into the store more often.

OPEN-TO-BUY TO IMPROVE YOUR BUSINESS
Benefits to using an open-to-buy

STAR PERFORMER
Following our open-to-buy to be a star retailer with higher profit

THE SUCCESSFUL RETAILER
An Open-To-Buy is a written plan to help project and control merchandise purchases so that the flow of merchandise supports the sales plan and aids in achieving positive cash flow

Planning for Success

HOW WILL NEXT YEAR BE BETTER?
Plan for profit, new lines, Open-To-Buy, Sales Planning

IT IS A NEW YEAR . . . HAVE YOU MADE YOUR PLANS?
The plan should include gross margin plan, expense budget and sales plan by class

THE HOLIDAYS ARE UPON US. ARE YOU READY?
Plans and preparations for a successful fall/winter holiday season.

Policy and Procedure Manuals

MAKING POLICY
A written store policy manual is an important management tool

POLICY & PROCEDURE MANUALS-TOOLS FOR GREATER PRODUCTIVITY & EFFICIENCY
When questions arise, inconsistent decisions are the response

Retailing

ARE YOU A PROFESSIONAL RETAILER?
The differences between a professional retailer and a shopkeeper

ARE YOU THRIVING OR JUST BARELY SURVIVING?
A thriving retailer is a disciplined planner

BEING BEST IS BETTER THAN BEING BIG
How to be the best

BUSY HOLIDAY SEASON
Preparations for the holiday season

CHANGING TO A BETTER CALENDAR
A detailed explanation of the 4-5-4 retail accounting calendar

DISCOUNTS AND MARKDOWNS: THE GOOD, THE BAD AND THE UGLY
A detailed explanation of the difference between discounts and markdowns and their calculations

FINANCIAL STATEMENT FRACTURES
Some common mistakes in financial statements and how to avoid making them

GENERATING MORE SALES
From our readers, share some of their successes

GETTING CUSTOMERS INTO THE STORE
Ideas for making your store a destination

INCREASE HOLIDAY SALES
Promotions to increase your winter holiday sales

INCREASING FOOT TRAFFIC TO YOUR STORE
Ways to make your store more visible and attract more customers

KEY RETAIL RATIOS
What they are and how to calculate them

MAKING PLANS
Success doesn't just happen; it is planned for

MARKETING TOOLS: WHAT WORKS?
A basic review of marketing tools and what works best

MERCHANDISE ACCOUNTS PAYABLE
Internal controls for keeping this area of the business safer

PRICING STRATEGIES

RETAIL STAR PERFORMER STATUS
How do you and your store measure up?

RETAILER'S CALENDAR
A detailed explanation of the 4-5-4 retail accoutning calendar

SALES CONTESTS
A list of ideas for your try in your store

SETTING GOALS, PLANNING, BUDGETING
Planning for success

SMALL BUSINESS SATURDAY
The first Saturday after Thanksgiving

SMALL BUSINESS SATURDAY 2014
Another look at some promotions

SMALL BUSINESS SATURDAY VS. BUY LOCAL
Your customers do not know there's a difference between the 2

THE SPECIAL RETAILER'S CALENDAR
A brief history of the 52-53 week calendar and how it works

THE SUCCESSFUL RETAILER
An Open-To-Buy is a written plan to help project and control merchandise purchases so that the flow of merchandise supports the sales plan and aids in achieving positive cash flow

TOP MISTAKES OF ESTABLISHED RETAILERS
Our list of the top 10 mistakes

VALUE OF INDEPENDENT RETAILING
Competing for customers' attention and value of shopping experience

WILL YOUR STORE SURVIVE THE RECESSION?
How to survive economic downturns

WHY DO YOUR CUSTOMERS SHOP AT YOUR STORE?
Knowing who is your customer?

Vendor Relations

Vendor Relations (Purchase Order)
What items are necessary to include on a purchase order and why

© 2015 THE RETAIL MANAGEMENT ADVISORS, INC.