Kimberley Marlor’s Post

Do you know the value of your retail business? Are you possibly undervaluing or overvaluing your business? Click on the link to checkout my latest blog post on how to gain a realistic perspective on your business's value. What would you add? What are some other factors that one should consider when valuing a retail business? https://lnkd.in/g-yuybbQ #retail #smallbusiness #RetailBusiness #shoplocal #hardwareretail #independentretailer #businessvalue #successionplanning #preparation

A business owner cannot be in many places simultaneously, that is a given! In a discussion with a business owner who owns a chain of retail stores, he mentioned that during his visits to the stores, he sees a client who is looking around and asks his team if they did approach this customer and they acknowledge and say yes but they are just looking around when the owner walks to the customer and talk to them, he manages to convince them to buy immediately as his motto is to never let a customer walks out without offering them all possible alternatives! We should admit that it is rare to have an employee who would care for the business as the owner of the business! A few strategies might work and one of them is to motivate your team members by offering them generous incentives where they get the feeling that they are direct partners in the business - You sell more, you get more! and this is not only about getting a bonus! incentives on selling more should be a % of sales, where I know some successful store owners that offer a % of their profits to be split among their team members! If a business owner thinks that he/she can save money by not paying incentives / Bonuses, great! they might save those indeed, but they will never be able to know what is the ultimate potential of their business and the lost sales opportunities will be way higher than the savings! Coming back to the owner that I discussed with, he is simply planning to change his business as the retail business scene has changed a lot in the past decade and more customers are buying online and it is no longer feasible to rent out spaces in malls on top of all of that, there is very few qualified staff that are reliable to drive business in each location! #Retail #Business #Staff #Incentives #Sales #Profits

How to Truly Optimize Cost of Goods Sold (COGS)? In today's competitive business environment, controlling the Cost of Goods Sold (COGS) is a priority for Hospitality venues. It’s common to hear management emphasizing the need to gather multiple quotes and choose the cheapest option. While this approach may seem straightforward, it often overlooks the broader picture—one that goes beyond just the price tag of the goods. The Hidden Costs Behind the Cheapest Option Selecting a supplier solely based on the lowest price per item can be a shortsighted decision. This approach neglects key factors that can significantly impact your overall operational efficiency and, ultimately, your bottom line. When considering COGS, it’s crucial to also account for: 1. Supply Chain Reliability: How dependable is the supplier in terms of consistent stock availability? 2. Delivery Frequency: Does the supplier deliver frequently enough to meet your needs without forcing you to overstock? 3. Turnaround Time: How quickly can the supplier fulfill orders, especially when you have urgent requirements? 4. Flexibility: Can the supplier adapt to last-minute changes or handle ad-hoc orders without compromising service quality? These factors may seem secondary, but they play a critical role in the real cost of doing business. A Real-World Example: The Impact of Supply Chain Reliability Take, for example, a restaurant group we recently assisted in Melbourne. They were struggling with overstocking CO2 bottles, often keeping 3 to 4 extra bottles on hand at each venue. The reason? Their previous supplier only delivered twice a week and frequently failed to fulfill orders due to driver shortages. To compensate, bar managers would over-order, leading to an unnecessary surplus of bottles. Additionally, the supplier’s failure to collect empty bottles due to limited truck capacity resulted in extra rental costs for the restaurant group—costs that could have been avoided with a more reliable and flexible supplier. This situation illustrates how focusing solely on the price of gas bottles and rental fees can lead to higher overall costs. The broader implications of supply chain reliability, delivery frequency, and flexibility were not considered, leading to inefficiencies and increased expenses. Conclusion: Looking Beyond the Price Tag To truly optimize COGS, it's essential to look beyond just the immediate cost of goods. Consider the full spectrum of factors that contribute to your operational efficiency and overall cost structure. By doing so, you may find that the cheapest option isn't always the most cost-effective in the long run. If you're looking to optimize your gas supply and truly minimize your costs, contact Speedgas now to discuss how we can help. Our reliable service, flexible delivery options, and commitment to customer satisfaction can make a significant difference in your business's success. #costmanagement #supplychainoptimization #Hosptiality #beergas

🚀 Elevate your retail chain to new heights with our latest blog post! Discover the 10 essential manuals that every successful retail chain needs. From operations and brand consistency to financial management and customer service, we've got you covered. Equip your franchise with these vital resources for sustained success and growth. 📈 👉 Read the full article now! https://lnkd.in/essBShuM #RetailSuccess #FranchiseTips #BusinessGrowth #RetailManagement #CustomerService #BrandConsistency #FinancialManagement #Sustainability #POSSystems

Having owned a store-front retail business for 16 years, it's mighty easy for a store owner to lose any semblance of Christmas spirit. Don't do it! Don't be a Scrooge! It's not good for your customers nor fair to your family. So as a business owner, how do you keep from being an Ebenezer Scrooge? #Retail #Retailers #RetailBusiness #RetailMarketing #RetailSales

Interesting article in Drapers regarding the strength and growth of the Outlet business. I love the outlets and see potential on top of the positive trading numbers. So much opportunity, when it's done right. Can high streets and centres landlords to offer more flexible turnover based deals to fill some doors? Is the customer feeling the pinch or just more savvy? With the volumes of made for outlet product growing, can brands back up their claims outlets help their sustainability? https://lnkd.in/e59G5rHf

“Changing consumer behaviour and rising costs are just two issues that threaten success for retailers – and good cash flow is at the core of the solution." In business, they say turnover is vanity, profit is sanity, and cash is king – but the cash does not always flow reliably, so it pays to understand the reasons behind today’s disruptive challenges, and how they might be addressed, explains UK Business Finance's Karl Hodson … https://lnkd.in/e28G53dF #furniture #retail #cashflow #selling #business #advice

The Impact of COVID-19 Clauses in Retail Leases: A Post-Pandemic Reflection Since March 2020, the discussion around who bears the brunt of the "Corona crisis" has been ongoing. With the closure of various establishments due to government mandates, questions regarding risk distribution in lease agreements became prevalent. Now, as the pandemic subsides, the focus shifts to the inclusion of COVID-19 clauses in retail leases. But are any regulations or agreements concerning future pandemics still being negotiated? During the initial COVID-19 lockdown, legal provisions limited the landlord's ability to terminate leases solely due to non-payment of rent resulting from pandemic-related effects. However, the application of such clauses and their interpretation varied widely. Now, with the pandemic largely behind us, it's crucial to examine the role of COVID-19 clauses in lease agreements moving forward. Are landlords and tenants still negotiating terms to address potential future pandemics? What consensus, if any, has emerged regarding risk allocation in lease agreements? I'm interested in hearing from fellow professionals in the retail leasing sector. What are your observations regarding the inclusion of COVID-19 clauses in lease agreements post-pandemic? Share your insights and experiences in the comments below!

A few years ago, a #franchisee came to me, facing a series of challenges with their operations. Despite being part of a globally recognized brand, they struggled with declining sales, stiff competition, and a dip in #customer satisfaction. They needed a new strategy to turn things around. Here’s how we approached the situation and achieved remarkable success: 1.Revitalized Customer Experience: We focused on enhancing the customer experience by investing in staff training and optimizing the store layout. This led to improved service and a more inviting atmosphere, which significantly boosted customer satisfaction. 2.Streamlined #Operations: By implementing efficient processes and utilizing advanced technology, we were able to streamline operations and reduce costs. This included adopting a new inventory management system and refining daily procedures. 3.Local Marketing Initiatives: We tailored marketing efforts to resonate with the local community. This involved targeted promotions, community engagement, and partnerships with local events, which helped increase visibility and attract more customers. 4. Data-Driven Decisions: We used data analytics to track performance and identify trends. This allowed us to make informed decisions, such as adjusting menu offerings based on customer preferences and optimizing staffing levels during peak times. 5.Consistent #Brand Standards: Despite the challenges, maintaining the franchise’s core brand standards was crucial. Ensuring that the franchise adhered to brand guidelines helped maintain consistency and reinforce customer trust. Within a short period, these changes led to a significant turnaround. Sales improved, customer satisfaction soared, and the franchisee’s locations became some of the top performers in the region. If you’re facing challenges with your franchise or business, consider these strategies to drive success. What methods have you found effective in overcoming #obstacles? Share your experiences and let’s continue the conversation on how to achieve business excellence! #FranchiseSuccess #BusinessTransformation #CustomerExperience #OperationalExcellence #LocalMarketing #badafranchise #ashwanikuamr

💔 It's with a heavy heart that I learned of the Ted Baker store closures. I've had memorable experiences there, and it's sad to see such a unique and vibrant brand go. From the moment I stepped in, Asha greeted me warmly, dressed impeccably in a Ted Baker outfit. Maxwell soon joined, offering compliments and engaging in a genuine conversation about the store's quirky decor, which featured tape measures and ruler accents symbolizing Manhattan's architectural planning. Maxwell's enthusiasm was infectious, and his attention to detail was remarkable. He set up a fitting room, brought additional shirts, and made sure I was never left alone—always in a good way. I wrote a full blog about this experience, which is available in the comments below. Ted Baker's employees consistently deliver a level of engagement that set them apart. Their ability to create a welcoming atmosphere and maintain operational excellence is commendable, especially in a retail environment plagued by high turnover and inconsistent service. The challenges faced by many luxury and department stores stem from their inability to provide a consistent shopping experience. Ted Baker, however, excels in customer engagement, which is why they stood out even during my keynote at the Retail Excellence conference in Dublin, Ireland. Retailers must remember that great associates are made, not found. Ted Baker's winning formula included great products, well-trained staff, unique store designs, and a consistent shopper experience. The brand promise was evident from the moment you walked in. The closure of Ted Baker's is not just the loss of a retail brand but the end of an era of brilliant retail design and exceptional customer service. While financial irregularities and controversies played a role, the push to remove the visionary CEO who created the essence of what made Ted Baker special - their dedication to training and engaging their employees, created an environment that made shopping a delight. Feel free to DM me if you want to learn more about how to create an exceptional in-store experience. Let's honor Ted Baker's legacy by striving for retail excellence. #RetailExcellence #CustomerExperience #TedBaker #RetailDesign #InStoreEngagement #RetailTraining #CustomerService #BrickAndMortar #RetailStrategy