Hardware Retailing

SEP 2017

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

Issue link: http://hardwareretailing.epubxp.com/i/863265

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Page 48 of 118

HARDWARE RETAILING | September 2017 44 5 Ways Your Business Could Be Losing Money … and How to Get It Back L ower your costs and increase your revenue. Just about every retailer would agree that's a great formula for success. But how do you make it happen? There's no single, one-size-fits-all solution. Sometimes you need to make major changes; other times the path to greater profitability is paved with a series of micro adjustments to your business. The first clue to finding the answers might just lie in your financial statements. If you're watching your numbers closely, you can usually tell when something is amiss. You can also use tools such as the North American Retail Hardware Association's (NRHA) annual Cost of Doing Business Study, which allows you to compare your financial information with others in the home improvement industry. Doing this comparison can give you another clue that you may be missing opportunities for growth. If you find areas for improvement, rest assured that you're likely not the first. Hardware Retailing spoke with five retailers who have found places where their businesses could be driving more profits. Four of those retailers will share their stories on the following pages, and you can find the fifth online at TheRedT.com/tarzian. Each of these retailers will share suggestions for how to make long-term changes to the way you do business. Each story will focus on different areas, including inventory value, pricing, salesfloor efficiency, labor costs and gross margin. We'll also identify some of the specific financial performance numbers that will help you review that particular topic. If you need a refresher on how to read the valuable information contained in your financial statements, turn to Page 16 to learn about a new online training course from NRHA. Hidden Figures

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