Hardware Retailing

OCT 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/877991

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Y ou may have noticed something a little different about this issue of Hardware Retailing. That's right, once again we are marking the month of October with our official 10 Issue. This issue celebrates the 10th month of the year with a wide range of easy-to-read top 10 lists on everything from retail operations to quirky life lessons you can apply to your business. An easily digestible issue jampacked with ideas will be simpler for you to read as you prepare for the holiday rush and plan your 2018 budgets. So, without further pontification, and to take part in the 10-fueled fun, I give you… 10 Habits of High-Performance Home Improvement Retailers 1. Know your numbers. Every year, NRHA publishes its Cost of Doing Business Study, which features detailed financial information for average and high-profit home improvement retailers. Do you know where your store stands against these averages in key performance indicators? 2. Establish a training program (for real). Best-in-class retailers understand that their employees are the primary way to differentiate their operations from the competition, so they offer ongoing training to everyone. 3. Don't believe your own hype. So you claim to have the best customer service or think you're more convenient than the competitors? Give yourself a reality check by asking for feedback from both your customers and noncustomers, and use that feedback to improve. 4. Hire for attitude, train for knowledge. The biggest mistake I see retailers making is hiring someone simply based on their product knowledge but ignoring any personality flaws they might have. 5. Start thinking about succession… NOW! It doesn't matter if you are 30, 40 or 50, you need to start developing a plan for how to pass your business on to the next generation of ownership. 6. Focus on transaction size first. The quickest way to drive top-line sales is to focus on increasing transaction size. Adding items of the week, training on suggestive selling and cross-merchandising can all impact this metric. 7. Be different. One of the biggest advantages you have as an independent is your ability to tailor your assortment, services and advertising to your market. Don't squander this by looking like everyone else. 8. Be more than fair. Sometimes the difference between a business being highly successful and just getting by is the willingness of managers and owners to go that extra step to earn business, respect or loyalty. 9. Never stop learning. Successful retailers look for every opportunity to keep learning about their trade. They go to seminars, visit other stores, participate in roundtables, attend multiple shows and ravenously network. 10. Have a plan for growth. October is typically when most retailers budget for next year. Are you planning for growth? If so, how do you plan to achieve that growth? What steps do you want to take to improve your operation? Without a plan and a budget for it, you're just hoping for the best. Dan M. Tratensek, Publisher dant@nrha.org Becoming a Perfect 10 Taking Care of Business " Sometimes the difference between a business being highly successful and just getting by is the willingness of managers and owners to go that extra step to earn business, respect or loyalty. " HARDWARE RETAILING | October 2017 10

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