Is your open for the right hours? Are you open too long? Are your hours too short? Are you closed when you should be open? re you open when you should be closed?
Business hours are not something to set and forget. They should be reviewed at least annually with adjustments made that deliver to you the best possible financial outcome.
Take a careful look at your hours and see if adjustments are warranted.
While it can feel good to complain to friends or colleagues about a supplier to your business who has let you down, the most important person to complain to is the right person at the supplier business. This should be the first place you contact.
While some suppliers have poor customer service in place, most serving our channel have good practices. Too often, their customer service processes are not engaged when something goes wrong. Too often they hear about an issue because a newsagent has complained to someone else.
What comes after Father’s Day? What do you have planned for the business from today until Christmas really kicks in? Do you have a plan? You need a plan. You should have had a plan a couple of months ago when planning for coming out of a major season for this period before the next major season starts.
Knowing what’s next is vital in retail where the everyday on which you rely is not as strong as it was years ago.
Now more than ever shop floor engagement and out of store marketing are vital to attract new shoppers and we cannot rely on major seasons only to do this for if we do we become like gift shops and they are closing faster than newsagencies.
So: What comes after Father’s Day?
In a newsagency recently I saw a note from the owner to an employee saying stay longer if you think you need to. This is like a customer saying to a retailer sell me more products if you think I should buy them. You are a retailer, you will want to sell as much as possible. An employee will want as many hours as possible, especially if, as in this case, the hours are overtime.
My management advice today: do not let employees set their own hours. Be the boss, be responsible for the operating costs of the business.
We have resisted the temptation for a traditional Father’s Day gift range in the newsagency this year. Instead, we have shone a light on existing products and categories in-store that reflect the diversity of father’s we can serve.
Take dads who are gamers, geeks, nerds or similar in terms of cliched labelling. They could get more pleasure out of a Warcraft blind box – such as you can see in the photo – as a gift than a book, a voucher, socks, underwear or a coffee mug.
The kid buying dad a Warcraft blind box is making a thoughtful purchase, demonstrating they know their dad and his passion. Any dad into Warcraft, and there are plenty, would be happy with the blind box as the figurine in the box could sit in their car or on the desk at work as a reminder of the cool kid they have raised for them to know this is a perfect gift.
In this era of fascination with pop culture, it is items like these warcraft blind boxes that are ideal as a pitch for Father’s Day rather than the traditional you find many gift wholesalers pitching.
I think we need less in our newsagencies of the traditional for major seasons like Father’s Day and more of the quirky collectible that respects the passions of the recipient. That is why the kid giving their dad a Warcraft blind box is likely to have done better than a sibling giving the same dad a coffee mug – unless it is a Warcraft coffee mug … all this depends on the dad being a warcraft fan.
We don’t have to understand these things for us to engage as retailers. But we do need to be guided by people who understand them.
Gifts are changing, rapidly. Yu can see this through the rapid change in gift shops around the country. They are closing and opening at a fast rate, as are wholesalers as the supply side goes through consolidation. I think those changes are occurring because businesses have failed to keep up with the most sought after trends, licences that appeal to deep and long term collector interest.
I am following a similar approach with cards too, promoting quirky cards and licenced cards. While I still have cards with yachts and golf images, I’m not featuring these in out of store promotions as they give off a traditional image I don;t ant to be connected with when promoting the business to people who do not currently shop with us.
The only way to confront a cash-flow problem is to speak directly to those to whom you owe money. Ignoring them will only make the problem worse. Having ignored them and then asking others to intercede for you way down the tracking disrespectful to your creditors and unfair to those whom you ask to run defence for you. Hiding and being silent is not a plan.
A gripe among newsagent suppliers is the time and money spent re-sending inventory or other items newsagents say them have never received only to find, at some point down the track, that the goods were received.
Before you say I never received it, be sue you never received it.
I know from my own work with newsagents through my software company some have said they never received an email about a topic of importance and when I show them the MailChimp evidence they have received each email, opened them and clicked on some content links they still deny it.
If you are not sure, say you are not sure. If you don;t have a structured process for managing everything coming into the business from stock to collateral to emails, get the processes in place so your answers can be more truthful.
A simple sign like this placed near popular products could be the difference between someone looking and stealing. The sign is a reminder of the surveillance in the business. While there are other ways to show pop;le they are being watched, a small sign like this can week too. It costs less than, for example, screen monitors placed in-store. Costing a few minutes to make and a few cents to print, the sign is good value for money. This is why it is my management tip today.
Ransomware is affecting more and more newsagency businesses. Here is advice to help reduce the opportunity of attack and the impact if you are attacked:
Too often I see newsagencies holding stock that does not sell, wasting capital, space and labour. My advice today is to review how you buy and to insert a delay or barrier to the process. Appoint someone else who must sign-off before you place an order. Their job is to challenge you, slow you down and test whether your decision is the right decision.
Buying is a tough job. Get it right and it can power a retail business to terrific success.
The notice in the window of the Scribbler card shop made working there sound appealing. They set the agenda for candidates by saying We need great managers. While you could dismiss the line by saying every retail business needs this, the question is – how often does a retailer pitch for new managers in this way? Not often if my recollection.
The sign also serves as a marketing message. It is visually appealing and confident. I love it.
The Penfrined shop in Burlington Arcade in London was a delight to visit. It is a pen lovers haven with products and customs service to match. What fascinated me we hearing how many people purchase pens to add to their collection – rarely to use, mainly to sit in a display cabinet with other pens they have collected.
The Panfriend visit today reminded me people purchase items foe reasons beyond what we retailers expect. The more we know about why people buy what they buy the better we can target out marketing.
Take this pen shop. It can promote itself as a pen shop to people who love and use pens. It can also promote itself as a business selling collectibles and thereby attract those who understand and appreciate collecting including those who collect solely for investment.
Special retail is about diversifying to leverage the maximum shopper traffic for the product category in which you specialise.It is about attracting people to the product category for as many reasons possible.
The other surprise fro Penfriend today was the discover that they offer nib grinding. I had never heard of it. Reading up on it now, the service makes sense for this specialty business.
Regardless of the Tap and Go limit set by your EFTPOS service provider, I suggest you consider your own rules to reduce the opportunity of fraud being committed in your business. While there is a slow-down in processing, the delay is minimal and the outcome considerably better.
My suggestion is for transactions above $20.00 you have the card swiped or put in the slot in the device and request the PIN from the customer.
The only delay is in the handling of the card. The rest takes the same time regardless of how you present the card.
With an increase in fraud as a result of tap and Go, this can be your approach to cut fraud, your commitment to protecting your customers. The people who will like this will be those who are fearful of such fraud. You probably see them like I do, the people with their cards in a container to protect mistaken scanning wrapped in Alfoil.
In asking for the card say something like: we have a $20 limit on Tap and Go to help fight against fraud. said with a smile, most customers will agree and appreciate your concern.
I was talking with a newsagent last week who had no idea the business was close to a step-up in card company rebates. The step-up is worth thousands if achieved. The thing is, they were denying themselves the step-up by preferencing other companies in some displays where their may company could have served the need.
Knowing how your card rebates are calculated and understanding the steps can help you make more valuable business decisions.
Next time you are talking to a friend in another retail channel, ask if you can tag along with them to a trade show specific to their channel.
Some of the most inspiring ideas I have implemented have been revealed at trade shows for retail channels far removed from newsagency businesses.
With borders between retail channels more blurred than ever, we need to look for inspiration far away from places traditional to newsagents.
I was thinking about this while at Gift HQ in Brisbane yesterday. It’s a good, but small, show but not inspiring enough to really challenge the traditional newsagency business, to take you outside your comfort zone. Being outside your comfort zone, what is close to being usual for your business, is where you find gold.
The biggest mistake I see newsagents making in their marketing is promotion of the business in a way that is traditional for a newsagency.
The best way to find new traffic is with a new message. The same old message will deliver the same old result.
Switching from the old message to a new message starts with new products = then pitched in a fresh way. In writing about this I am talking about displays in-store, social media posts, window displays and advertisements in media outlets.
Is your message new or ol, traditional or seeking people who do not currently shop with you?
It is tiresome talking with a newsagents, or any retailer for that matter, where theft has occurred and only recently been discovered, and where the business has few or no rules around the processing of cash at the end of the shift.
I say tiresome because my advice has not changed in years. It is advice I have shared here before and elsewhere. It is also basic business management advice.
Retailers who are sloppy with cash management and end of shift reconciliation are more likely mohave employee theft in their business that is undetected for longer.
Using your computer system and taking a structured rule-based approach to end of shift processing means you are more likely to detect theft sooner. You also provide fewer opportunities for theft to occur, because of the structured checks and balances.
Balancing the register is easy if you and your employees are disciplined in how they transact business the=rough the day and to the end of the day. Get this right and the cost of theft in your business will be less.
Every branded spinner or stand you have in your business is a representation n to only of the health and professionalism of your business it is also a representation on behalf of the brand of the stand.
A broken stand looks bad as does a half empty stand as does a branded stand with products other than for the brand. Such a stand can turn shoppers off. It gives off a message of a business that does not care and this can tell shoppers you do not care about them.
If a stand has a place on your shop floor it has to add to the business not detract from it.
It does not take much to ensure stands look good, strong, full of the right stock. Sure you could argue you don;t have the money for stock. The thing is – the stand is looking empty because you sold the stock, you have the money.
My advice is to set a policy for all who work in the business to follow:
Set a policy for, say, three months. No reps are to order stock for your business. Instead, hand them a reorder from your software, based on what you sell. For card companies, because of their old-school processes, use the reorder report to set their reorder budget per visit.
The most common outcomes from this move will be a reduction in stock on hand and no negative impact on sales = more money in the bank.
I love the tactical placement of the $2.00 pack of grey-lead pencils with crossword titles in my newsagency at Southland in Victoria, by the manager of the store. Pencils are a perfect add-on to a crossword purchase. The placement does not get in the way of crossword titles.
These pencils, from Last Diary Company, also add good margin dollars to the purchase thanks to good buying and reasonable pricing.
I love the simplicity and professionalism of the placement. It is not what you see in the crossword section of a newsagency.
Every day in our businesses we have to try more ways to get more value from the traffic we have in-store.
2016 is proving to be a tough year for card sales in newsagencies regardless of the card company you are with. While I think there are some factors outside our businesses impacting this, there is more we can do to make our own situation better than average.
Performing above average starts with us being serious about cards. It is one thing to love the product and another entirely to be engaged. For too long we have relied on our suppliers to do work we ought to do.
The more we engage with our card department the better result for us as our customers.
Here are some tips that will lead to sales growth. The list is by no means complete. Consider it a starting point.
I think it is vital that your marketing of cards in-store and on social media reflects your business, that what you do is decided in your business and not corporately for corporate or national promotions serve one purpose, the points in this post are 100% about your business and its card pitch.
Checks and balances on cash, inventory and other business assets is as important between partners as it is with employees. Too often I see theft occurring in newsagencies and other small retail businesses where a partner has stolen from the business.
Theft by a partner in the business is usually done in the same way and for the same reasons as that by employees.
Managing theft by a partner, stopping it, is done by having good management practices in place for cash, inventory and assets and applying the rules and requirements against everyone working in the business. Core in the management practices are checks and balances along with transparency at every step.
Discovering theft is often too late for any effective recovery for the business.
It shocks me when I hear of any retailer selling items for which they do not track movement, While they scan items when they sell them, to get the price, they do not ‘receive’ new stock into their POS software.
Not tracking the movement of all inventory in the business sets the business up for certain failure.
Not tracking stock makes the business considerably more vulnerable to theft. The evidence supporting this claim is irrefutable.
If you are serious about reducing the cost of theft in your business you will track stock.
If you are not serious about reducing the cost of theft in your business you will not track stock.
Yes, it is as simple as that.
Not tracking stock is a dumb move. It is like saying come on and take what you want, because I will never know what you take, I won’t be able to report it to the police, I will not be able to claim it on insurance, so come on in and steal from me. Better still, all my employees – it is open slather as you know for sure that I don;t track anything.
Yes, not tracking stock from the moment it arrives in the business is dumb, stupid. Those do not not track stock get what they deserve.
There are no excuses.
Plenty of suppliers provide electronic invoices. Receiving stock into your software is fast, easy and leads to accurate pricing.
I have stories, many stories, of extraordinary theft in retail businesses including small business newsagencies, amounting to. in some cases, hundreds of thousands of dollars, where theft of cash would have been caught much sooner had all stock been tracked.
It is not the fault of the POS software if the business owner chooses to use it badly. Just as it is not the fault of the car maker if the driver makes poor driving decisions.
I urge you to ensure all stock coming into your business is tracked from the moment it arrives. Do not put it off. If you don;t know what yo do, ask your software company, they are sure to have free training you can use to learn and get this under control.
The benefits will be less theft and better business decisions based on accurate data.
Does everyone working in your retail newsagency know how to scan barcodes?
I urge newsagents to check in with everyone working in their businesses, to see how they scan. Inaccurate scanning can result in register over rings, under rings, inaccurate inventory data … and more problems than these.
Please don’t dismiss this advice as professional scanning reflects the professionalism of your business.
I was talking with a newsagent last week about a theft problem that was not discovered as early as it could have been because of the lazy approaching the business to scanning. I know of another where customer throughput at the counter is regularly impacted by poor scanning techniques.
So, take a moment to check that your employees scan professionally:
While this topic may seem to be of minor interest, there are plenty of retail businesses I have seen where following the simple steps above will improve accuracy, shopper throughput and data integrity.
