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Home > Retail Management > Retail Challenges
RETAIL CHALLENGES

Growth: Things have gone well and the business has expanded. You know that to take the next step you have to step away from the day-to-day management. It is time to hire a manager, and the manager will not have grown up with the business like you.

Inventory Problems: The Bank keeps telling you that there is too much inventory relative to monthly or annual sales. Capital for expansion is hard to come by if the line of credit is tied up in too much stock. What's worse is that you are forced to sell off old stock at little and/or no mark-up just to free up cash. Multi-unit retailers are short stocked at one location and overstocked at another. Staff spend too much time on the phone trying to find out if another store has an item they need to make a sale.

Shrinkage Problems: An unfortunate by-product of the world we live in is theft. Some of it is internal and some of it is external. When you get to year end and you are short items, how do you trace what has happened? How do you take action when you do not know the cause?

Lost Market Share: The "Big Box" retailer has moved in down the street and they are spending big money on advertising, promotions, doing custom orders, issuing gift cards and points programs, and running seminars. How can you respond?

Personal Time: You have been closed for an hour and are still in the office putting sales numbers in your spread sheet and trying to reconcile the day's sales against your cash and credit card slips. Later on, you will be at home re-entering the same information into your accounting package. How do you get out from under to grow the business?

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