Dionco Inc. - Books - Start and Run a Profitable Retail Business

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Description

Start And Run A Retail Business recognizes that the retail industry has undergone enormous changes in the past 30 years. Retailing experts Jim Dion and Ted Topping give clear instructions and knowledgeable advice on how an owner-operated retail business needs to be organized to survive and prosper in today’s highly competitive retail environment.

A succinct and valuable guide, this book is as useful to retailers with established businesses as it is to those who are just beginning a retail business plan. Drawing on their years of experience in the retail industry, the authors provide a detailed, practical job description of the successful retailer, covering:

The Basics of Retail
Merchandising
Buying
Human Resources
Sales Managemen
Technology
Customer Service
The In-Store Experience

Reviews

"Start and Run a Retail Business is not a typical start-up book. It does not try to cajole or charm you into the business of retailing. The writers do not wear pink glasses or try to "sell" retailing to you. Both writers know too much about retailing today to try these tactics. The book forces the reader through even the most unappealing parts of retailing - inventory control, cash flow and so on. It suggests that the would-be retailer should understand that in order to be a professional retailer, he or she cannot be also a lawyer, store designer, advertising copy writer, retail trainer or technology specialist. "If you cannot afford to use outside professionals, you should proceed with extreme caution," the authors say. I like the book because it is realistic. It does not talk at the reader and it assumes that the reader knows a great deal about business already. As a reviewer, I am somewhat biased because I happen to know both writers well. But, I am also a writer myself and have written about retailing (in Canada) full-time for the past 10 years. And I have read an awful lot of books about retailing! This book is worth reading."

"The Start and Run a Retail Business book is a comprehensive guide and reference book for every new retailer and even ones who have been in business for some time. Complete with examples and illustrations backed by real-world experience and rigorous research, it is a powerful resource. Well written and well organized, it makes a great book for individuals, small and large businesses alike. I found it easy to understand and apply."

Table of Contents

Preface

Introduction

Learning to Be A Generalist

How to Use This Book

1. The Basics Of Retail

Understanding the Six Rights of Retail

Your Profit And Loss Statement

Preparing A Pro Forma Profit And Loss Statement

Adding Value To The Products You Sell By Adopting a Best-Service Strategy

Developing a Strategic Framework

Developing your Secret Weapon

Developing a Clear Vision of Your Business

Identifying and Studying Your Three Most Important Direct Competitors

Conveying Your Strategic Message Through Your Store Location

Conveying Your Strategic Message Through Your Store Design and Layout

Conveying Your Strategic Message Through Your Advertising

Your Advertising Plan

2. Merchandising

Grouping Merchandise Into Departments and Classifications

Learning from Your Customers What They Want to Buy from You

Using the Retail Method of Accounting

Monitoring Your Business Using a Monthly Maintained Margin Report

Controlling Your Business with Four Key Operating Ratios

Turnover

Stock-To-Sales Ratio

Gross Margin Return On Inventory Investment (GMROII)

Sales Per Square Foot

Using Markdowns Effectively

Using Promotional Markdowns to Stimulate your Sales

Using Regular Markdowns to Adjust your Inventory to Market Value

Increasing Your Credibility by Using Seasonal Markdowns

3. Buying

Seeing your Products Through Your Customers' Eyes

Building Win-Win Relationships with Suppliers

Buying Terms Are Often More Important Than Price

Following Eight Proven Buying Guidelines

Implementing a Price Point Discipline

Establishing a Credit History with Each Supplier

Striving to Reach “Sell and Buy” by Choosing Payment Terms

Calculating an “Open to Buy” For Every Classification, Every Month

Forecasting and Creating Six-Month Merchandise Plans

Buying with a “Just in Time” Philosophy

Put It To Work

4. Human Resources

Demonstrating That People Are Your Most Important Asset

Hiring Super Sales Associates

Developing a Written Job Description

Determining Duties By Priority

Identifying Relevant Characteristics and Qualifications

Sales-Per-Hour and Average Transaction Objectives

Creating Win-Win Employment Relationships Through Employee Benefits

Paying Your Sales Associates

Following Established Guidelines for Effective Interviewing

Five-Step Interviewing

Evaluating the Candidates

5. Sales Management

Budgeting Wages and Benefits as a Percentage of Sales

Bringing Productivity to Your Store with Four Key Ratios

Selling Cost

Conversion Rate

Average Transaction

Items Per Transaction

Using the Apprenticeship Method of Staff Training for All New Employees

Providing Guidance and Additional Training

Following Six Steps to Become an Effective Coach

Using Praise

Adjusting Training Methods

Matching Goals and Incentives to Your Sales Associates' Needs

6. Technology

Embracing the Relevant Trends in Retail and Internet Technology

Using a Computer and Retail Software as a Cash Register

Automatic Replenishment

Multimedia

Executive Information Systems

UPC and EDI Technology

The Internet

Budgeting for Technology

Selecting the Right Integrated POS/Merchandising/CRM Package

Understanding the Many Things Your Integrated Package Should Do

Using Technology Wisely to Run a Profitable Business

Keeping Your Inventory, Sales Profit, and Space in the Correct Balance

Making an Informed Decision About POS Software Suppliers

Questions for Potential Suppliers

POS Questions for Retailers

7. Customer Service

Knowing Your Customers

Competing with Vending-Machine Retailers by Adding Significant Value

Creating Top-of-Mind Awareness

Providing Extra-Mile Service

Giving Customers What They Want

Identifying Extra-Mile Service Opportunities

Offering A Make-It-Right Refund Policy

Implementing Relationship Marketing and One-to-One Communication

Identifying Your Best Customers And Creating a VIP Club

8. The In-Store Experience

Stepping to the Other Side of the Counter

Keeping Up to Date in All Areas

Acting Like a Premium Brand That Customers Will Choose

Presenting Merchandise Like a Theatre Company Would

Creating an Optimal Retail Environment

Focus Customers’ Attention

Eliminate All Distractions

Establish a Feeling With Music

Have Professional Sales Associates Play Their Roles

Differentiate Onstage and Offstage Areas

Afterword

Appendix 1 – Put It To Work: Action Plan

Appendix 2 – Additional Reading

Checklists

Figures

Samples

Worksheets

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