By Joe Milevsky, CEO
If you are like most independent retailers:
You invest in your business, but you do not know how to produce a budget that could let you engineer positive financial outcomes. We find that maybe one out of every 25 independent retailers produce and know how to work their annual budget. You are also not comfortable with reviewing and adjusting your financial statement, cash-flow analysis or balance sheet. Yet you keep on investing.
You invest in merchandise but you are not ever sure what you should do with your best sellers and how to react to the items that are not selling. You often have tremendous amounts of money tied up in ineffective merchandise that is in essence your hard-earned cash just sitting around doing nothing! Yet you keep on investing.
You invest in advertising but you are not certain that it works. Yet you keep on investing.
You invest in your people by hiring them, but you are not comfortable with their productivity. You are not sure how to hold them accountable and you often lack the checks and balances that would keep your investments safe. Yet you keep on investing.
You invest in a building with mortgage payments, rent and other occupancy costs and often in remodeling in the hopes that a new and better location will attract customers. Yet when those customers come into your stores you allow them to be approached by salespeople that do not represent you properly and thus never allowing you to maximize your investment in those extremely valuable and expensive customer assets. Yet you keep on investing.
At the least, a strong consulting company will give you an objective review of all aspects of your business. When you are so intricately involved in your business it is almost impossible to view it objectively. Beyond that initial process, a strong consulting company can partner with you to make certain that necessary changes get implemented.
You do not have to do this alone. Right now we are experiencing very tough times. Many independent retailers are giving up. The fact is they may not have to give up and JRM can help.
Obviously JRM Sales & Management is a consulting company. Hundreds of retailers have chosen to invest in the services that we offer. Many others decide that they do not want to spend the money. They choose not to spend the money even when this opportunity is endorsed by so many organizations (NHFA, WHFA, Mega Group/BBP, Nations BrandDirect) that support independent retailers. They choose not to invest even when they are told that they will get a reference list of dozens of independent retailers that have chosen to take advantage of this opportunity. They choose not to spend the money even when they are told that if the initial engagement process does not meet or exceed their expectations it will cost them nothing.
You do not have to do this alone. It is okay to seek outside help. If you chose not to use JRM Sales & Management, then use someone. You have nothing to lose but a great deal to gain.