FYI: There is another 2/3rds of the Institute available only to Members!

Time to Showcase Your Good Business Citizenship | Coping with a Cash Crunch | Managing the Turnaround Process | More Shrewd Advertising – At No Added Cost! | Compare Your Monthly Sales Results

Tuesday, August 15, 2023

From The Co-Founders

Patricia M. Johnson & Richard F. Outcalt
Outcalt & Johnson: Retail Strategists, LLC • Retail Turnaround Experts

Guess What, Your Shoppers Would Love to Know You Better!

We hear it over and over. "Good business citizenship" matters to shoppers. Especially for retailers, who are quasi-public figures in their communities. (AND in a goldfish bowl.)

Customers vote with their feet, their wallets, and their hearts, and increasingly choose those retailers who "do the right thing", whether it's how they source product, hire and pay employees, reduce environmental impacts, etc.

There are things that independent retailers do day in and day out, without perhaps even realizing how special they are!

Most retailers we know are "aw shucks" type people. It's charming, but, especially in today's world, your leadership can be a competitive edge! So, why keep it a secret?

Many of you are using social media to promote sales events, new product arrivals, etc. Why stop there?

Social media – and your website – is the perfect place to share examples of the values that drive your business. And face it; those values may be too scarce today. They need to be featured!

Don't be shy! For instance:

Do you have tuition support for your employees? How about a tally of how many have taken advantage? Or, did you have a summer intern who's about to head back to college? Give them a shout out.
Do you have an Employee of the Month award? Who has been recognized, and why? (Then run off copies of that write-up, and use them as bag stuffers.)
Do you have a policy of supporting X hours of paid time off for employees doing volunteer work in the community? Why not recognize the array of organizations/groups that have benefitted from these volunteer hours? (Maybe a sign at check out?)
Or, what about recognizing what your employees are doing on their own time for the community. Church leadership? Volunteer firefighter? Coaching youth sports?
What about your policies for sourcing product? Don't assume that everybody in the community understands this. People have lots of other things on their minds.
And that unsaleable merchandise you routinely donate to local charities? Those contributions are worth a mention (and may prompt some donations from others.) Might your website be a place to mention it?
What about your employees? How well do they understand your store's values and standards? While Millennials have gained the reputation of caring about these issues, they matter to all of your employees.

As a retailer, you likely are one of the civic leaders in your community. It's okay to let people know. In fact, your customers want to know, and in their own way, they want to embrace your civic leadership.

Yes, retail IS a mirror of society. You and your employees are making important contributions to your communities. There's no time like the present to acknowledge and celebrate them!

Guess what. Your shoppers would love to know you better!

Tips • Tactics • Strategic Insights • Commentary

Want more of the strategic retailing observations from Outcalt and Johnson? Prior commentary From The Co-Founders is available under PERSPECTIVES on The ROI site. ➡️

The most recent figures on Monthly Retail Sales were released today, August 15.

Go here on The ROI site to see the results compared to the same month last year for all major retail sectors.

This is just one example of the dozens of empowering resources available in
The ROI's OWNERS Center.
Go here to find out more

What's Involved in a Financial Turnaround Plan?

Having problems meeting your bank loan? You may not be alone.

Falling behind in payments on your loan is a clear indication of a problem. And don't assume the bank won't notice! One veteran banker told us “I usually catch a delinquent loan no later than 30 days, though I like to discover them in 20 days.”

Don’t wait for the bank to call you. Instead, go to the how-to process of "Managing The Turnaround Process" in The ROI's OWNERS Center. Follow the six essential steps it explains to maintain control of the situation, and set your business on the path to recovery.

And do it now! The lead time is a very valuable asset!

FREE Access 🔑 ASSET of the WEEK

Webinar of the Week • Free Access

More Strategic Advertising – At No Added Cost!

Feeling the pain of John Wanamaker's famous lament about advertising?

Don't just take it. Now is a great time to take a more strategic look at your ad budget and plans.

And this lively online TOPICAL TUESDAYS Webinar of the Week, from Pat Johnson and Dick Outcalt, Co-Founders of The Retail Owners Institute®, shows you how to be more shrewd about your advertising.

This session is packed!
And yes, it’s even a little lofty.
But, get this: The ROI shows how it all can be done by you! For free!

Take advantage of this lively and empowering how-to webinar for retailers, only from The ROI.

FREE Access • WEBINAR of the WEEK

Coping With a Cash Crunch

Worried about running out of cash before you run out of payables? Don't despair. You CAN gain control of the situation.

Even a profitable business can experience not having enough cash. And it seems to happen just at the wrong moment.

Go here in The ROI's Library for Owners. See 6 specific, proven steps you can take – starting now! – to help you get your business through the crisis.

All to help you put yourself back in control, avert problems in the future, and gain peace of mind!

Coping with a Cash Crunch

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