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Heads up. You can take a grim situation and turn it into an advantage. Universally, there is a shortage of "good employees." While many will use that as an excuse, it can be a great opportunity for those who seize it. That's why we paid particular attention to this commentary by Ty West in The Playbook*.
And therein lies the opportunity.
Companies that are willing to get outside of their comfort zones and find new places or strategies to find talent have the best opportunities to thrive in 2022. Moreover, those who are ready to grow their own good employees can have a decided advantage. And it matches up with the values that Millennials and Gen Z want most of all. Good coaches win out! The first recommendation: focus more on career development.
Next, catch up with how your organization has changed.
Third, and this is the real game changer for many, the dynamics between employees and management have changed. And those managers who won't change must go!
Our shorthand description for this is it all comes down to respect. Respect for your employees, as well as respect for your customers. There are qualitative factors beyond the paycheck that do matter to employees, especially the Millennials and Gen Z folks who you can grow with. For sure, pay them fairly. But also train them, challenge them, listen to them, promote them when deserved. They want to be engaged with businesses that matter. --- * Having trouble hiring? Three ways to ease your hiring challenges. Ty West, Editor-in-Chief, The Playbook. January 21, 2022.
According to the calendar, as of March 21, it officially is springtime. No matter what the weather is doing. Well, it's time to bring the calendar to real life! Spring is really a state of mind! The dark winter has passed. Even the rain is warmer in the spring. And new growth is beginning to sprout; leaves are coming out. It's a wonderful, fresh outlook. And that of course means it is a wonderful opportunity for retailers to refresh and reenergize their stores. No matter what merchandise you sell - whether it's tires, apparel, books, housewares, office supplies, whatever - every retailer is in the fashion business. And that means that your customers are wanting what is new and fresh.You know; "in fashion."
Maybe you've also noticed it. The recent articles about how retailers now have their inventories "more in line" after the glut of excess inventory caused by "supply chain disruption." Okay. That's good news. But, what jumps out at us is the frequent reference to "just-in-time" inventory management.
Look, if you can't measure it, you can't manage it. And, if you can't manage something, by definition (and experience!) it is out of control.
There's little that any of us can do to address the public health crisis of the pandemic. Its impact on people and businesses is a widespread and major jolt, akin to the shocks of 9/11 and the 2008-09 economic meltdown. Even as painful and disruptive as the pandemic is at this moment, we must remind ourselves that it will subside. It's not whether it will subside, just when. But all of us are going to have to deal with the ensuing economic situation, and its effects on our sales, our customers, our employees. These are difficult times for us all. Retailing in particular is under enormous stress. Many feel like there are no good choices. But, there are good decisions. And The ROI is dedicated to helping you be able to make those good decisions for yourself.
You've seen all the headlines. Worldwide inflation. Dire warnings of a coming recession. Big time discounts at retailers due to boatloads of inventory. Amazon doubling down on their Prime Day(s) sales. Shoppers shopping early in anticipation of rising prices. Shaping up to be yet another "unprecedented" Holiday season for retailers, isn't it? And a wonderful opportunity for all merchants! How best to start? Set the boundaries.
Next, establish clear routines for monitoring inventory levels.
Periodically it’s more essential than normal for business owners to interrupt their routine and get a good look at their upcoming financial choices.
And this is one of those times!
Many very savvy people are quite concerned about the economy and consumer behavior right now.
High debt maturing in both the real estate and the public sectors.
The multiple international upheavals that continue to grow.
And, certainly, the impending changes at the Presidential and Congressional level in the U.S
These issues are joined by others to make NOW a very important time for business owners to look ahead financially…maybe weekly for a while.
Now that we've put a wrap on 2021, and before we really dive into 2022, it's time to catch your breath and reflect on where we are after 2021. Perhaps like us you believe that fundamental and enduring changes have occurred; no one can operate on "auto-pilot" anymore. All of us have to learn new processes, and form new habits. What's it called? Oh yes; "embracing change." Lots of it. That's why it is a very opportune time, particularly for owners, to have a very active Q&A session with themselves.
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