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Having said that, let's offer a few reminders.
First and foremost, available cash is always an owner's primary concern, especially in the short term. You must always have enough cash available to pay taxes, payroll, rent, debts, vendors, etcetera on time. This could mean that your attentikon should first go to inventory management.
Longer term profits are, of course, essential. But remember, you don't need profits every month, just over time. Learning about managing expenses may be time very well spent.
A third item that every owner must monitor is debt. Managed right, debt is a friend. But, not contained, debt can be the business' undoing. Become familiar with debt management well before you regret not paying enough attention to it.
On all of these primary issues, there are ample take-aways throughout The ROI.
Having the right product at the right place at the right price at the right time for the right customer is the challenge that confronts all retailers.
The retailers who survive and thrive have mastered:
controlling the cause-effect relationship between profits, inventory, and cash flow;
looking ahead to manage the financial dynamics of retailing.
Take advantage of all the self-help resources at The ROI. Be your own retail finance and Open-to-Buy consultant!
Open-to-Buys (OTB) • Turnover • Merchandise Planning • GMROI • Cash Flow
Cash Flow Planning
Coping With A Cash Crunch
Cost vs. Retail Method Of Accounting
GMROI By Customer Category(!)
That Cash-Inventory-Profits Connection
Retail STRATA:G® Wheel
GMROI Basics
Buying Plan ("Open-to-Buy") Basics
Shape Up Your Inventory
Costs Of "Excess" Inventory
Using GMROI
How To Cut Inventory – Fast!
Even if you employ a financial manager, you should be aware of the financial condition of your business, and be able to project "What would happen if I...?"
The Institute is dedicated to giving you the essential basic financial knowledge needed in any capacity of retailing.
Take advantage of The ROI's practical, how-to information, training and online tools. No more intimidation from finances or accounting.
Gain more financial control. And peace of mind!
Income Statements (P&L's) • Balance Sheets • Ratios • Retail Math
Banks Rent Money, Don't They?
Learn "Conversational Banker-ese"
Cause-Effect, Cause-Effect: Manage Inventory, Profits...And Cash!
Find Your Store's Key Ratios...In 12 Seconds Each!
Measure, Monitor and Manage Your Store's "Vital Signs"
"Turn On Your Financial Headlights!"
How To Use Your Linked(!) Financial Statement
Myth Of "The Bottom Line"
Working Capital In A Retail Business
See how these connections impact your bottom line – and cash flow – with our exclusive "What if...?" calculators. Unlock Access
Then, owners must deal with another set of questions:
What could we do?
What should we do?
What will we do?
Use The ROI. "Turn On Your Financial Headlights!"
Banking, Financing • Strategic Planning • Survival(!) • Growth Management • Succession
Project Your Balance Sheet In Nine Steps
Three Stages Of Decline In Retailing
Top Five "Killers" Of Retail Businesses
How To Sell Your Store
Is Your Store A Good Investment?
Adversity Test For Retailers
Retail Owners: Where's Your Job Description?
"Am I Running This Business...Or Is It Running Me?!"
Putting A Price Tag On Your Business
The Four (Only!) Ways Retail Businesses Grow
Game Plan For A Turnaround
Strategic Decisions–Step-by-Step
Expand...Or Should You?
Six Step Turnaround Program For Your Stores
Beyond Survival; It's Time To Thrive
Stress Management For Retailers
Retailer's Guide To Savvy Borrowing
Those Capital Investments: To Buy Or Not To Buy?
As the saying goes, "Retail is detail!"
That's why the most contented retailers are those who recognize that there are Three Levels of Issues, or Responsibilities, in every retail business.
Ownership level
President/CEO level
Management level
Each level must focus on its own responsibilities (and yes, the Ownership level is its own job!)
Plus, each level must have the commensurate authority to be effective.
In that environment, everybody is empowered, and able to help "Put the fun back into retailing!"
People • Sales & Marketing • Locations • "Theatre of Retailing"
Customize Your Customer Service
Rate Your Store From The Shopper's Perspective
Managing Your Store's Most Valuable Asset: Front Line Employees
Could Owner Benefits Be Killing Your Store?
Sales Forecasting: Part Art, Part Science
Take The Voodoo Out Of Advertising
Value For Today's Value-Conscious Customer
Find Your Best Customer. Now, Find More Of Them
Beyond The Paycheck: Creative Compensation
Teaching Salespeople To, umm, Sell!
📌 Want to dig deeper into cause-and-effect relationships? Members get access to tools that "Show, not tell." Join Now
Most of The ROI's Webinars With The Co-Founders demonstrate one of The ROI's online Projecting Calculators for Retailers.
Controlling Inventory, Profits, & Cash Flow
Secrets Of Retail CASH FLOW
Basics of TURNOVER & OPEN-TO-BUY
The Power Of GMROI
Multi-Department OPEN-TO-BUY Plans
Managing MARKDOWNS
Retail Finance Basics
But...Will We Have A PROFIT?
Two KEY RATIOS
The OWNER'S DASHBOARD
Four FINANCIAL WHEELS
Retailer's TREND TRACKER
Strategic Owner Issues
All THREE KINDS Of ASSETS
Four-Step SURVIVAL PLAN
Job Description(!) For OWNERS
Bank Or Vendor NEGOTIATIONS
Projecting Your BALANCE SHEET
The OWNERS DILEMMA
Thinking Of SELLING Your Stores?
Strategic Store Management
Three STAGES OF DECLINE
The RETAIL STRATA:G® WHEEL
The STORE RATER
Answering WHY?
Shrewd ADVERTISING
We get it! There is a lot of how-to information at The ROI. But sometimes, you (or your people) "just need to know it now!"
So we've put together three Know It NOW! Bundles for those situations. Perfect for busy retailers!
BUDGETING Bundle - focused on Profits
BUYING Bundle - focused on Inventory
BORROWING Bundle - focused on Cash Flow
What's Included? Go to each tab for specifics. Each Bundle has a curated selection from The ROI's extensive professional library. Save time, big time!
Find and focus on your best, most profitable customers!
Then use the online PROFITS Forecaster.
Easy and fast to prepare your own budgets and profit plans.
Steps 1 through 3 should take about 90 minutes or so for you to Know It NOW!
The Remarkable Retail STRATA:G® Wheel is a more advanced concept for you to explore when you're ready.
Here's what's included in the BUDGETING Know It NOW! Bundle.
ROI Members get unlimited access - free! Go to Know It NOW! Bundles
Not a Member? Go here to SUBSCRIBE now! Get immediate access.
Know how much inventory - maximum - to bring in, and when, to reach your targets for sales, margins and turns.
Buy with more confidence.
Control your inventory like the pros do!
Steps 1 through 5 should take about 90 minutes or so for you to Know It NOW!
Here's what's included in the BUYER'S Know It NOW! Bundle.
Read the Article: Merchandise Planning Like the Pros Do
Watch the Webinar: How to Use Turnover to Drive Inventory Control
Take the Course: Projecting Inventory Buying (Open-to-Buy) Plans
Read the Article: The "Diamond of Doom" of Excess Inventory
Read the Article: How to Shape Up Your Inventory - FAST!
Use the BUYING PLAN Forecaster Online Calculator for your own plans
Find out whether you need to borrow. If so, how much and when?
Those answers are found in your cash flow plan.
Once you have that - and can show when you can repay a loan - you have a plan you can "take to the bank!"
Steps 1 through 5 should take less than two hours for you to Know It NOW!
Here's what's included in the BORROWING Know It NOW! Bundle.
The Retail Owners Institute® has been empowering retailers since 1999 to "Turn on their financial headlights!" Our tools and resources are trusted by thousands of store owners to help grow profitable, resilient businesses.