Do not operate in fear!

Sid Raisch is president of consulting firm Horticultural Advantage. Today he offers some tips to help retailers make headway despite a lackluster economy.

The time to increase your market share is now. Competitors are likely in retreat mode, saddled with their fear of increasing prices to offset rising costs. Early movers will enjoy a clear advantage. Spring offers a narrow window, and the next season is a long time coming. Make hay!

They: May run out of stock on the best-sellers.
You: Never be out of stock on your best-sellers.

They: May be understaffed at critical times.
You: Make sure your employees are highly visible in bright colors with name tags on.

They: Cut spending on merchandising and facilities.
You: Make low-cost, noticeable improvements.

They: Reduce advertising expenses.
You: Put more advertising dollars in things you know work, and less where you’re not sure -- until you learn more about how to use them.

They: Talk negatively to customers and staff.
You: Talk and write optimistically to customers and staff. Focus on the positive at all times.

They: Sit on prices while expenses rise.
You: Price as necessary to provide excellent value through service.

They: Deal with employees looking for other jobs.
You: Work to retain your best people, lose dead weight and recruit the best of the best.

They: Fail to train and develop their people.
You: Improve your company by investing in people.

-- Sid Raisch

Comments

[Steve Cissel]

Sid,

Was reading the blog of Dr. Charlie Hall the other day: (http://ellisonchair.blogspot.com/2008/04/dont-throw-in-towell-yet.html)

He encouraged the thinking that it is time to start planning for economic growth.

I appreciate and respect both of your positive thoughts.

We need to do more of it.

Steve