Cash flow is an on-going challenge for independent retailers, as it is for many small businesses. Sales growth remains modest at best, and credit remains largely unavailable to many independent retailers. That puts many squarely behind the eight ball. 

Long before the E-Myth became a business management buzzword, it provided a valuable insight into the workings of entrepreneurial companies, including independent retailers. It stated that most entrepreneurial businesses fail because entrepreneurs are primarily “technicians” in their given field, and fail to develop the necessary business management skills to succeed. 

Fenway Park will turn 100 years old this week, and it’s no small achievement. Longevity has not come easily to Boston’s crown jewel of a ballpark, however. Over the years there have been any number of moments that seemed to signal the ballpark’s demise. 

I’m a regular contributor to RetailWire, an online board of professionals involved in various aspects of the retail industry. If you haven’t checked it out before, you can check it out here.

What do we make of the on-going softness in retail traffic counts?

When my clients come to me with inventory management issues, the problem usually boils down to one of two things: out-of-stocks and overstocks. At first glance, the two issues appear unrelated out-of-stocks resulting from unexpectedly high sales, and overstocks from unexpectedly low sales but they are really the flip side of the same problem. Both result from inadequate planning and sales forecasting.

When was the last time you did anything in your store that was truly innovative?

If you’re like most independent retailers, inventory represents your single largest investment. Your customers know you in large part by your inventory, your merchandise, by those categories and items you choose to carry. And, if you’re like many independent retailers, you feel naked if your store doesn’t feel fully stocked with broad assortments and deep, impactful displays of core merchandise.

As I work with clients trying to increase sales volume - and they ask “How do I get more customers” - I’m reminded of something that a vice president at my first retail job would say:

If you’re an independent retailer, it’s pretty easy these days to be confused about the path you should follow. You’re no different than any other consumer, you’re bombarded by the major retail chains with special offers, promotional incentives, this week’s special, next weeks sale. You hear all the chatter about social media, Facebook, smart phones, mobile apps.