10 Tips Turned 25 By John Nunn DISCLAIMER! The following are in no - PDF document

2/10/2015 10 Tips Turned 25 By John Nunn DISCLAIMER! The following are in no particular order. If they were in a particular order you might think one is more important than the other. They are not! They are all important. 1

2/10/2015 Tip 1 Make sure you receive proper credit from vendors for returns. Over the years I have seen more times than not you have to chase a vendor for a credit for something you sent back or an invoicing error in what they sent or did not send you. It may be necessary to make your own RA form including all info needed – include the RA number you received from the vendor as well as who issued you the RA. Be sure to match the RA against the credit when it arrives. Tip 2 Signage is utterly important. Use nice signage, even if it is hand written throughout your store in order to highlight anything and everything that your customers will be interested in. Change it out 2-3 times a month. It's the cheapest thing you can do. 2

2/10/2015 Tip 3 Freight in and DIM weights. Be aware of what this means to you. Tip 4 Be cautious buying at trade shows unless it helps the bottom line. Get all the info needed, buy what you believe is important – but don’t make rash decisions. 3

2/10/2015 Tip 5 If your gut tells you it's not going to sell, don't buy! You know your customers better than sales reps and sales personnel. Tip 6 Give yourself a salary. Don't start your business if you’re not going to make a decent living. 4

2/10/2015 Tip 7 Keep good inventories. If a customer wants a core item and you’re out of it, your customer is going to go somewhere else. Period. Customers are tired of hearing “I can order that for you”. Generally keeping good inventories just is a matter of hard work. Tip 8 Be sure you are aware of your margins. It's not always about what you sell a product for but it is always about what you pay for it. Buy right! Also remember, it's all about margin. Realize you have to get the highest price for everything. If you have a pair of socks that keystone for $7.00 and you can get $7.95 – charge $7.95 5

2/10/2015 Tip 9 Buy from companies with great fill rates. Fewer back orders means: less freight • fewer issues • more profits. • Tip 10 Get good information when placing POs. On your PO’s, always ask to be advised what is going to be backordered at the time you place your order as well as the ETA of when you will receive the product. Not when the vendor will receive the product. 6

2/10/2015 Tip 11 Keep track of your back orders. Finally getting something you expected months ago is never fun unless you know it is coming. Don't expect your supplier to keep you informed of your backorders. They should but don't rely on it. Tip 12 Be sure to raise your prices on existing product when prices increase. Your old product just became more valuable. 7

2/10/2015 Tip 13 Don't be afraid to mark something down quick enough. Keeping unsaleable inventory just costs you money. Tip 14 Always have something for your customers to walk away with. Just a one page flyer with next month’s specials keeps you in customers’ homes a little while longer. 8

2/10/2015 Tip 15 Use Loyal Customer Gift Cards. Make sure you compensate your customers with something for being loyal. We use a card with our logo and 10 numbers on it. We stamp it with a stamp we had made special with our store name on it. Each time they purchase $25.00 or more, the card gets a stamp. After 10 purchases they receive a $25.00 store credit. Tip 16 Never ask a customer if you can help them. Chances are you will get a no. Use terminology that gets you an OK. “Good to see you again” “If I can help you in anyway please let me know". 9

2/10/2015 Tip 17 Understand what 2% net 10 means and use it! Tip 18 Always do inventories with slash marks. | = 1 || = 2 ||| = 3 10

2/10/2015 Tip 19 There is no green, no blue, no pink. There is lime green, kelly green, hunter green, etc. Tip 20 Use a Sharefile. This way you always know where information is, and you don't have to recreate the wheel. Computers come and go. Share files don’t. 11

2/10/2015 Tip 21 Know your suppliers’ core sizes. Those are the sizes you should always have in stock. Vendors know them, why not you? Tip 22 Always be open the hours you advertise. You think that wouldn't have to be said – but time and time again I have found otherwise. 12

2/10/2015 Tip 23 Be sure to over deliver every chance you get. If it looks like a special order is going to take 2 weeks – put in an extra week when you talk to your customer. If it takes 2, great. You have over delivered. If you say 3-4 and it takes 3, they will be happy. Tip 24 Remember that Credit Card is going to Smart Card Processing. All cards will need chips and your reader will need to be updated. 13

2/10/2015 Tip 25 It’s tempting to do whatever it takes to close the sale. Remember a promise not kept will hurt your creditability. 14