SunCoastAdvisory.com
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Retail Business Leaders
Come and check out our powerful program to help property owners and managers increase tenant retention.
Small Business Solutions
Coaching, Mentoring and Advice - small business owners, do not go it alone.
Frequently Asked Questions - FAQs:
ON PAPER, I KNOW I AM MAKING MONEY, BUT AT THE END OF EVERY MONTH I HARDLY HAVE ANY CASH, WHAT AM I DOING WRONG?
A: "Cash is King", you have heard that before we are sure! Do you know what amount of money you have available to spend with each sales rep that calls on you for re-order? How do you decide which suppliers to pay and how much they should be paid each period? Who pays the suppliers? These are a few questions we ask when we audit a cash flow crisis with our customers. The answer to your question is "Most everything you do with respect to cash flow management can be done better if you have the tools." We have the tools to help almost any business improve cash flow!
WHY IS GOOD CUSTOMER SERVICE IMPORTANT TO BECOMING AND STAYING A SUCCESSFUL RETAIL BUSINESS OWNER?
A: Excellent Customer Service is possibly the most important key to running a successful business, in retail or any other industry. This is true for many reasons, these include: the cost of keeping existing customers is less than the cost recruiting new ones; Good customer service is a a great way to differentiate your business; Good customer service - e.g. quickly resolving a customer complaint and thanking the customer for bringing it up reinforces the thought that the customer IS always right.
I HEARD THAT KEEPING MY RETAIL SALES PEOPLE FULLY TRAINED IN MY PRODUCT IS A GOOD PRACTICE, BUT IS IT REALLY WORTH THE EXPENSE?
A: Regardless of the industry, keeping your customer facing employees (those in sales, the folks that answer the phone or the service people that clean, repair or install your product or service) well trained is one of the best ways to grow your top line revenue. Establishing short and concise training updates for both your long time and new employees is the best way to highlight features, specials and get feedback on what is working vs. not working for your business.
I USE END CAP DISPLAYS TO HIGHLIGHT MY SPECIALS AND SOME WAYS OF ARRANGING MY RACKS TO SHOW THE PRODUCTS I WANT TO SELL RIGHT UP FRONT. IT IS NOT WORKING - IS THERE A WAY TO BETTER PLAN MY STORE LAYOUT TO IMPROVE MY SALES?
A: On the average only 45% of the people that come into a store actually buys something from your store! The reason more potential customers do not buy may lie in your merchandising strategy. You will be more successful if you use a technique for pre-planning where and how your merchandise is displayed, have uncluttered isles, proper lighting for the articles you are selling, music that works in your environment and with your demographic and your store is set at a comfortable temperature. These are some of the merchandising tactics you can implement. We can assist your efforts with an audit and recommendation.
I HAVE A POINT OF SALE SYSTEM IN MY STORE AND WHEN I BOUGHT IT I PLANNED ON USING ALL THE FEATURES, BUT NOW I USE IT MOSTLY AS A CASH REGISTER. IS THERE MORE I CAN DO WITH THIS SYSTEM?
A: The good news is that there is no where to go but up! Our advice is to get this key part of your business upgraded and in use as fast as you can. You are leaving money on the table and can improve this situation with a small investment of your time and some updated management tools. With the right support you will be able to save on your operating costs, improve cash flow and keep better records of your sales performance.
I AM A NON-RETAIL SMALL BUSINESS OWNER, WHY SHOULD I CONSIDER WORKING WITH SUNCOAST ADVISORY?
A: At SunCoast Advisory we help our clients in virtually any business generate more revenue at a better margin. We help you achieve your goals and move your business up the profit curve. We measure success by the increase in your bank balance.
I HAVE A PROBLEM WITH INVENTORY LOSS. WHAT CAN I DO TO REDUCE MY LOSS?
A: FACT: Every business owner has some potential to lose or have stolen their property. Without an active and multiple faceted program to curb inventory or IP loss business owners will suffer more financial loss from shrinkage or shoplifting this year than ANY previous year in the last decade. A proactive audit of your inventory security and a five part loss prevention program is a good place to start. Contact us at info@suncoastadvisory.com for more details.
I HAVE BEEN IN BUSINESS FOR 2 YEARS AND WORRY ABOUT MAKING IT PAST 5 YEARS. ARE THERE ANY SECRETS YOU CAN SHARE?
A: The most important personality trait required for running a successful business is perseverance. If you have made it two years so far you must have already demonstrated this trait whether you realize it or not! There are a few other things that you need to keep close at hand: know yourself, know your best customers - i.e. profile them, then look for those traits in potential customers; know your value proposition and constantly aspire to bring it to your long term and new customers; build alliances that allow you to harness your passion and make it strategic; always look for ways to out service your competition; align your marketing strategy and your sales goals; and, last but not least HAVE FUN.
MY SMALL SALES TEAM SEEMS TO GET STUCK SELLING ON PRICE ALMOST ALL THE TIME, WHAT CAN I DO TO GET THEM SELLING ON MY VALUE PROPOSITION?
A: In your approach to educating them on value based selling it is OK to realize that price is part of every buying decision. However, there are a whole host of other motivations that your team should be looking for in communicating and building a USP for each customer. How about assessing the severity of their Problem or Pain? You can also share your company expertise in solving problems in their industry with testimonials and with stories about your helping other business owners, offering a referral may be helpful in building trust. Another thought to explore is how specialized is your solution? The more specialized the solution the higher perceived value. Train your team to ask qualifying and open ended questions to get the customer to define clearly what they are looking for - and by all means remind your team to listen and confirm what they heard with the customer. Finally have your team get a sense of urgency from the customer. If their need is urgent and you can offer a compatible solution along with valuable customer service this is a greater value to most customers than the lowest price! For information on SunCoast Advisory Sales Team training contact us at info@suncoastadvisory.com.