The end of June and the official start of summer is a great time to reflect on how the year's going so far.
And, just as a reminder that we DO "practice what we preach", we share with you one of our conclusions from our own mid-year review:
 |
| "Okay, Co-Founders. It's time to face reality. You're not exactly rocket scientists." |
So, all right. We cannot ALL be rocket scientists! Let's therefore pivot our thinking , and focus instead on how to recognize what HAS been accomplished!
For instance, think about your stores, your departments, your merchandise categories, even your vendors(!) Which ones merit some "awards"?
No, Not About People This Time
While we typically think of people as recipients of recognition – and we trust you already are doing that, right? – this is a different challenge.This is a fun way for Owners to take a new look at your store's performance. Take advantage of all the analysis your POS system can offer you. We are confident you will find some surprises!
Of your merchandise, for example, which products are Award Winners?! Which would qualify as...
- "MVP, Most Valuable Product"? (Hint: GMROI provides good indicators here)
- "Rookie of the Season", e.g., Best New Product? (Is it what you expected?)
- "Most Unsung Hero"?, or, the most unexpected top-performing product. (Who saw that coming?)
- "Most Deserving of a Farewell Tour"? Oops, under-performing once again. (Sidewalk Sales, here we come!)
Now, Take Another Look at Your Vendors
Once you've reviewed your POS reports for products, take another look at them, and do the same analysis for your vendors. Really! There might be some real surprises there!- How many of your vendors are "award winners" for your stores?
- Which vendors have the the best GMROI for your operation?
- Which vendors are responsible for your merchandise "Award Winners", your Rookies of the Season merchandise? Your unsung heroes?
- About that merchandise most deserving of a Farewell Tour; any concentrations among certain vendors?
Again, the goal here is to do a mid-year review from a little different perspective.
You WILL find some Award Winners! (And, some surprises!) What better time for them to get the recognition they deserve?
