INVENTORYYour 2023 Goal
Need a motto for 2023? How about “Inventory should not have anniversaries.” That’s from business coach Bob Negen, co-founder of WhizBang! Retail Training. Any products that have been sitting on your boards for close to a year are draining life from your business and probably driving away customers bored of looking at the same old stock. Reduce the price, bundle it as a complete pair package, do whatever it takes to move it on. Turn and earn!
GOAL-SETTINGKnow When to Quit
The New Year is a time for “sky is the limit” thinking. But a little negativity periodically can be a good thing too, argues Annie Duke in her new book, Quit: The Power Of Knowing When To Walk Away. “Optimism causes you to overestimate both the likelihood and magnitude of success and stick to things too long,” she says. “Unchecked by realism, it prevents you from quitting when you ought to walk away.”
MARKETINGNew Year Plan
Give clients a sneak peek at what you have planned for this year. Are you introducing new products? Have you grown your staff or expanded your services? Send out an email recapping the past year and let people know what you have planned for the New Year, recommends Constant Contact in their monthly marketing newsletter.
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PERSPECTIVELaugh At Disappointment
The healthiest work environment is one where people take their jobs seriously but can also laugh about and learn from the ups and downs of retail life. To support this, keep a “Daily Disappointments” booklet of funny things that happen throughout the year. As one of our Brain Squad members shared a few years ago: “We go out as a team twice a year for a nice dinner. We review the booklet together over drinks and get some good belly laughs in!”
EVENTSBook A March Event
Anything happening in your store in March? It’s a surprisingly good month for a trunk show, says Paula Hornbeck, the now-retired owner of Eye Candy & Eye Candy Kids in Delafield, WI. “People are ready to freshen up their look but it’s too early for spring clothing…” … but just right for a new pair of stylish glasses.
SELF-IMPROVEMENTFlush Therapy
Another year has passed. It’s time to reflect. And then move on. To help with the process, business author Dan Pink recommends a small ritual based around a toy toilet (there are an astonishing number on Etsy). Simply bring the error, missed goal or disappointment to mind, and then hit the toy toilet’s trip handle, and flush it away. “Extract lessons but it’s also important we don’t wallow in those mistakes,” says Pink.
MANAGEMENTFeed It Forward
Giving feedback has long been considered an essential skill for leaders. But according to executive coach Marshall Goldsmith, there are two problems with it – it addresses something that happened in the past and it makes the recipient defensive. In its place he recommends “feedforward”—suggesting a few things you think could help a worker improve their performance. It takes little time and is usually well received, he writes on his blog. “These … can be very specific and still delivered in a positive way. In this way the manager can ‘cover the same points’ without feeling embarrassed and without making the subordinate feel even more humiliated.”
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