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How to Start a Business in a Recession
Starting a business in a recession might seem counter-intuitive, but its actually one of the best times to open a business, you just have to approach it in the right way and with the right attitude.
How to Write a Realistic Business Plan That Will Attract Investors
The very first thing an exploratory business owner should do is start gathering information, organize and catalog it. This is crucial to the development of the entire endeavor. The very next thing (and something that should be ever present before and during writing a business plan) is making it attractive to investors.
How to Get a Job Interview During a Recession
Landing a job interview is difficult enough under normal circumstances, but getting an interview requires a fresh yet well planned approach.
How to Interpret Common Interview Questions and Answer Them
The most common interview questions aren’t looking for a copy-and-paste, memorized answer, they are looking for information. “What do you feel is your biggest weakness?” This question isn’t being asked so to humiliate you, it’s being asked to see if you recognize your limitations and how you cope with stress and anxiety.
How to Avoid Giving The Wrong Answers in an Interview
If you’ve read my eHow article, “How to interpret common interview questions and answer them”, then you’ve picked-up on a theme – the questions being asked aren’t really to be taken at face value. The interviewer is looking for a bit more to the answer than just a quip or canned answer.
How to Get Hired, The Top 10 Things Employers Want Most
Do you know what you’re looking for when you apply for a job? Are you looking for low pay, with no benefits and no hope of moving up? Long, monotonous, three-state killing spree inducing hours with no hope of overtime pay? Thankless bosses and/or supervisors, who take long lunches, arrive late and leave early? Rotten, gossip mongering, lazy co-workers that love to surf the internet and help themselves to anything in the break room that isn’t theirs?
Your resume is critical in controlling the image you present to employers. The stronger the skill and experience descriptions are in your resume--the higher the number of interviews and salary offers you will receive. By revamping the image presented of your skills and abilities--your resume can go from generating a 0% response rate to a 100% response rate and elevated your salary offers!
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***For Immediate Release***
Contact:
Owen E. Richason IV
Retail Consulting Solutions
Phone: 727.518.5335
Email: info@retailconsultingsolutions.com
Mystery shopping: customer service measure, employee sales training tool, loss prevention analyzer, and business investment all rolled into one
Mystery shopping or secret shopping continues a study rise in effective market research and customer service measure and training as it truly is the proverbial fly on the wall, allowing retailers, restaurants and other businesses to gauge their employees from an objective and impromptu point of view.
Customers are the foundation of a business's success and good customer service is the key to retaining customers. Whether a retailer or restaurant or other type of business, a company that can identify and correct its weaknesses will maintain a competitive advantage over its competition by continually improving customer loyalty thus increasing sales; making secret shopping the most cost-effective method of evaluating customer service and is the best way to customer relationship management.
Research has proven that quality customer service is a profit strategy, as improved customer service helps a company:
Retain current customers by enhancing customer loyalty
Increasing sales averages by both loyal and new customers
Attract new customers
In fact, satisfied customers will tell an average of five people about their positive experiences in your store(s) conversely, dissatisfied customers will tell an average of ten people about their bad experiences. There is no doubt that better service and a well-planned customer relationship management program increase market share and, ultimately, profits.
Mystery shopping helps businesses save training dollars by identifying specific training needs, reducing the need for administrative overhead with the valuable information provided from secret shopping. Likewise, it is a way around personality conflicts or favorites among employees and managers. And provides a company with a first-hand prospective of how the employees and managers interact.
Not only does mystery shopping provide great benefit for customer service analysis, it also is an invaluable means to identify loss potential and loss prevention. Secret shoppers may identify areas where loss might be or is occurring: unproductive employees, blind spots, return and exchange procedures, excessive comps or elective discounts.
Because of its effectiveness, mystery shopping benefits a company in many ways:
Retain current customers
Attract new customers
Improve customer service
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***For Immediate Release***
Contact:
Owen E. Richason IV
Retail Consulting Solutions
Phone: 727.518.5335
Email: info@retailconsultingsolutions.com
Workplace and personal communication
Every solution breeds new problems.
What fax, email, IM and texting have done for instant communication has had the negative effect of remaking personal and office communications increasingly virtual, stealthily modifying and standardizing office interaction to ever expanding faceless and voiceless communication.
Years ago, it was considered unacceptable to use email for business proposals, queries, follow-ups, interoffice memos/announcements, et cetera. That certainly is no longer the case; in fact, it’s no secret that co-workers will actually email one another instead of phoning or engaging face to face, even if they are situated right next to each other.
With its huge person-to-person popularity, SMS and MMS texting are likely to be the next acceptable standard.
Over 70% of mobile phone users now use their hand-sets for text messaging. Text messaging is seen as a medium of choice - being simple, cost effective, instant, and discrete. Moreover, according to IAB (Interactive Advertising Bureau), 95% of text messages are opened compared to just 25% of emails. This puts mobile operators in a very strong position for marketing personal and business use.
These mediums of communication, though acceptable, are causing individual, interpersonal communication skills to suffer and we can expect the next generation of business men and women to rely heavily on these non-verbal means of expression. Even “old-school” business professionals have let their verbal communication skills rust while engaging co-workers and clients through email, web based meetings and like technology vehicles.
As a result, potential miscommunication is constant, consequentially so too may be personal and professional report damage; so the fundamentals of interpersonal communications, whether personal or professional, need to be addressed and practiced.
Firstly, we must define what are and are not healthy for proper communication to take place. Here are seven self-explanatory common communication barriers:
1. Not listening
2. Interrupting
3. Improper/inappropriate reaction
4. Anger/conclusion jumping
5. Failure to recognize non-verbal communication
6. Improper timing
7. Gender differences
Personal contact is best. People connect to one another more when they meet in person so to read each other’s body language and feel the collective energy. If personal contact is not possible, the next best medium is by telephone.
Continue to network. Because no one achieves success alone, make an effort to befriend people in different departments. You should also expand this to a personal level, meeting new people in your community, and looking for experiences or interests you have in common.
Always be courteous. Courtesy lets people know that you care. The words “Thank You” show that you are grateful. Say, “Would you please...” instead of only, “Please...” You will relate parity and build rapport.
Be consistent and clear. Consistency builds trust. Asking, “Did I explain this clearly?” will assure that people understood what you said.
Compromise when it is appropriate. When facing a conflict, in some instances, compromise lessens the associated stress. Frame your conversation in the context of the company, not the individual so that co-workers will not take the conflict personally.
Be interesting. You cannot hold a person’s interest if you have nothing interesting to offer. Read your hometown paper daily. Read industry literature so you can know what is going on in your industry. Rehearse telling a few short personal stories about your interesting experiences.
Listen. Listen to what others are saying and show interest in the conversation. Listening expresses respect and admiration. Conversations should volley from one participant to the next.
These guidelines will hugely benefit both personal and professional relationships; after being practiced will come to naturally improve your communication over time.
If you would like more information about our services, or to schedule a consultation, please phone 727.518.5335 or email info@retailconsultingsolutions.com
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***For Immediate Release***
Contact:
Retail Consulting Solutions
Phone: 727.518.5335
When to reduce your workforce
Conventional wisdom dictates that employers should only begin to consider layoffs and/or terminations after all other cost cutting avenues have been exploited; during economic downturns such as the current one, businesses are more apt to be myopic with the former in order to more quickly engage the latter.
As previously written, employees are a business’ largest expense, including wages and benefits, sick time, personal time, et cetera – so downsizing appears to be the only real cost-benefit impact.
While this is certainly true, it is necessary to perform a due-diligent study and consequence analysis.
As a business professional, ask yourself these simple questions before deciding on layoffs:
Where can I cut that doesn’t impact employee work productivity?
Where and what can I cut expenses not employee related?
Who is most valuable and why?
If I lay-off an employee, does their position still remain?
Am I creating more work and/or stress on remaining employees?
Will lay-offs create a “next shoe to drop” panic?
What message will I send and how will it be received?
The first seems all-too-obvious, but often employers don’t see the forest-for-the-trees. Hold meetings with department heads and see where you can cut without spiting yourself – chances are you may be surprised.
Though it seems to be one, the second isn’t a trick question – it’s designed to jump start out-of-the-box thinking. When employers begin cost cutting measures, typically the first considerations are the largest: health benefits, 401(k) matching, et cetera but may not consider office or equipment lease renegotiation, vendor promotions and so-on. Similarly, purchasing commercial property and leasing out unused space could be a future-hedging option.
Other solutions might be to redefine your employer/employee relationship, transitioning from salaried or hourly employees to 1099 contractors; perhaps transferring as much costs as possible to corporate credit cards that offer cash back or other such incentives. Lastly, contemplate upgrading or downsizing in other areas such as more up-to-date hardware/software to reduce time waste or eliminating fringe benefits.
The third and fourth can be chicken-or-egg questions, but are very important to answer. For instance, lower totem pole employees can be major producers/contributors; often they are new to the workforce and are enthusiastic to take on more responsibility to gain knowledge and experience. But that means where they gained responsibility, someone lost it – illustrating the law of unintended consequences – an employer releases their lowest totem pole employee only to find their sole function was to unburden higher-ups who cannot simply reabsorb those responsibilities without compromising their productivity.
The last two questions are paramount to your surviving employee’s efficiency, attention to detail, output and general mood of the business. Once layoffs are over, surviving employees will react in ways that will likely be reflected in performance both positively and negatively.
These are but a few of the many ramifications of pre and post layoff scenarios. And it is imperative to look at cost cutting throughout the business at large rather than placing employee obligations as the sole premise by which you arrive at your ultimate decision (precisely why a third party can be so invaluable).
In other words, it is important to consider any and all options prior to such actions – cost cutting via payroll and benefit reduction might wind up costing more than considered as any recourse has its consequence.
If you would like more information about our services, or to schedule a consultation, please phone 727.518.5335 or email info@retailconsultingsolutions.com
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***For Immediate Release***
The Largest Business Expense
What is the biggest expense a business incurs?
Employees; a business pays its employees wages and benefits, the cost of doing business. But employees contribute to other expenses – through pilfering of supplies and wasted time – and that shouldn’t be part of the cost of doing business.
While we were developing our system for retailers, restaurants and hotels, we realized that it would likewise be beneficial to professional offices – a methodology which gives practically any business the tools to increase both their profitability and sustainability.
The cornerstone of that methodology is loss prevention through supply management and employee efficiency.
We give businesses the tools to streamline their operation through an evaluation that is based on observation and some simple, straightforward assessments.
Even firms that are planning or considering downsizing can benefit from our methodologies.
If you would like more information about our services, or to schedule a consultation, please phone 727.518.5335 or email info@retailconsultingsolutions.com
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Excerpt from a speech delivered by Owen Richason
to a small business symposium
Efficiency and Management
I’d like to speak to you today about efficiency. When we think efficiency, we typically think getting tasks done quickly…but that’s not efficiency, while it may reflect less time consumption, it well may cost more time when put in proper prospective.
First and foremost, efficiency – much like invention – is born of necessity. By this I mean if taken objectively, your time and your employee’s time ought to be spent where it most counts – on customer service and satisfaction – because your customers are your business.
Having this context in mind, the simplest way to address efficiency is to prioritize.
First take an “inventory” of your typical day. What tasks take you longest to complete and which are for the customer’s benefit and which are for the management of your business.
Second, give each a score from one to ten (ten being the highest) of those tasks relative to customer service.
Third, prioritize them accordingly.
Once your list is comprised, speak with your employees about it and get their feedback. After speaking with your employees, revisit the list and rearrange it correspondingly.
For instance, if you’re in retail, you have vendor deliveries. If you have a back entrance for receivables, use it not only to take delivery, but to pre-stage the product. Rotate employees to receive, unpack and pre-stage your product. If possible, a different employee should do one of the three out of sight of your customers so as not to be distracted.
As for management of your business (health insurance, accounting, et cetera) these should be done before or after business hours if possible. While they may be important, they certainly do not contribute to customer service or satisfaction.
What is critical to remember is that every single task has its place relative to the overall daily success of your business. While payroll and compliance are obligatory, their priority is lower than cleanliness and customer service.
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***For Immediate Release***
Contact:
Retail Consulting Solutions
Phone: 727.518.5335
info@retailconsultingsolutions.com
www.retailconsultingsolutions.com
Q1 2009 Sales Continue to Fall while Loss Figures Rise; Businesses Look to Increase Bottom Line amidst Dismal Sales
Largo, FL -- February 23, 2009 – The latest consumer confidence index dropped to 37.7 in January – the lowest on record; retail sales are predicted to fall another 4%. In addition, retailers continue to be victimized by employee theft, costing $15 billion annually and accounting for 44% of all loss according to the National Retail Security Survey Report by the University of Florida.
Although retailers, restaurants and bars attempted to win over increasingly frugal consumers with deep discounts, huge sales and specials, poor sales figures and theft continue to make this economic downturn one of the most troubling in years.
But Owen Richason of Largo based Retail Consulting Solutions – a practice that caters to small and medium businesses – says that business owners facing such circumstances can actually add to their bottom line without increased sales “In conditions such as these, business owners should be prioritizing loss prevention over enticements such as sales or expensing advertising.”
With backgrounds in retail management, inventory control and auditing, Richason argues a back-to-basics strategy to protect earnings ought to revolve around pre-emption “Rather than reactive technology – merchandise tags, cameras, et cetera – businesses need only make use of simple protection techniques that cost virtually nothing.”
Richason’s consulting practice is making available to its clients a set of innovative strategies that will improve their bottom line without adding to expenses. As sector by sector sales slump and downsizing becomes more imminent, product and cash theft become a risk both customers and employees are willing to take.
“The fact is employee theft outpaces shoplifting 4 to 1; the average recovery from shoplifting is $211, while the average recovery from employee theft is $808 – those averages rise in down cycles. Now is the time for businesses to preserve revenue, instead of spending on enticements.”
If you would like more information about this topic, or to schedule an interview, please phone 727.518.5335 or email info@retailconsultingsolutions.com
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Interview with Owen Richason by Profit in Bad Times.com
January 23, 2009
Is it possible to increase your bottom line without increasing sales?
In the current economic downturn, retailers are experiencing one of the worst seasons on record. Offering discounts up to 80%, promotions and specials to attract customers: retailers, restaurants, and small business owners are pulling out all of the stops, trying to weather a difficult season.
We spoke with Owen Richason of Retail Consulting Solutions – a practice that caters to small business owners – and he told us that sales and deep discounts aren’t the only way to stave off such a downturn.
“Basically, it comes down to keeping your inventory and cash under control. Sales and BOGOs (Buy One, Get One), dinner/drink specials or promotions can only do such much to improve your bottom line as customers cut back on their spending.”
Richason, a former inventory auditor, outplacement facilitator and retail manager, now a consultant to retail and service industry businesses, says that if companies are really looking to recession-proof themselves, they ought to be vigilant in loss prevention – including both shoplifting and employee theft.
“One of the most shocking statistics I recite to clients is employee theft outpaces shoplifting by 4 to 1 in dollar average. The average recovery from embezzlement is $808, while the average recovery from shoplifting is $211.”
This is a statistic Richason says that most business owners are not only surprised to hear, but have done little to address.
“Cameras may detour would-be shoplifters and security systems can alert to attempted shoplifting, but these reacticve technologies do little to prevent employee theft.”
Though it seems contradictory, Richason says it’s not that difficult to explain.
“One of the most effective interrogatories to illustrate this is when I ask a business owner if they think they could steal money from the register or abscond with product and fool their own system. If their answer is ‘yes’ – as it often is – I ask, so what makes you think an employee couldn’t do the same?”
Richason explains that many business owners rely on advertising, sales, promotions and discounts to boost their bottom line – all of which cost money and reduce ROI.
“While they may yield results, those returns cost money to generate results and are temporary. Loss prevention protects your bottom line at little to no expense and can be practiced indefinitely.”
We asked Richason is it really possible to increase your bottom line without increasing sales?
“It’s entirely possible; you just need to know the methods.”