Category: Owner's Responsibilities

The Fatigue of Uncertainty

2/22/2022

Have you noticed? That persisting Plague of Uncertainty that keeps hanging around?

The troubling issues in Ukraine and the potential repercussions.
Inflation now includes an even greater hike in oil and gasoline prices because of the Ukraine situation.
Unresolved supply chain issues, particularly impacting smaller businesses with less clout.
Employee unrest, union organizing, the "Great Resignation."
Stock market declines, which seem to foster even more talk of unrest and uncertainty.
Not to mention the extended Farewell Tour of Covid and The Variants.

And amidst all this relentless uncertainty, you still have a business to run, employees to motivate, customers to satisfy, vendors to deal with, creditors to pay, etc, etc.

Here are some ideas on how to approach that.

Time for New Answers to Old Questions

1/10/2022

See the forest, not just the trees
Now that we've put a wrap on 2021, and before we really dive into 2022, it's time to catch your breath and reflect on where we are after 2021.

Perhaps like us you believe that fundamental and enduring changes have occurred; no one can operate on "auto-pilot" anymore. All of us have to learn new processes, and form new habits. What's it called? Oh yes; "embracing change." Lots of it.

That's why it is a very opportune time, particularly for owners, to have a very active Q&A session with themselves.

Winning Out Over Uncertainty

9/27/2021

Just when it seems we can get to the "New Normal" or the "Next Normal," another disruption comes along.

"There still is so much uncertainty" is the lament, often accompanied by a sigh of weariness. Or resignation. Trying to plan for the Holiday season, or looking ahead to 2022, can seem especially daunting right now.

Occasionally, all of our businesses need to hit "pause." This is one of those times.

Recognize that thanks to the pandemics, most everything about running your business has changed. Your merchandise mix; your customers; your staff; your competitors; your suppliers; your landlord; your technology; etcetera. Everything!

Retailing Today Depends on One Thing: SAFETY

9/13/2021

Think about it. Shoppers, employees, people everywhere today have, in the back of their minds, one defining thought. No matter where they work, where they shop, where they live, where they travel, where they eat, they always wonder "How safe will I be?"

Consumer Confidence Dropped. So...?

8/16/2021

As we follow economic indicators that particularly affect retailers, our primary focus always is consumer confidence. And the reports coming out this week give us pause.

"The Consumer Sentiment Index fell by 13.5% from July, to a level that was just below the April 2020 low of 71.8," notes Richard Curtin, chief economist for the University of Michigan's Surveys of Consumers.*
"The extraordinary surge in negative economic assessments reflects an emotional response, mainly from dashed hopes that the pandemic would soon end."

The highly transmissible Delta variant and the vaccine hesitancy of many have changed the momentum. Covid fatigue is back. This affects consumers.

And with it, more challenges for retailers.

Answers Are Scarce; Questions Aren't!

7/6/2021

Being the owner of a business always has pluses and minuses. Usually the pluses outnumber the minuses. But maybe not so much right now.

If you feel that way, you've got a lot of company. Ugh! But hang on; maybe we have a perspective that you'll find useful and timely. It's called "Misery loves company!"

First, consider where we are. Early July, just past a nice Fourth of July Holiday weekend. The summer and early fall look promising, both for getting "back to normal" and for some leisure hours in the hammock. Nice, eh?

But there are those dark clouds out there.

Now who's the "technology laggard?"

6/28/2021

For some time, conventional wisdom has characterized independent retailers as "technology laggards."

Not that they are Luddites; it's just that they regarded retail technology as a major expense, especially in human capital. They often were cautious, even skeptical, about the promises of new technology being pitched to them.

When the pandemics arrived, many retailers responded rapidly and smartly. In scramble mode, some crammed five years of technology adoption into five months!

Now, as the lockdown restrictions recede, the conventional wisdom eagerly suggests that consumers of all ages will continue to rely on online shopping and other technology.

Hmm. Let's consider that "conventional wisdom" a bit more closely.

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