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Do you have those moments where you wake up in the middle of the night, hands shaking, and you don't know why? You probably do know. It's because of the stress of not knowing whether you can meet payroll this month, or whether you can afford to pay for the...
Do you have those moments where you wake up in the middle of the night, hands shaking, and you don’t know why? You probably do know. It’s because of the stress of not knowing whether you can meet payroll this month, or whether you can afford to pay for the costly overhead and rent, or the amount of cash that’s stuck in inventory, and the never-ending bills you have to pay.
BeBe, a worldwide fashion chain with more than 175 stores, is closing all of its retail locations after four years of losses totalling more than US$200 million. After a short stay in the market, Target Canada shut all 133 stores before bleeding out. Global shoe giant Payless Shoes is closing as many as 1,000 locations.
These anchor shops are what keep people coming to malls. They have so much pull that they usually pay very little in rent. Once these anchor tenants leave, malls have a difficult time filling the space. When the space isn’t filled, fewer and fewer people come to shop, and the small businesses and independent specialty stores really feel the bleeding out.
High rent, high labour, high inventory and low margins.
Yes, you are dying.
The only way to survive this catastrophe is to execute these three secret strategies. By knowing them, you will not only survive but thrive in today’s digital market.
The majority of us are working every job in the company. From the front line that serves the customers, to the bookkeeping, deliveries and ordering, we deal with everything because no one can do a better job than we can. The problem is we spend all our time working IN the business but not working ON it.
If you want to run a successful business, you’ll need to build your business. You are the only person truly able to see the future of your business and be genuinely motivated to grow it in the right direction. You will need to spot problems and delegate your staff to solve them. Every minute you are working on a task that you can delegate is a minute spent not planning and building for the future of your business.
To begin working ON your business, you need to create manuals so that your tasks can be delegated. When creating manuals, you need to list step-by-step instructions on how to execute the tasks. The key to this is the attention to detail. When done well, these manuals will be the lifesaver that frees up your time so you can work ON your business.
Do you have moments where you realize you’re making lots of revenue, but your bank account never seems to reflect any growth? You are stuck at that point and frustrated because you’re not working ON your business.
You should also put an emphasis on finance.
By learning how to read your own financial statements, you will gain insight as to how healthy your company is, and this will allow you to focus on areas of improvement. You will know where you spend the majority of your cash flow, so you can evaluate where you can trim expenses. You will see which product brings the highest revenue, and therefore evaluate whether your marketing efforts are aligned with this strategy and if you have enough inventory for your sales cycle.
Just by simply following the Retail Leaders Mastermind checklist, not only were we able to grow multiple million-dollar businesses, we were able to tweak our operations, which added 10 to 20 per cent to our bottom line without any additional revenue.
Now that you have freed up your time and have an efficient machine, this next secret will help to increase your business. You will be able to break your glass ceiling and scale your business exponentially. You will be able to attain higher margins and reach more clients—all while keeping your overhead and expenses low.
The secret is turning on the digital switch.
I’m sure you have a Facebook page, an Instagram account and a website. This doesn’t seem to be gaining traction or helping your business at all, yet you see others attaining better results by using social media.
The key in establishing an online presence is to create valuable content that captures the attention of your audience. When done properly, you will be able to garner attention you’ve never dreamed of.
Just through Instagram alone, we were able to grow our dessert shop into a four-shop chain in less than a year. This is the power of having proper online strategies.
Aside from garnering attention, selling online is the only way to increase your business.
Imagine being able to fish in the middle of a fish farm. That’s what it’s like selling online. More specifically, imagine selling on Amazon, which is the largest retailer in the world and has doubled its value compared to Walmart. More than 80 per cent of Americans shop online. Amazon not only allows you to sell from their platform, they also take care of the shipping and handling for you.
Envision being able to sell to anyone in the world, any time of the day. Visualize not having to factor in additional labour or rental costs.
That’s how we were able to scale and reach thousands of customers in such a short time.
This is the power of turning on the digital switch.
Now that you’ve learned the first two secrets in building an efficient machine that can produce results, the last secret is what will always keep you ahead of the game.
Napoleon Hill, in his book Think and Grow Rich, describes the mastermind concept: “The coordination of knowledge and effort in a spirit of harmony between two or more people for the attainment of a definite purpose.”
Individuals take on the nature, habits and power of thought of those with whom they associate. The saying that your income is the average of the five people you spend the most time with is exactly what that means.
Visualize being able to learn from people who have walked a similar path, and the amount of time and money it will save you.
Henry Ford became the richest man in America within 25 years. The secret? His mastermind group with Thomas Edison, Harvey Firestone and John Burrough. Andrew Carnegie attributed his entire fortune to the power he accumulated through his own mastermind group.
Picture the power you can leverage by being in a mastermind group that can always keep you ahead of the game. You’ll gain much more clarity in your goals and purpose with a support system where the players understand you—a synergy among the mastermind.
This is the reason we’ve developed Retail Leaders Mastermind. This is where you have a chance to be personally coached and mentored by me. I want to help you achieve the goals and results that you seek, to help you thrive in today’s ever-changing market.
Not only that, but you will have an opportunity to meet, network and mastermind with other like-minded people who are on the same path to success.
Follow these three secrets, and not only will you survive, but you’ll thrive in today’s digital world.
If you want more: Retail Leaders Mastermind is an elite group that discusses actionable strategy with different industry leaders who will be sharing their steps with you.
Imagine being able to take just ONE idea to implement in your business. Imagine that one connection that could make the world of difference.
Take action before it’s too late. This is an opportunity you don’t want to miss. It doesn’t matter what type of business you have. It doesn’t matter if you are selling a $10 item or an $1,000 item. This elite Mastermind can benefit you.
Apply to get a free copy of the RLM checklist.
Wilson Lee is award-winning serial entrepreneur active in Metro Vancouver. He is an honour recipient of the Top 30 under 30. He believes in the inevitable demise of retail and advocates for businesses to gain more profits, more freedom and more success by going online. He is also the founder of Retail Leaders Summit and Retail Leaders Mastermind.
Apply to get a free copy of the RLM Checklist.
Wilson Lee is award-winning serial entrepreneur active in Metro Vancouver. He is an honour recipient of the Top 30 under 30. He believes in the inevitable demise of retail and advocates for businesses to gain more profits, more freedom, and more success by going online. He is also the founder of Retail Leaders Summit and Retail Leaders Mastermind.
www.RetailLeadersMastermind.com www.WilsonKLee.com