BEATING THE RECESSION AND TOUGH ECONOMIC TIMES
Fly Fishing Tec was founded on the principle of providing you with increasing value no matter what the product or service. We live by the creed of old Golden Rule Jones who would proclaim “I want for you, what I want for my own family!”
With that said, we have a tough challenge ahead, with the stiffening business climate doing what you did last year will not be enough to post similar numbers. Today’s specialty retailer must really get creative, inventive and aggressive precisely when traffic slows and sales lag. Many retailers all too often find the stress of the slow down to much to deal with and only find ways to cut services and not seek ways to enhance value.
No doubt, when times are tough, retailers get conservative, strictly budgeting resources. Store owners resort to the “survival mode” and in doing so lose their edge and consumer appeal. It can be a self defeating cycle, trying to sell more and more with less fresh inventory, offering little in the way of creative merchandising and fewer sales promotions. These very actions can make recessionary conditions a self fulfilling prophecy.
My old basketball coach loved the phrase “When the going gets tough, the tough get going”. The meaning of this statement has not changed in the last 40 years, since it was first drummed into my little head, and should be embraced today more than ever. Rough times create a careful balancing act of mixing the need to control expenses and monitor cash flow while being promotionally aggressive and offering attractive values.
Challenges exist, when excessive caution is countered with the idea that something must be done or we will lose our business and our lifestyle. While recognizing the need to remain balanced, the fact remains that business owners who slump into retail complacency will most likely, join the ranks of the dinosaurs. Always be able to distinguish your store from the pack or risk becoming another storefront and another dead retailer. You must create some type of image and not be afraid to market it. This can be done on a tight budget with some diligent planning and thoughtful execution.
When times are tough treat your sales associates with more respect, their jobs are challenging, if they are happy, they will sell more. No cost there. Putting together promotional and marketing plans, then implementing them is critical. Allocating available funds and pointing them in the right direction is more important today than ever. Like never before we must make a commitment to offer a great merchandise selection, tender great values, provide sharp pricing and always augment impulse merchandising.