5 consignment & resale resolutions for 2015
December 26, 2014
To do or not to do…what are your resale resolutions?
The beginning of a new year is always an excellent time to reflect on where you’ve been and where you’re going. As you make personal resolutions, why not make a few business ones too. Here’s a few suggestions:
I resolve to:
1.) Work smarter not longer
You don’t have to be in this business for very long before you realize it can consume every part of your being. Your resolutions in 2015 have to include setting limits for yourself. Begin to find ways to work smarter. Create an event calendar before the beginning of the year. Add time for yourself, away from the store, and treat it like an appointment.
2.) Improve inventory management
Obviously, the bottom line is increased sales through faster inventory turnover. First, you’ve got to take a solid look at what your customers want to buy. Now’s the time to review what are your top sellers. Put together a very clear list of items you will and won’t accept from consignors. Stick to it. If you’ve accepted merchandise that isn’t selling, mark it down and move it out. Commit to a regular schedule of cycling merchandise through the store with a sales rack placed in the back. Step back and look at the layout of your store. Does it move shoppers efficiently? Review your intake procedure and implement at least one new policy that improves the process.
3.) Build relationships
Improving relationships with customers as well as staff needs to be a major priority in 2015. Every study I’ve read this year emphasizes the need for small businesses to capitalize on their ability to offer quality customer service. The new trend is to make shopping in your store an experience that customers will remember and return to time and time again. Building quality relationships with your staff begins by hiring quality salespeople. If you have someone on your staff who is not adding to the team, now is the time to let them go. Resolve to train your staff fully and encourage them whenever you can. Read 3 Quick Tips to Improve Consignment Sales.
4.) Improve marketing efforts
By using an event calendar, you will be able to create and schedule your emails and social media messages in advance. Consistency is the key. The look and feel of all of your marketing has to convey the personality of your shop. As I’ve mentioned in other newsletters, choose 2 or 3 social media outlets and become an expert in those before you add others. Collect emails from shoppers as often as possible and create coupons and other incentives to draw customers in.
5.) Add at least 1 new piece of technology
Investing in your business for the future is the only way you will survive. Make sure you use that investment to either save you time or money. Whether it’s a better POS system, new label printers, or a time clock for employees, make sure you are adding at least one new item that will improve business operations. Too often we let our routines dictate how we do things. Take a closer look at what is working and what isn’t. 2015 is the year to make resolutions that change your life and business!
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