New Year resolutions for 2013
A year ago I published a bunch of New Year resolutions for newsagents. I have revised the list in the light of what 2012 has delivered and what 2013 looks like. Here are my top three New Year resolutions for 2013:
- Take control of your inventory. Order stock based on what has sold. By stopping supplier reps doing orders for you will probably find that you cut your stock holding and increase your stock turn. Included in this is trimming your magazine department. My view is that 700 titles in the max I would carry.
- Answer the questions: what do you stand for? Answer this in what you stock, how you merchandise it, the service you provide and how you promote your business. Just relying on a shingle – NEWSAGENCY – above your door to declare what you stand for are over. You need to own your unique selling proposition.
- Cut debt. This is the most important of all. Debt is a high cost on any newsagency business. Every dollar of debt you eliminate is interest saved. A lower debt level will make navigating change easier.
If all newsagents did these things we would be a commercial force, a retail network, to be reckoned with.
Please add your resolution suggestions.