The New Color of Money

Written by Steve Mayes


Continued from page 1

The difference is thatrepparttar information is stored onrepparttar 106083 card (Stored Value) instead of somewhere else (Remote Access). The benefits to credit card companies in fraud prevention savings alone is worth billions of dollars per year. Inrepparttar 106084 near future each computer will be fitted with a smart card reader. E-commerce will then requirerepparttar 106085 card to be present at purchase instead of justrepparttar 106086 numbers. Personal identification numbers (PIN) will be required to userepparttar 106087 smart card, which will also haverepparttar 106088 capability to store your health info, public record info, etc. With about 264k of memory it is equal to one ofrepparttar 106089 early computers.

Merchants will be required to have credit card terminals that have smart card readers on them. Companies are already marketing terminals that read bothrepparttar 106090 magnetic strip andrepparttar 106091 micro-chip. My suggestion is to get equipment that is smart card ready now beforerepparttar 106092 prices go up withrepparttar 106093 demand. The new color of money is digital. If you are not onrepparttar 106094 superhighway then you are out of business.

Steve Mayes is Vice President of Sales & Marketing for USA Card Services in Dallas, TX. He has extensive experience consulting small businesses and has been interview by Success Magazine for outstanding achievements in his field. He can be reached at steve@usacardservices.com


The 12 Most Important Lessons In Retailing

Written by Bob Nelson


Continued from page 1

* Do you train your employees to service and work with customers in a professional manner? * Do you have a program to reward your employees for their extra efforts and innovative ideas? * Do you empower employees to make important decisions, even if it means losing money?

8. Develop A Distinctive Image Your image is important and links allrepparttar areas of your business together. It isrepparttar 106082 reality of your customers' perception of your store name, location, appearance, building, landscaping, entrance, floors, doors, counters, dressing rooms, rest rooms, products, prices, visual merchandising, signs, window displays, business cards, invoices, newsletters, advertising material, customer service, and anything else that relates to your business. Right or wrong, your image can be a "make it or break it" situation. * Is your business unique and does your merchandise fit into a niche that competitors don't have? * Do you use newsletters to remind customers ofrepparttar 106083 products or services you provide? * Do you implement proven concepts and formulas of other successful retail firms? * Do you grade your store's location every year in regards to appearance and accessibility?

9. Control Your Inventory The function of your inventory is to generate sales. All retail stores need to manage inventory. It is your money sitting on a shelf and represents a large portion of your business investment.

The small retailer who merely watchesrepparttar 106084 store's shelves can't maintain a proper balance betweenrepparttar 106085 right amount of merchandise and probable customer demand. That retailer's buying and selling will suffer through lack of information concerning color, size, trends, and customer preferences. Without adequate control, slow-moving inventory becomes dated, shopworn, damaged, and very costly. Do you evaluaterepparttar 106086 amount of inventory you carry, and fine tune your operating expense ratios on a regular basis? Generally, inventory control can be summarized as follows: * Matchingrepparttar 106087 stock on hand with customers needs * Controllingrepparttar 106088 investment in inventory * Minimizing markdowns * Controlling shortages * Improving purchasing procedures

10. Buy and Price For Profit To fully understandrepparttar 106089 nature of retailing, one must start withrepparttar 106090 concept thatrepparttar 106091 original price of your merchandise is nothing more than a temporary estimate of whatrepparttar 106092 customer is willing to spend. Most stores use a "keystone" markup that applies to their product or service. What they lack is a pricing strategy based on an item-by-item calculation for regular, promotional, and off-price merchandise...

To boost sales, retailers must focus on items, price, and efficiency and by countering with lots of store celebrations, glamour and fun. To become more competitive, attend trade shows, join buying groups, and seek out manufacturer discounts that allow you to purchase merchandise at below wholesale prices.

By offeringrepparttar 106093 new price-conscious consumer better values, you'll be able to: attract more customers, improve your average sales transaction and offer customers more opportunities to visits your store. * Do you test different aspects for promoting business: -- new offers -- new items -- new prices? * Do you identify different vendor performance, mark-up, and turnover? * Do you use a system for tracking those products that are your best-sellers? * Have you tried to increase sales by offering better prices, more value, or add-ons?

11. Learn From The Pros It takes experience to masterrepparttar 106094 skills of running a successful business. First, you must learn How, Who, What, Where, and When. How Much and How often do you need to advertise to profitably promote your business. How to quickly manage and adjust torepparttar 106095 ups and downs ofrepparttar 106096 seasonal profit cycles of your business which include: inventory, overbuying, markdowns, turnover, timing, deliveries, expenses, and projected sales.

It's your money, so with expert planning and follow-through, you will be able to insure bigger sales and higher profits. A smart approach that maximizes your overall business and financial performance, while minimizing time, effort, and risk. 12. Ask For Help When You Need It Remember, getting results is what counts! With outside advice and assistance, your quest for a major process of improvement can get a major jump start. Don't be too proud to ask for help, we all need help sometimes.

It is important to recognize -- what you don't know can end up costing you money, and greatly reducerepparttar 106097 chance of reaching your long-term goal. And most important, you'll have allrepparttar 106098 tools you need to achieve a high level of success. ..................................................................................

POWER Retailing, a retail-consulting firm based in Phoenix, Arizona. The company works with retailers to develop marketing strategies and promotional plans to quickly strengthen their cash flow and financial position. POWER Retailing, Inc. 1859 E. South Fork Drive, Phoenix, AZ 85048 (602) 460-1980. The Internet address is: http://www.retailing.com

As a former store owner, Bob Nelson understands the problems faced by those struggling to operate profitable retail operations. With a keen understanding of the many challenges, he is qualified to give definite and practical answers to specific operating questions. He turns his attention to the bottom line and offers workable solutions, not just advice. And perhaps most importantly, how to adopt new strategies to gain the greatest competitive edge and a wonderful peace of mind.


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