Valuable Advice From The United Kingdom!
You have to know when to ‘Hold’ and when to ‘Fold’.
During the last five years many store owners have reduced their inventory and cut expenses. An instinctive reaction if sales are in decline. What if Mervin King is right, and we are only half way through this downturn? You cannot keep cutting. Eventually you have to generate more sales to survive.
In 2006 Chris Lynch suggested “13 hard questions you should ask yourself about your business.” These questions are as relevant today as they were then.
1. Are you experiencing six months of downward sales in comparison to the same period over the past three years?
2. Have you laid people off within the past twelve months?
3. Are there Going-Out-of-Business Sales being advertised in your area?
4. Has your building been in need of repair for more than three months?
5. Your overdraft amount is always at the limit?
6. Are you more than 60 days behind in accounts payable?
7. Is the morale of your employees deteriorating? Are they earning enough money?
8. Are you finding yourself working more hours and enjoying it less?
9. Are there new national chains entering your area with more to spend on advertising and with a better range?
10. Is your business showing a profit, or are you settling for breaking even?
11. Are you selling off shop floor models and not replacing them?
12. Where do you see your retail business in the next five years?
13. Are you committed to turning around this situation, and if so, do you have the resources to complete the task?
Many business owners wait too long before they are forced to change strategy or abandon an out-dated business model. Thus, making a recovery or a controlled exit much harder.
HAVE THE SALE WHILE YOU ARE IN A POSITION OF STRENGTH! A Lynch Sale gives you more options to reposition your business, and crucially, more time to implement the changes you need to make.
The Lynch Sales Company is the originator of the Sales Promotion Business and was the first company of its kind. Whatever YOUR plans are for the future, Lynch has a plan to help take YOUR business wherever YOU want it to go!