In our work with more than 3,500 small business retailers, independent retailers, mainly high street retailers, we have developed a kit of advice from which we draw to help these retailers run more successful and enjoyable businesses.

One piece of advice that we have found to be most useful is what we share here today. It is advice that is rooted in practicality and personal accountability. We offer it today and hope you find it useful…

Make every day your pay day.

Some retailers consider the day the sell their business as their pay day.  Smarter retailers know that every day the business is open and trading is a pay day.

It is unrealistic to look on a retail business as a bank accruing interest which is repaid in the form of goodwill when the business is sold.  However, this is how many retailers do view their businesses.  So much so in fact that they lose focus on the profitability of the business on a day to day basis.

The Small Steps Strategy for Growth outlined in the previous chapter is vitally important to ensuring the best possible pay day every day.

By making every day your pay day, you focus on profitability today and not next year or the year after, when you ultimately sell the business.

If you run your retail business this way, focusing on driving traffic, leveraging sales efficiency and ensuring the best possible margin every time, you will see profitability improve.  While this will drive up the ultimate sales price you can achieve for the business, it will also put more money in your pocket from the business every day.

By driving profitability on a day by day basis, as if this is all that matters, you will take more notice of employee costs, sales efficiency and other more micro factors and drivers in the business.

You are more likely to make changes if you view sales and profitability data on a daily perspective rather than for a longer period such as quarterly or annually.

Did you make enough yesterday to pay for the rent, employee costs, cost of goods sold, marketing and utility costs as well as to pay yourself?

If not, what can you do to change this?

If so, did you make enough?

These are the challenges and the opportunities we will explore in this special report.  By looking at your business as if every day is your pay day, you are more likely to look more closely at your business than if you are focused on the day you sell as your pay day.  Obsess about these things and you are more likely to bank the results.

If you don’t know how you are doing daily or weekly, you need to put in place manual or computer based systems which enable you to track and report on this.  Good or bad, it is information you need to make better business decisions.

So, how did you do today or this week?  Make enough to pay all your bills, your employees and yourself?  Look on and work on every day as your pay day.

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