Hardware Retailing

OCT 2018

Hardware Retailing magazine is the pre-eminent how-to management magazine for small business owners and managers in the home improvement retailing industry.

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HARDWARE RETAILING | October 2018 10 W ell, it is officially fall, and that means it's time to break out the sweatshirts, start rooting for the Bears and brew some strong coffee for those nippy mornings. Ah, my favorite time of year. There are a lot of reasons autumn is my favorite season. I was born in autumn; I met my wife in autumn; our daughters both have autumn birthdays; and Halloween and Thanksgiving are two of my favorite holidays. But in the last several years, there has been one more reason I like the fall. That's right—it's Hardware Retailing's 10 Issue! Though my editors and designers who have to compile, write, edit and design all of the 10 lists for this issue might disagree with me, I just love the whole issue. I also like it because it gives me a reason to come up with my very own 10 list. So, without further pontification, let's get into it. Dan's Top 10 Things You Can Still Do in 2018 to Improve Your Business 1. Get a copy of the Cost of Doing Business Study, and actually use it. This annual report from the North American Retail Hardware Association (NRHA) has all the numbers you need to start planning how to improve your business. 2. Let your family and employees know how much they mean to you. Let's face it, we are all in this together, and all those long nights and hard days require patience with each other (and you), so be thankful for the help you get. 3. Plan transaction-builders for the holidays. Go out with a bang in 2018 and plan an add-on item sale for each week from November through Christmas. 4. Plan to attend one show or event you never have before. It's a great big world out there, and you'll never be exposed to the full spectrum of new ideas if you just do the same thing year after year. 5. Review your expenses. Now is a great time to try to tighten down all your business expenses. Even a few dollars here or there can make a big difference. 6. Create measurable growth goals. It's budgeting season. Don't just throw a number down and hope you hit it. Create a plan to reach your goals and then set benchmarks to measure those goals by. 7. Adopt another local business. Communities are tied together through their local businesses. Make a commitment this year to create a new relationship with, and support, another local business. 8. End one bad business habit. I know we get caught up with New Year's resolutions, but pick one bad business habit you can end now! 9. Plan a party. Take a minute to have some fun with your employees and host them for a pizza party or cocktails after work. It will go a long way. 10. Get more involved with your association. There are 34,999 other independent retailers out there just like you who could all be stronger if you work together and share ideas, thoughts and best practices. Go online (nrha.org) or give NRHA a call (800-772-4424) to see how you can get more involved in your association! Dan M. Tratensek, Publisher dant@nrha.org Falling for Top 10 Lists Taking Care of Business " It's a great big world out there, and you'll never be exposed to the full spectrum of new ideas if you just do the same thing year after year. "

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