Upholstery Specialist

(Custom furniture upholstery) Retail Insurance, Essential For The Shop, Bar Or Restaurant

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By Thomas Pretty

 Retail properties such as the shop, pub and restaurant obviously have large numbers of the public enter them on a regular basis. As such it is essential for the owners of this type of premises to obtain decent insurance that will cover the business from all aspects of operational activity. For a shop, restaurant or bar having members of the public inside the premises is the ultimate objective when trying to make money. Covering the business from the dangers that the public bring is however vital.

It is an untenable situation to be constantly worried about having the public on a business premises when in the retail or hospitality industry. There is literally no way to run a business with this constant fear, so for piece of mind, those in this industry regularly utilise shop insurance policies. It is an inevitability that accidents will happen when in the retail industry; for instance, those who own a shop will at some point have boxes in the aisles or spillages on the floor, naturally at some point it is likely that someone will fall over; this is where insurance pays dividends in protecting business finances from lawsuits.

It is not always the members of the public that need to be worried about however, as a retail manager just as important a concern is the activities of staff members whilst they are on duty. For instance, restaurant workers will often have to carry hot or heavy items leaving open the opportunity for lawsuits against the business for injury. Insurance can once again help employers protect themselves from this type of lawsuit with specialist policy inclusions. Another inclusion that is frequently taken by shop and restaurant owners is theft or fraud insurance, this can help the company recover should a member of staff help themselves to money from the till or safe. The following is a brief list of some of the most important forms of insurance for the shop, restaurant or bar.

First and foremost any business, not just those in the retail sector must have employer’s liability insurance. This has been a compulsory business concern since the sixties and the release of legislation that placed the onus of health and safety responsibility squarely on the shoulders of the employer. Fundamentally this type of policy covers employers from any illnesses, injuries or even deaths that may occur when a staff member is working on the business premises.

While the last inclusion was compulsory for all businesses, the next is more suited to the retail sector and although not legally needed, is worth buying purely due to good business sense. Essentially public liability insurance helps to protect a business from the actions of members of the public whilst they are on the premises or using the business’ services. This will help with compensation payouts and in most cases will also cover legal fees.

Any shop should take out some form of buildings cover. Like a residential property business premises are just, if not more, susceptible to instances such as fire, thefts and break-ins. As there is normally a large financial investment in the business premises it is advisable to cover it. As an adjunct to this it is especially important for shops to have some form of stock insurance, it is often the case that the stock present on a business premises represents a major financial investment. Insurance can help in protecting this stock from instances such as theft or damage.

It is hoped that this information has helped to clarify the essential need for insurance in the retail industry. For those who run a shop, bar or restaurant it is a vital decision that should be taken early when beginning operations.

Retail industry expert Thomas Pretty looks into the importance of shop insurance in the protection of business finances.

Filling the Sales Pipeline
By John Mehrmann

 How full is your sales pipeline? How many prospects should you be targeting? How do you know if you have the right prospects?

If you work in any profession that relies on relationship sales efforts, then you understand the importance of maintaining a healthy and active pipeline. What makes a pipeline healthy and active? You do. It is only through your own efforts that the list of prospects remains active and viable for business. As long as you are active, you have a chance to grow your business. When the competition becomes lazy and fails to nurture communication with the prospects, that is your opportunity to demonstrate your unrelenting commitment, and to win the business.

What kind of businesses rely on relationship sales? If you represent any kind of service, then you are in the business of relationship sales. Don’t kid yourself, if you look for customers in any environment of industry that has competitors, then you are in the business of relationship sales. Regardless of your title or job description, you represent your organization and yourself to clients and customers, and you are in the business of relationship sales. When you fail to maintain a relationship with your client, then you open the opportunity for someone else to take the next sale. It’s as simple as that.

Filling the pipeline of relationship sales implies acknowledgement that some sales happen at a different pace than other sales. The pace may be affected by the availability of product. For example, you might be waiting for the next greatest model or technological upgrade to be released. In the case of real estate, you might be waiting for the right property to become available. However, in most cases, the schedule is dictated by the pace of the client. Recognizing that the client has a budget and a schedule is critical to understanding how you fit into the pace of the client, and that helps you to adjust your communication to accommodate the pace of the client.

If your client is a buyer for an organization, then you should know the fiscal year and budget cycles for that organization. Buying decisions for organizations are often dictated by budgetary periods. Some purchases may be delayed until a quarter, half year, or annual budget is approved. Sometimes, the reserved budget may be temporarily restriction until the end of a fiscal period, and then there is a rush to “spend it or lose it”. In any case, there are cycles for planning, budgeting, reserving, spending, and transition. It is incumbent upon you to understand those cycles for your client, and to adjust your communications accordingly. If the client organization is in a planning phase, then you should be providing case studies, analysis, or proposals. If the client is in a period of transition, then you should be providing interesting industry information, general communications, and meaningful updates or announcements. Use the client fiscal cycle to know when to make offers, when to offer advice, and when to simply offer interesting information as a means of maintaining a dialogue and showing your interest.

Do you think that retail sales is a relationship business? A recent study by Accenture revealed that 24.4% of surveyed consumers felt that they frequently received too little attention, and nearly 10% of the respondents felt that they were frequently treated rudely. According to that same survey, 89% to 95% of the responding consumers indicated that they were irritated by the actions of a retailer within the last four shopping experiences. Although there is little opportunity to prospect and plan a pipeline for retail sales associates, the premise of understanding consumer budget, buying cycle, and individual needs are just as relevant as understanding the purchasing cycles of large enterprise organizations. Big company or single shopper, it is equally important to quickly identify the budgetary cycle of the client and to manage communications accordingly.

To keep things simple, initiate a dialogue with your prospective customer and use a few simple questions to identify the buying cycle. Think of the buying cycle as “A-I-M”. The prospects in the A category are “About to Invest”, or “About to Buy”. These potential clients are financially secured in the readiness, and may be considering several options before making a purchase. These prospects may know approximately what they want, or what they need, and just need a little guidance or information to help finalize the decision. The prospects in the A category are on the short list for immediate and constant attention. Make sure that you answer questions diligently. Show your commitment and ask questions that they may not have thought about, and then present them with valuable answers. You should be outwardly attentive to the prospects that are in the near term decision making process. These prospects will likely make a decision in the near future, and these are the immediate priorities in your pipeline. You should be in contact with these candidates at least once a week.

The I category stands for “Investigating”, “Interested”, and “Information”. These prospective customers are not ready to make an investment now, but may be seriously considering options for the near future. These potential customers may need to save, or plan, or budget for the investment, and they are interested in gathering more information so they can be prepared for an informed decision when the time is appropriate. You should be attentive, answer questions, and offer advice. These prospects will not want a “pushy” salesperson to try expediting a purchasing decision that they are not prepared to make at this immediate time. Attempting to force a faster decision indicates a selfish attention to your own desired revenue cycle, and openly demonstrates a lack of interest in appreciating the budgetary constraints or purchasing cycle of the client. Rather then alienate the client, be direct in asking the intended budget and investment cycle, and be open about sharing your interest in matching the pace of the client. Then, show your commitment with continued and consistent follow-up. Give advice, information, and updates on changes in technology or the industry. Reach out to the client every three to four weeks with relevant communication, and ask about the current status of the financial cycle. This demonstrates your dedication, and enables you to stay alert as the client moves closer to you in the sales pipeline.

The M category means that the client is interested in “Meaningful Maintenance”, so “Maintain” your dialogue, but do not invest too much time. The prospect may be interested in the new technology, service offering, or in maintaining a relationship, but is unable to make any commitments in the foreseeable future. Maintain these relationship, but understand that the budget or financial situation may preclude any activity. You should reach out to these prospects at least every other month, or keep them engaged with a periodic newsletter and an occasional email or phone call. You cannot pressure a prospect to spend money that they do not have, but stay within reach and show your interest, so you will be aware when the financial tides have turned for your future customer.

How do you determine if the prospect belongs in your pipeline? Actually, that is very simple. Do you want the business from this prospect? If the answer is “yes”, then that prospect should be invited to become part of your pipeline, and that invitation consists simply of an invitation to maintain communication. As indicated previously, the level of communication may vary based on the buying cycle of the prospect. Short term prospects will be contacted frequently, and longer term prospects may be very infrequently, and with varying types of communications. In either case, if the prospect accepts the invitation to maintain a dialogue and relationship, then they belong in your pipeline. If either you, or the client, determine that the business is not appropriate, then the decision to cease communications and gracefully exit the prospect from the pipeline should be politely understood.

The right prospects are those clients or accounts that are willing to invest in what you have to offer, now or later. You may desire the prospect for a single sale, ongoing revenue, or as a strategic relationship, based upon your business. Ultimately, the business decision is based on the goal of a mutually beneficial exchange. As for the number of prospects that this applies to, and how many you should have in your pipeline, the answer is based on your personal ability to maintain relevant relationships and meaningful communications. How many prospects can you manage in a day, and in a week? How much research and preparation do you need to do to prepare yourself for meaningful conversations, whether in person, by phone, or by email? How much time do you need to dedicate to each prospect? How many prospects are near a purchasing decision in their budget, and in your pipeline, that you need to talk to once a week? How many prospects only need communication once a month, or every other month? Measure your time for preparation and response, so you can give each prospect the appropriate level or your dedication. Your time, and your commitment, have real value, so spend yourself wisely.

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Words of Wisdom

“Finance is the art of passing money from hand to hand until it finally disappears.”

- Robert W. Sarnoff

“Everything is worth what its purchaser will pay for it.”

- Publilius Syrus

“You can only cure retail but you can prevent wholesale.”

- Brock Chisholm

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About the Author:

John Mehrmann is author of The Trusted Advocate: Accelerate Success with Authenticity and Integrity, the fundamental guide to achieve extraordinary sales and sustain loyal customers. John Mehrmann is a freelance writer and President of Executive Blueprints Inc., an organization devoted to improving business practices and developing human capital. www.ExecutiveBlueprints.com provides resource materials for trainers, sample Case Studies, and educational articles. http://www.InstituteforAdvancedLeadership.com provides self-paced tutorials for personal development and tools for trainers. Presentation materials, reference guides and exercises are available for continuous development.

Wholesaling Houses Has Become a Lot Sexier
By Alan Brymer

 Wholesaling isn’t just for newbies anymore!

The changes in many housing markets, and the influx of some new courses for investors has created a new craze for wholesaling houses in the last year or so. Wholesaling is back!

We’ve all done it. You get a house under contract, find an investor willing to pay $5,000 more than you, and make a quick buck. I did a few and then got tired of leaving money on the table each time. I wanted to make as much as possible, so I stopped wholesaling and started rehabbing and selling as many houses retail as I could find.

But consider thisthere are other advantages of wholesaling that have made it a much more desirable choice for many investors, or, in some markets, a necessity in order to cover short-term cash flow gaps.

If you’re continuing to try to sell every house you find retail, guess what you’re leaving on the table:

The chance to have a guaranteed $5,000 to $10,000 in the next two weeks, instead of hoping to make $20,000 or more in the next six months (or as many investors are experiencing, a loss of $20,000 or more).

The chance to get paid immediately and not run out of cash next month and have to lower your other houses’ prices in a fire sale and lose money anyway

A relatively hassle-free life, and a business that is MUCH easier to systemize. If you weren’t preoccupied with rehabbing, maintaining, leasing, and selling houses, what’s left to focus on? Find house, assign house, find house, assign house, and so on, and so on

The only drawback to wholesaling is that you will make less money per house and will therefore have to find more deals. So, to make a lot of money consistently, you’ll need to be good at finding motivated sellers without spending a lot of money. But, isn’t that what we should all be doing anyway?

Do one per month while keeping your marketing costs low, and you can support yourself financially or at least have a lot of play money. Do two per month, and you’ll be living well!

Therefore, for the reasons above, I’d consider wholesaling a higher percentage of your houses to be a much more attractive alternative to holding, retailing, or to just flat-out giving up and not doing deals at all.

Alan Brymer is the creator of The Assistant Who Pays Their Own Salary system. He has been a full-time investor since his first property at the age of 22, and speaks at seminars and events nationwide. “Top 25 Companies Under Five Years Old.” He is also a frequent guest expert for the news media, having been featured on multiple television programs and magazines as a real estate expert. To read more of Alan’s articles and blog, go to www.AlanBrymer.com

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Sunday, September 28th, 2008 at 4:30 pm and is filed under retail. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.