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Episode 9 // Ten Tactics to Reinvent Your Retail Business
Championed by our friends at Community Futures Manitoba
Retail is at the forefront of the economic devastation left in COVID-19’s wake. While major players like Walmart and Costco dusted off their shoulders with little grief, small businesses continue to bear the brunt behind the locked doors of their stores.
Despite facing seemingly insurmountable odds, Founders’ possess two unique advantages against Goliath retailers: agility and customer connection.
Now’s the time to implement your fortitude strategy---with precision and unrelenting determination. With guidance from NTN Pro, Bruce Winder, author of RETAIL Before, During, and After COVID-19, you’ll find your way through the pandemic and on to ace the retail game.
Part 1 // The State of Retail as We Know it
It may appear that the #CLAWs of retail (Costco, Loblaws, Amazon and Walmart) are seemingly ruling the roost, as the pandemic marginalizes the businesses of main street.
With consumer preferences (what, where, and when they buy) changing at full throttle, Founders need to get a move on setting up their online operations. It's time to meet your customers where they’re at!
Bruce tells us that when the smoke clears, the big players will likely become bigger, but so will other online retailers, including Founders who use this opportunity to reinvent their delivery model. Innovative and capital-light businesses will drive retail into the future.
Part 2 // How to Forge Your Future in Retail
When retail Founders kick into survival mode, the 80/20 rule provides potent weaponry for bulking up your cash flow.
Speaking of 80/20, we know Taunya loves talking numbers! Listen in as she walks with Bruce all the way from the top- right down to the bottom-line, giving Founders a rundown on how they can tweak those numbers in their favor.
The 80/20 rule (aka the Pareto principle): 80% of your revenue comes from 20% of your inventory.
Part 2 is a power-packed deal with Taunya venturing the possibility of retail spaces converting into showrooms, and Bruce suggesting inviting equity partners to weather through the storm.
About the Pro // Bruce Winder
President, Bruce Winder Retail
SUPERPOWERS // Retail Analyst
Bruce Winder is a Retail Analyst, Author, Consultant, Speaker & Instructor serving a variety of clients in the retail, services, and manufacturing industries.
His 30 years’ experience in big retail as well as consulting freelancing and teaching make him one of Canada's most sought-after experts in the retail field. He is often interviewed on leading TV media outlets such as BNN-Bloomberg, CBC, and CTV National and is a regular contributor to The Globe & Mail, Financial Post, Washington Post, BBC, Reuters, Bloomberg, Adweek, among many others.
Bruce completed his MBA from The Smith School of Business at Queen`s University in 2004.
About the Champ // Community Futures Manitoba
Community Futures Manitoba Inc. (CFM) is an association representing 16 Community Future organizations (CFs) established throughout rural and northern Manitoba. The Community Futures Manitoba Board of Directors is comprised of one representative from each of these organizations.
Community Futures operates across rural and Northern Canada as a grassroots-driven program created to strengthen rural economies by enabling entrepreneurship and assisting in community economic development. The goal of each CF is to assist the communities in their region to develop their economic potential.
Connect //
GAB LAB CHAMP // Community Futures Manitoba www.cfmanitoba.ca // 1.888.303.2232 // info@cfmanitoba.ca GAB LAB HOST // Taunya Woods Richardson taunya@nailthenumbers.com // 1.844.844.3660 NTN PRO // Bruce Winder www.brucewinder.com // bwinder@brucewinder.com
Have an idea for a Gab Lab episode? Looking for help with a specific topic?
Hit us up at helpdesk@nailthenumbers.com
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